COMC, Inc. Acquires Texas-Based Telephony and Data Solutions Provider And Closes on $5.5 Million Financing; Acquisition Diversifies Customer Base, Broadens Geographic Coverage and Adds Nortel Expertise.CONCORD, Calif. -- COMC COMC Count of Monte Cristo COMC Canadian Open Mathematics Challenge COMC Care of Magical Creatures Class (Harry Potter) COMC Communications Controller , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CINJ CINJ Cancer Institute of New Jersey ) announced the acquisition of Southwest Century Communications, Inc. (Southwest), a Texas-based telephony and data solutions provider. In conjunction with the acquisition, the Company closed on a $5.5 million convertible note financing from Laurus Master Fund, Ltd. (Laurus). Southwest is expected to realize approximately $2.2 million in revenues for 2004. On a consolidated, pro-forma basis, COMC would have a 25% increase in revenues compared to 2003. The acquisition of Southwest adds strategic advantages for COMC by adding a foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in the Texas telephony and data solutions market contiguous to its Arizona and California operations and diversifying COMC's customer base and strengthens its presence in the healthcare and pharmaceutical industries. In conjunction with the acquisition, the Company completed a $5.5 million financing from Laurus, a New York-based institutional fund that specializes in providing financing to growing, small and micro-capitalization companies. The financing consists of a secured convertible term note in the amount of $2 million, a secured convertible revolving note in the amount of $2.5 million, and a secured convertible minimum borrowing note in the amount of $1 million, resulting in gross proceeds to the Company of $5.5 million. Details of the transaction can be found in the Company's SEC 8-K filing. Burnham Securities Inc. (Burnham) provided financial advice to the Company in connection with the Laurus financing. Janice Fuellhart, 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 COMC, stated, "As a result of the combination of the strategic initiatives -- acquisition and financing -- COMC has the scale to reach operating profitability in 2005, the geographical footprint and technological expertise to drive organic growth, and a balance sheet and capital structure to support additional consolidation in this fragmented industry." About COMC, Inc. COMC, Inc., which is headquartered in Concord, CA and also has offices in Burbank, CA; Phoenix, AZ; and Houston, TX, designs, implements, supports, and manages LAN/WAN LAN/WAN Local Area Network/Wide Area Network computer network systems, voice communication network systems, and premise wiring for both data and voice. The Company also distributes and maintains equipment on behalf of major telecommunications equipment manufacturers to Fortune 1000 companies and municipalities. This news release may contain 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. concerning the Company's business and future prospects and other similar statements that do not concern matters of historical fact. Forward-looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc product development, business prospects and development of a commercial market for technological advances are based on the Company's current expectations. The Company's current expectations are subject to all of the uncertainties and risks customarily associated with developing business ventures including, but not limited to, risks associated with new product development and availability of raw resources and suppliers, risks to marketed products and availability of financing and other sources of income, as well as risks discussed in the Company's periodic reports filed with the U.S. Securities & Exchange Commission. The Company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements contained in this release and to read it in conjunction with the Company's annual report on Form 10-KSB, including the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge filed therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. . The Company disclaims any intent or obligation to publicly update these forward-looking statements, whether as a result of new information, future events or for any other reason. |
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