Applied Digital Solutions' Canadian Subsidiary, TigerTel, Acquires Economux Telecom and TelNet Communications.PALM BEACH, Fa.--(BUSINESS WIRE)--Nov. 18, 1999-- Two More Acquisitions Expected by Year End Applied Digital Solutions, Inc. (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 : ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) ) today announced that TigerTel Inc., its telecommunications subsidiary based in Canada, has completed two acquisitions for cash and is expected to complete two more by year end. TigerTel has acquired Economux Telecom, Inc., a data services provider, and 1084028 Ontario Inc. (operating as TelNet Communications), a reseller of local and long distance services. The acquisitions will contribute annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue of approximately $6 million CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. and are expected to deliver E.B.I.T.D.A. of approximately $600,000 CDN annually. Applied Digital Solutions (ADS) owns 75 percent of TigerTel Inc., which offers a range of telecommunications services to businesses and residential customers in the Canadian and North American markets. TigerTel shares are trading 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. under the symbol TTEL TTEL Tools & Test Equipment List TTEL Talk to Everyone Later TTEL Tools and Test Equipment List ; its recent trading price was $8.375 CDN. "TigerTel continues to build a strong presence in the burgeoning Canadian telecommunications market," said Richard J. Sullivan, 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. of Applied Digital Solutions. "These acquisitions are an important step in expanding TigerTel's service offerings, as well as opening up new markets to TigerTel. With Economux we gain a proven data capability, which is critical to TigerTel's ability to compete effectively in the next millennium. TelNet's offerings are a perfect complement to those of TigerTel's toll service division. Also, by acquiring TelNet, we have an immediate presence in the important Kitchener, Cambridge and Waterloo markets. We're delighted with these recent additions and we believe that TigerTel is extremely well positioned for strong future growth," Mr. Sullivan said. Economux Telecom provides high-end data services to a growing list of national and international customers. Its service offerings include network design and maintenance, system implementation, and IT support. TelNet Communications is a reseller of local and long distance services. TigerTel Inc. was created in June 1999 through the merger of TigerTel Services Limited and Contour Telecom Management Inc. For more information, visit the company's web site at www.tigertel.com. Applied Digital Solutions, Inc. is an e-business to business solutions provider offering Internet, telecom, LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. and software services to a wide variety of businesses throughout North America. For more information, visit the Company's web site at www.adsx.com 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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