Clariti Telecommunications International, Ltd. Completes Sale of Telnet Products & Services Limited.PHILADELPHIA--(BUSINESS WIRE)--Feb. 10, 1999-- -Also Becomes Exclusive Provider of Telecommunications Carrier Services- Clariti Telecommunications International, Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CLRI CLRI Central Leather Research Institute (India) ) ("Clariti") today announced it has completed the sale of its subsidiary, Telnet Products & Services Limited, for $21 million to Chadwell Hall Holdings, Limited ("Chadwell Holdings"), a diversified diversified (di·verˑ·s holding corporation that is Clariti's majority shareholder. As part of the agreement, Clariti will serve as the exclusive, worldwide provider of telecommunications carrier services to Telnet and each of the Telnet subsidiaries. Telnet Products & Services Limited owns and operates public communications centers An agency charged with the responsibility for handling and controlling communications traffic. The center normally includes message center, transmitting, and receiving facilities. Also called COMCEN. See also telecommunications center. located in the United Kingdom, France, Spain and Germany. It was one of several businesses acquired from Chadwell Holdings by Clariti as part of the GlobalFirst Holdings acquisition, completed in December 1998. Peter S. Pelullo, Chairman and Chief Executive Officer, stated, "Clariti's long-term strategy is to deliver a broad range of innovative, personal telecommunications products and services to the worldwide market. This agreement provides our Company with revenue strength without the overheads and costs associated with operating the call centers." Clariti Telecommunications International, Ltd., through its recent acquisition of GlobalFirst, provides diversified telecommunication services, including domestic and international long-distance, pre-paid mobile phones and calling cards, primarily in the United Kingdom and France. Additionally, Clariti is currently developing the ClariCAST(TM) Digital Voice Paging System, the world's first low-cost high-speed digital voice paging system. The ClariCAST(TM) system combines a full-featured voice mail system with wireless voice pagers. This patented communications technology Noun 1. communications technology - the activity of designing and constructing and maintaining communication systems engineering, technology - the practical application of science to commerce or industry uses FM subcarrier A secondary telecommunications channel that resides within the main channel (a carrier within a carrier). A type of multiplexing, the subcarrier is a modulated carrier signal at a lower frequency that is combined with the main carrier signal running at a higher frequency. frequencies, so it can be quickly and inexpensively installed in any city where FM radio towers exist. Clariti plans to market its voice paging service worldwide, including rapidly growing wireless telecom markets such as Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the U.S. More information on Clariti and the ClariCAST(TM) Digital Voice Paging System can be found on the World Wide Web at http://www.clariti.com. Special Note Regarding 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. : This press release contains certain forward-looking statements, including statements about the Company's strategy regarding providing telecommunications products and services worldwide and its plans regarding its voice paging system, that involve risks and uncertainties. Factors that could cause or contribute to such risks and uncertainties include, but are not limited to, general economic and business conditions, changes in telecommunications regulations, changes in consumer demand for telecommunication products and various other factors beyond the Company's control. This includes such factors as described from time to time in the SEC reports filed by Clariti Telecommunications International, Ltd., including the most recently filed Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
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