CTIG and Siemens Plc Agree to Restructure Databit Ltd Acquisition.VALLEY FORGE Valley Forge, on the Schuylkill River, SE Pa., NW of Philadelphia. There, during the American Revolution, the main camp of the Continental Army was established (Dec., 1777–June, 1778) under the command of Gen. George Washington. , Pa.--(BUSINESS WIRE)--March 9, 1999--CTI Group (Holdings) Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CTIG CTIG Counter Terrorism Intelligence Group CTIG Combat Targeting and Intelligence Group (Langley, AFB,VA Air Combat Command) ) today announces that it has agreed with Siemens Plc that the purchase price for its UK subsidiary, CTI (Computer Telephone Integration) Combining data with voice systems in order to enhance telephone services. For example, automatic number identification (ANI) allows a caller's records to be retrieved from the database while the call is routed to the appropriate party. Data Solutions Ltd, is to be waived with immediate effect. CTIG acquired the company, which was previously called Databit Ltd, in February 1998 from Siemens by means of a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. to the value of $1.5 million. This agreement has been reached to help CTIG attract institutional investment to enable it to develop its Internet and convergent billing technology to the fast-emerging global market, while continuing to provide high quality support to the large customer-base it shares with Siemens. Convergent billing enables businesses in many different industries, such as telecommunications, media and utilities, to invoice customers on the same single bill. Following this transaction, there is no longer the requirement for Siemens Plc to be represented on the Board of CTIG. Therefore, Bill Driscoll, the current Siemens Plc nominee, has tendered his resignation accordingly. The Board has accepted his resignation and would like to thank Mr. Driscoll for his contribution during the past year. This release contains 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. that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by CTIG with the U.S. Securities and Exchange Commission, specifically the most recent Form 10-KSB. |
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