Agreement Reached Between Southland and Sun Technology; Provides For "Last Mile" Fibre Optic Solution in Hong Kong.NEW YORK--(BUSINESS WIRE)--June 30, 1999-- Southland Financial, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : SINC SINC Sinus Cardinalis (function) SINC Site of Interest for Nature Conservation SINC Survey on the Importance of Nature to Canadians SINC Special Instructions to Communicators ) has reached an agreement in principle with Sun Technology Solutions (Sun) of Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , whereby Sun will make a $45 million dollar equity investment in Southland. Pending final due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , the agreement provides for $5 million in capital to be provided to Southland in order to secure an initial round of Southland's "Last mile fibre optic solution" project in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . Southland has appointed the financial services arm of Sun as advisors to the company in conjunction with a full listing on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on . In addition, the agreement also provides for the appointment of a representative of Sun on the board of Southland. Patrick Duke, Executive Vice President of Sun Technology Solutions said "We are delighted to be associated with and advise Southland Financial. We believe that the company's Hong Kong fibre optic infrastructure project will bring a new level of communications to Hong Kong and the surrounding region." David Turik, 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. of Southland Financial announced the agreement in Hong Kong today. Turik stated "We are excited to welcome Sun Technology Solutions to our team. The addition of Sun will allow the company to concentrate all of its efforts on the implementation of the "final mile solution" in Hong Kong. Southland Financial, Inc., through its joint-ventures partners and subsidiary companies, aims to be the premier, independent communications "network and platform" server provider in Southeast Asia. Southland intends to provide cost-effective, high quality and value-added "last mile" solutions to its customers. -0- This news release contains forward-looking statements as defined by 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 1996. Forward looking statements concerning, plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Southland's stage of development. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. For further information visit our website at www.sincsfi.com |
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