APAC Telecommunications Corp.: Corporate Update.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 3, 1997-- APAC APAC Australian Partnership for Advanced Computing APAC Agricultural Policy Analysis Center APAC Asia and Pacific APAC Asian Pacific American Coalition APAC Adapted Physical Activity Council (American Alliance for Health) TELECOM. CORP. (VSE See DOS/VSE. VSE - Virtual Storage Extended APA (All Points Addressable) Refers to an array (bitmapped screen, matrix, etc.) in which all bits or cells can be individually manipulated. APA - Application Portability Architecture .) Further to the Vancouver Stock Exchange's Notice dated February 3, 1997, the Company is pleased to announce that trading in the Company's shares will resume effective at the opening on February 4, 1997. In a news release issued January 23, 1997, Garry Milligan, President of the Company, announced that the Company's press release of September 4, 1996 was inaccurate. That earlier press release, also issued by Mr. Milligan, announced that the Company's private placement of 2,264,300 units had closed, fully funded, on September 3, 1996. On December 5, 1996, the Company's non- executive directors, namely Messrs. Steven Tan Steven Tan was a Singaporean footballer in the 1990s, who played in the Singapore national football team as a striker. He was best known for coming off the subs bench and scoring the all-important goals during the Malaysia Cup season, earning himself the nick-name of the , Tardjo Halim, Anthony Tam and Tsun Nam Ko, learned for the first time that the September 3, 1996 news release was inaccurate, in that there was a shortfall of approximately $538,000 in subscription funds in respect of that private placement. The non-executive directors immediately agreed to give to the Company $538,000 to rectify the shortfall. Those funds were deposited in stages with the final deposit occurring on January 23, 1997. The shortfall has, therefore, been corrected through the actions of the non-executive directors. The Company has brought these matters and others, with respect to Company management, to the attention of the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). . Following consultation with the Company's legal counsel, notice of termination has been served on Graham Christie, Vice President, Corporate Finance. Michael Tan, the Company's Executive Vice President, has resigned effective immediately. The Board has also struck an Executive Committee to ensure strict supervision of the Company's management over the next few months. Garry Milligan has been suspended from his duties as President and Chief Executive Officer of the Company and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. pending completion of the Vancouver Stock Exchange and Company review and investigation into the circumstances surrounding the aforementioned private placement and of management's conduct generally. In a separate but related move, the Board has engaged Coopers and Lybrand, the Company's auditors, to review the Company's activities from a financial viewpoint for the period following the end of the fiscal year. The Board expects that report to be completed in the next few weeks. The Company wishes to assure shareholders and the investing public that all appropriate steps are being taken by the Company to investigate the actions of management over the past 9 months. The Company's entry into China was by way of two (2) cellular telephone systems in Guizhou Province. The problems with APAC's Australian supplier, Stanilite Electronics, have been reported in prior news releases. Fortunately, our partner in Guiyang has implemented savings to help reduce operating costs operating costs npl → gastos mpl operacionales and the Company remains optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the business will become self-sustaining. However, in Kaili the Company has not been able to develop much of a customer base because of lengthy delays in delivering equipment. Given Kaili's relatively remote location and these poor results, the Company will be discussing with its auditor the appropriate treatment for this asset. The paging venture with Tongli in Guangdong Province Noun 1. Guangdong province - a province in southern China Guangdong, Kwangtung is generating operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and the customer base of 5,000 subscribers is growing steadily. The Company's latest investment, the 140 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. paging network acquired late last year has an established customer base of over 23,000 subscribers and the prospects for this business appear excellent. The Company needs to raise additional capital this year to fulfil its purchase commitment for this established business. The Board appreciates the support it has received from the shareholders during this difficult time and sincerely regrets any hardship or confusion that may have resulted from the actions or management. -0- On behalf of the Board, Steven Tan, Chairman CONTACT: Apac Telecommunications Corporation Steven Tan, 604/681-8338 604/681-2388 (FAX) |
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