American Communications Finalizes Exclusive Network Management Letter of Intent.Business Editors SARASOTA, Fla.--(BUSINESS WIRE)--Nov. 8, 2000 American Communications Enterprises, Inc. (Nasdaq:ACEN ACEN Anglican Communion Environmental Network ACEN Assembly of Captive European Nations ) announced today that it has entered into an exclusive Letter of Intent with Global Resources Group, Inc. (Pink Sheets:GRGI). Terms of the Letter of Intent include: assistance with the funding for the final build-out of the GRGI network, assistance in the management of the network, and providing customers for the network. American Communications will receive a management fee, a percentage of the profit, and a bonus based on its performance in providing customers for the network. Company officials stated: "This represents another important step in the company's business model, and provides the company with an expanding state-of-the-art ATM communications gateway into Mexico with origination points in strategic demographic locations within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ," (New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Miami and San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. ). Company officials added: "One of our major goals is to supply the network with customers in order to maximize revenues and profits for the Company. We are currently negotiating with several key customers that have the minutes available to fill the existing network to its capacity. The finalization of those relationships create a win-win situation for both American Communications and GRGI." About American Communications ACEN is creating strategic relationships and acquiring complimentary operating companies within the global communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. that have proven management and state-of-the-art technologies. Certain statements included in this press release are forward-looking statements within the meaning 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. Actual results could differ materially from such statements expressed or implied herein. Factors that might cause such a difference include, among others, competitive pressures, the company's ability to successfully implement traffic, constantly changing technology, associated with recently formed entities. As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. |
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