Auxer Completes Acquisition of Clifton Telecard Alliance.Business Editors WEST PATERSON West Paterson (păt`ərsən), borough (1990 pop. 10,982), Passaic co., NE N.J., a suburb of Paterson; inc. 1914. Electric, electronic, and photographic products are made in the borough. , N.J.--(BUSINESS WIRE)-Sept. 22, 2000--The Auxer Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AXGI) announced today that it has completed the acquisition of the assets of Clifton Telecard Alliance, Inc., a New Jersey telecommunications company See telecom company. . Clifton Telecard Alliance is a wholesale distributor of prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay ment n. phone cards. Under the terms of the agreement, Auxer has transferred the assets into its new wholly owned subsidiary Wholly Owned SubsidiaryA subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Clifton Telecard, Inc. which will continue to do business as Clifton Telecard Alliance. Mustafa Quattous, President of Clifton Telecard Alliance was hired as President of Operations of Clifton Telecard, Inc. and he and his staff will continue manage the operations. Clifton Telecard's sales have nearly doubled over the first seven months of this year to a pace of $30 Million on an annual basis. The company's plan is to continue to grow and expand the operations to $60 Million in the next twelve months. As part of the agreement, Clifton Telecard will transfer its traffic to Auxer Telecom's operation in 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. upon completing a transition phase. "My staff and I are excited to be part of the Auxer Telecom Group. Clifton has achieved solid growth in the telecom sector of distribution of prepaid phone cards. The marketplace for these products continue to expand and now is an excellent time for Clifton and Auxer Telecom to combine its energies and assets," said Mr. Quattous, President of Clifton Telecard Alliance. Auxer expects Clifton Telecard to generate approximately $250,000 in revenue for the remainder of the third quarter and projects Auxer's Telecom Group will generate over $6 Million in telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. traffic in the fourth (4th) quarter of 2000. "The completion of this acquisition is a significant milestone for the Telecom Group. We are very pleased to have Mr. Quattous and his staff as the newest members of Auxer's Telecom Group. Clifton is a fine group and I believe they will continue to accelerate their growth in the prepaid card business in the Northeast as part of the Auxer Telecom Group. I would like to thank everyone's efforts in completing these arrangements especially Auxer's staff and the staff at Clifton and Auxer Telecom in Los Angeles. The investors can truly be proud of their accomplishments," said Ronald Shaver, Executive Vice President of Auxer. ABOUT THE COMPANY The Company is a holding company that has formed a Telecommunications Group and established a two (2) subsidiaries, Clifton Telecard, Inc., a wholesale distributor of prepaid phone cards and Auxer Telecom, Inc. which provides telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. services from telecommunications carriers to the telecommunications industry. Additionally, Auxer owns an Automotive Group with three (3) active subsidiaries: The Harvey Westbury Corporation Inc., Hardyston Distributors, Inc. and CT Industries, Inc. Harvey Westbury assembles and packages automotive accessories under the name, Easy Test, sells engine treatment under the name, Formula 2000 Ultimatea and sells waxes and polishes under the name, Garry's Royal Satina to the automotive, marine, and aviation industries. Hardyston Distributors, Inc. is a specialty distributor of automotive parts and accessories to local mechanics, service stations and dealers. CT Industries, Inc. has been designated to house any future internet-related business and currently handles the internet-related sales from the company's websites as well as other retail programs. 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 release are made pursuant to the "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. " provisions 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, competition, new products and technological changes, intellectual property rights and other risks. For more information please visit our websites at www.auxer.com and www.axgiinvestor.com |
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