Affordable Telecommunications Technology Announces a New Capitalization Structure For The Company; Trading Symbol Changes from ATTG to ATCT.Business Editors/High-Tech Writers HOUSTON--(BUSINESS WIRE)--Dec. 11, 2002 Affordable Telecommunications Technology Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ATCT ATCT Airport Traffic Control Tower (FAA) ATCT Air Traffic Control Tower ATCT Air Traffic Control Transponder ATCT Analog Toll Connecting Trunk ), an emerging provider and marketer of wireless telecommunications products and services, announced today that it has implemented a 400 to 1 reverse stock split effective Dec. 10, 2002. The board of directors, and the Company's key management team feel that this is a necessary step in order to better control the Company's capitalization structure. Effective today, the Company is trading under the symbol of ATCT. Steve Bethke, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president of Affordable Telecommunications Technology, stated, our ultimate goal and long-term objective is to better ensure our shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. . We are initiating the necessary steps in order to do that. These last several months have been a whirlwind for us, establishing the Company's growth and having to work through these economic times. We have been able to reduce expenses, and our business strategy remains on track. Affordable Telecommunications Technology Corp. capitalizes on the explosive two-way Internet messaging products and services sector -- a market that is projected to reach $300 million in annual sales with over 11 million units sold by 2004. Affordable markets pre-paid and post-paid wireless telecommunications products and services through 1 retail store. The Company also employs a 4-person sales force for inside sales staff located in Houston, under Affordable retail store "The Wireless Store." 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. in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; and ability to attract and retain personnel. |
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