Applied Cellular Technology Announces Approval of Merger Between Tigertel Services and Contour Telecom Management.PALM BEACH, FL--(BUSINESS WIRE)--June 22, 1999-- Applied Cellular Technology, Inc. (NASDAQ/NMS:ACTC ACTC Apple Certified Technical Coordinator ACTC Almaden Cycle Touring Club ACTC Associated Colleges of the Twin Cities ACTC All Ceylon Tamil Congress (Sri Lanka) ACTC Association Canadienne de Télévision par Câble ) today announced that the shareholders of Contour Telecom Management Inc. have approved the merger of TigerTel Services Limited and Contour Telecom Management Inc. In this transaction, which is expected to close on June 25, 1999, Applied Cellular will receive shares of publicly-traded Contour Telecom and, as a result, will own close to 70% of the combined entity on a fully-diluted basis. Contour Telecom plans to change its name to TigerTel, Inc. and will continue to trade on the Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. . The current trading symbol Trading symbol See: Ticker symbol is "CTUR CTUR Confederated Tribes of the Umatilla Reservation (Washington) ". On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis without accounting for synergies, projected annual revenues for the combined entity for 1999 are expected to be approximately U.S.$55.0 million and net income is expected to be approximately U.S.$4.0 million. Applied Cellular's Chairman and 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. , Richard J. Sullivan, commented, "This is an excellent opportunity for both companies to maximize their range of services and broaden their customer base. Applied Cellular directly benefits from this merger through its 70% ownership position in this new entity." Contour Telecom manages organizations' telecommunications facilities and costs to client-specified service levels. The company uses a unique, structured approach to telecom management, emphasizing superior service and lower costs. Contour Telecom markets its services directly to major corporations across Canada. Applied Cellular Technology is a full service communications company that provides integrated products and services to a wide variety of businesses throughout North America. The Company is comprised of five business divisions which work together to meet the growing communication needs of its clients. For more information visit the Company's web site at http://www.appliedcell.com. EFFECTIVE JULY 1, 1999 APPLIED CELLULAR TECHNOLOGY IS CHANGING ITS CORPORATE NAME TO APPLIED DIGITAL SOLUTIONS, INC. AND ITS NEW TRADING SYMBOL WILL BE ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) . Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are `forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private 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. Reform Act of 1995. The Company intends that such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. |
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