Advanced Communications Technologies to Acquire US Venture Capital Company -- Beneventure Capital.Business Editors LOS ANGELES--(BUSINESS WIRE)--Feb. 8, 2001 Advanced Communications Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADVC ADVC Analog to Digital Video Converter ) (ACT-USA) today announced that it had entered into an agreement with Dr. Gil Amelio and Beneventure Capital, LLC to acquire 100% of the stock in Beneventure Capital, LLC. The agreement provides for the acquisition of the assets and interests of Beneventure in exchange for shares of stock in Advanced Communications Technologies Inc. The value of Beneventure's assets will be determined by an independent valuation. Beneventure is a leading venture capital firm specializing in securing interests in companies involved in communications, semiconductor, Internet services and the financial services sectors, and currently retains interests in a portfolio of 11 companies. "Beneventure's portfolio contains a range of highly innovative companies, including several prominent telecommunications companies which in many cases are developing solutions for wireless data and communications. We believe these product lines will provide strong synergies for the SpectruCell technology, ACT and its associate Australon Inc. (ASX ASX See: Australian Stock Exchange :AUR)," said Roger May, Chairman of ACT. "The merging of Beneventure with ACT USA will also allow Dr. Amelio to focus more of his efforts on the SpectruCell technology and the business affairs of ACT USA." Importantly, many companies within Beneventure's portfolio have substantial existing relationships with major players in the technology, telecommunications and finance sectors. Examples include: CAT Technology whose partners include Sun Microsystems (Nasdaq:SUNW SUNW Sun Microsystems, Inc (former stock symbol; now JAVA) SUNW Stanford University Network Workstation (Sun Microsystems, Inc) ), Cisco Systems (Nasdaq:CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ) and Oracle (Nasdaq:ORCL ORCL Oracle (stock symbol) ); iPIN who has a joint venture with France Telecom and strong relationships with Nokia (NYSE NYSE See: New York Stock Exchange :NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), Cap Gemini and Ernst & Young; Luxxon Corp. whose strategic partners include Cisco Systems (Nasdaq:CSCO), Sony Corporation (NYSE:SNE) and Videonet; and Maxager with key partners such as Arthur Anderson and Cambridge Technology Partners. Beneventure's managing general partner, Dr. Gil Amelio said, "The proposed merger represents a highly complimentary blending of growing companies at the forefront of their technology fields. By ACT USA taking an interest in these leading edge enterprises, the company will be able to draw on a substantially broader pool of development resources and industry knowledge which we believe will both improve the product offerings of all the enterprises and shorten the time frame to market." Dr. Amelio added, "Perhaps most importantly, the acquisition of Beneventure's business interests establishes ACT USA as a participant and partner in several prominent technology ventures with some of the global communication industry's key corporations and players. This should provide extremely positive benefits for the company and the investors in ACT USA." About Beneventure Beneventure is a full-service venture capital firm committed to building successful companies and delivering superior returns to investors. The company pursues high-tech investment opportunities with an emphasis on: Internet, communications, semiconductors, and financial services. The mission of Beneventure is to invest in companies that support our key success factors and utilize their Partners' experience to actively assist entrepreneurs. For more information visit http://www.beneventure.com. About Advanced Communications Technologies Advanced Communications Technologies is a leader in the field of Software Defined Radio A wireless terminal (phone, PDA, etc.) that is reconfigurable via software. It enables wireless devices to be easily updated to new or later versions of the air interface and allows multiple interfaces to be supported. that has developed a proprietary, multiple-protocol wireless base-station -- SpectruCell. Through eliminating the use of Qualcomm (Nasdaq:QCOM QCOM Qualcomm, Inc. (stock symbol) ) chipsets, protocol specific hardware and by conducting all signal processing in software, SpectruCell provides for simultaneous support of multiple mobile communications protocols (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. , WCDMA (Wideband CDMA) A 3G high-speed digital data service provided by cellular carriers that use the TDMA or GSM technology worldwide, including AT&T (formerly Cingular) and T-Mobile in the U.S. , UMTS, GSM & 3G) all in the same base station. Support for additional protocols is achieved through the uploading of additional software modules. By implementing the company's SpectruCell technology network providers will be able to maintain service to their existing customer base and preserve the full utilization of their existing network infrastructure while at the same time securing a highly flexible migration path for evolving 3G-based protocols such as WCDMA and UMTS. SpectruCell is complemented by several other wireless technologies currently under development in Australia. Advanced Communication Technologies Inc. plans to market these products throughout North, South and Central America. For more information regarding Advanced Communications Technologies, visit www.act-usa.net. 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 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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