Aquis Communications Reduces Workforce, Expenses; Expects to Save More Than $1 Million.Business Editors PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb. 6, 2001 Aquis Communications Group, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AQIS AQIS Australian Quarantine and Inspection Service ), announced today that it has reduced its workforce by approximately 20%. "We believe this action will help Aquis improve operating costs operating costs npl → gastos mpl operacionales to be more in line with current revenue levels," stated Aquis President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Keith J. Powell. Combined with other streamlining efforts and operating efficiencies, Aquis expects to reduce its expenses by $1.1 million per year. "Aquis is reviewing all aspects of its strategic direction, operations and capitalization in an effort to better position the company for growth. This operational action is one part of that effort," stated Aquis Chief Executive Officer John B. Frieling. Aquis currently serves some 350,000 business and individual customers in the Northeast, Mid-Atlantic and Midwest states with local, regional and national two-way, interactive messaging; Internet access; voice mail; cellular and PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. service. The company recently signed an agreement with Sprint to offer Sprint's PCS and wireless products to Aquis customers. Aquis Communications was launched in January 1999 with its acquisition of Bell Atlantic Paging and then merged with Paging Partners Corporation of Freehold, NJ. Aquis has since expanded its services and customer base through the acquisitions of Source One Wireless, Wheeling, IL, and Suburban Paging, Philadelphia, PA. Last March, Aquis was the successful bidder for additional paging licenses in Boston, Chicago, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Philadelphia and Washington, DC. Aquis is dedicated to becoming a leading provider of a full range of telecommunications services. For additional information, visit www.aquiscommunications.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under 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: This press release contains statements about expected future events and financial results that are forward-looking, involve known and unknown risks, uncertainties and other factors not under the company's control and which may cause actual results, performance and achievements of the company to be materially different from anticipated results, performance or expectations of the company. These factors include, but are not limited to, those that are detailed in the company's periodic filings with the Securities and Exchange Commission. Any forward-looking statements represent the best judgment of the company as of the date of this release, and the company disclaims any intent or obligation to update any such statements. |
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