Clariti Telecommunications International, Ltd. and Chadwell Hall Holdings, Ltd. Enter Definitive Agreement to Form Significant Telecommunications Group.PHILADELPHIA--(BUSINESS WIRE)--Nov. 6, 1998--Clariti Telecommunications International Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Stock Symbol: CLRI CLRI Central Leather Research Institute (India) ) ("Clariti") and an international telecommunications group of Investors, represented by Chadwell Hall Holdings, Ltd. ("CHH CHH Cartilage Hair Hypoplasia CHH Crustacean Hyperglycemic Hormone CHH Carter Holt Harvey Limited (Australia & New Zealand) CHH Chuan Hup Holdings Limited (Singapore) CHH Certified Hardware Hosineer ") of the B.V.I., have entered into a contract to create an international communications service provider A Communications Service Provider or CSP is a company that transports information electronically. The term encompasses public and private companies in the wireline, wireless, Internet, cable, satellite, and managed services businesses. . Pursuant to the agreement, Clariti will acquire all of the outstanding stock of GlobalFirst Holdings, Ltd., a United Kingdom company ("GlobalFirst") in exchange for 76,571,500 shares of Clariti common stock. GlobalFirst has operating subsidiaries and businesses located throughout Europe involved with corporate and residential telecom services including transatlantic fiber optic voice and data transmission, (through its virtual private telecom network), pre-paid mobile phones, prepaid phone cards and call offices, including 123 fully owned and licensed public communications centers in England, France, Italy, Spain and Germany. GlobalFirst is currently generating revenue at an annual rate of approximately $100 million. The combined companies will be known as Clariti Telecommunications International, Ltd. Furthermore, the investors are in the process of completing an equity investment in Clariti of $20,000,000 (of which $9,150,000 has already been received) in exchange for 11,428,500 shares of Clariti common stock. Clariti will utilize $9,000,000 of these funds to complete the commercialization of its digital voice pager and for working capital. The remaining capital will be used for future growth and development. In this regard, Clariti is evaluating the acquisition of additional telecom companies represented by CHH, particularly their interests in emerging markets. Peter S. Pelullo, Chairman & 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 Clariti said, "The combination of Clariti and GlobalFirst should result in a rapidly growing competitive communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. with revenue segments in the voice, data, wireless, prepaid phone cards and call box areas.". The Lord Clanmorris, president of GlobalFirst and formerly the chairman of Interoute Telecommunications Group UK, a major European telecom provider, indicated that the GlobalFirst/Clariti transaction should result in a public company which will generate significant internal growth and undertake aggressive acquisition activity in the communication technologies and services sector. The Lord Clanmorris will serve on the board of Clariti. Upon completion of the transaction, Clariti's existing FM based paging operations will be renamed Clariti Wireless, Inc. and be operated as a wholly owned subsidiary Wholly Owned Subsidiary A 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. of Clariti Telecommunications International, Ltd. Clariti Wireless will continue the deployment of its unique FM based digital voice paging system. About Clariti 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. The company, which is located in Philadelphia, plans to market its voice paging service worldwide, including fast-growing paging markets such as Europe, Latin America, 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. About GlobalFirst GlobalFirst is one of Europe's fastest growing telecom groups owning platforms, gateways, public call centers, prepaid phone cards and prepaid mobile phone This is a method of billing for a mobile phone. Prepaid mobile phones operate by a user’s purchase of mobile services in advance of using them. By purchasing credit to use on a mobile phone network, a user can access a mobile phone network without ongoing billing. operations and is currently generating revenue at an annual rate of approximately $100 million. This news release contains certain forward-looking statements 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 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. . |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion