AmTec In Negotiations With Potential Partners.NEW YORK--(BUSINESS WIRE)--May 19, 1998--AmTec's Board of Directors met on May 14th to review preliminary proposals from potential partners and authorized management to continue negotiations with several parties and authorized the engagement of CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company Oppenheimer Corp. as AmTec's financial advisor in continuing to explore strategic alternatives. CIBC Oppenheimer recently hired the telecommunications investment banking team formerly at UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Securities Ltd., AmTec's former financial advisor. The Company previously announced on April 13, 1998, that the Board of Directors had authorized management to explore strategic alternatives, including a partial sale of the Company and/or a merger of the Company's joint venture interests in China. Joseph R. Wright, Chairman and Chief Executive Officer of AmTec stated "AmTec continues to be excited about the telecommunications opportunities in China and we believe that the attention we have attracted from other telecommunications companies See telecom company. is positive recognition of our position in this large, rapidly growing market." AmTec, Inc. develops and finances telecommunications networks A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. AmTec's telecommunications networks in commercial operation and under development include cellular telephone networks covering 10 cities and a fiber-optic and microwave network covering 11 cities, all in Hebei Province Noun 1. Hebei province - a populous province in northeastern China Hebei, Hopeh, Hopei Cathay, China, Communist China, mainland China, People's Republic of China, PRC, Red China - a communist nation that covers a vast territory in eastern Asia; the most , with 65 million people, surrounding Beijing. -0- 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 news announcement are necessarily subject to risks and uncertainties that may affect the accuracy of such statements. Such risks may include, but are not limited to, delays in construction of networks and market acceptance of and demand for the Company's products. For a full discussion of such risks, please refer to the Company's Form 10-KSB filing with the Securities and Exchange Commission for the fiscal year ending March 31, 1997. The Company undertakes no obligation to update such factors or to publicly announce the result of any revisions to the forward-looking statements contained herein. CONTACT: AmTec, Inc. Albert G. Pastino Chief Financial Officer 212/319-9160 pastino@aol.com |
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