Advanced Communications Technologies, Inc., Forms AGC, a New Communications Company, $40 Million in Projected Revenues for 2000.NEW YORK--(BUSINESS WIRE)--July 22, 1999-- The Board of Directors of Advanced Communications Technologies, Inc. ("ACT") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB -"MFMI") announced today the formation of a new communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. called Advanced Global Communications, Inc., ("AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ") that will be a 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. of the parent company, ACT. Mr. James Rennie, a twenty-year veteran of the Telecommunications Industry, was appointed President of AGC, on July 15th, 1999. Mr. Rennie has an extensive sales, and engineering background in multiple types of switching platforms and network services. He is regarded as an expert in all types of Satellite communications; as well as in ATM and Voice IP network design and structure. Mr. Rennie founded and managed two successful Internet Service Provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. ("ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. ") companies in Florida prior to joining ACT. The new corporation will be the operational arm of ACT for all USA based communications operations as well as the holding company for all currently owned switching operations, and planned acquisitions of other switching and communications companies. The formation of the company is consistent with ACT's plans to aggressively pursue the acquisition of smaller telecommunications enterprise specializing in International origination and termination, via ATM switching and Voice IP. It is also consistent with ACT's previously stated objective to establish a nationwide communications Nationwide Communications Inc. was a media subsidiary of the Nationwide Insurance Company, which operated from 1946 until 1997. Based in Columbus, Ohio, Nationwide Communications owned and operated a variety of radio and television stations across the United States until it sold network for the field testing and demonstration of the SpectruCell wireless network, as well as for the generation of immediate revenues. The Chief executive Officer of ACT, Mr. Roger May said " The profit margins associated with the termination of international voice and data traffic can be much higher than revenues from local long distance, especially when utilizing Voice IP backbone. Contracts secured recently reflect profit margins of 10 cents to 25cents per minute, or for the volume of international minutes contracted, net revenues of $1,000,000 per month, with the first earnings receipts due in mid August, 1999". "May also said that current estimates indicate that AGC will be able to achieve a monthly revenue rate of $100 million per year, prior to June 30th, 2000". Revenues for 1999/2000 should reach $40 million. May also said "the company is currently completing the acquisition of a Company with proprietary technologies in the field of microwave transmissions. The primary technology is "Spectrum Efficient point-to point Digital Microwave". The product is currently operational and was field tested earlier this year for four months over a 65 mile link, achieving 100% efficiency with zero bit error rate, and data rates 15 times greater than currently available point -to-point microwave links used by network providers at present." The company also has a CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. wireless local loop technology currently operational and in production. Full details will be made available upon the completion of the acquisition. The foregoing contains forward-looking information within the meaning of The Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized. |
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