Consolidated Technology Group Ltd. Announces Completion of Sale of Shares in Arc Networks, Inc.NEW YORK--(BUSINESS WIRE)--June 22, 1999-- Consolidated Technology Group Ltd. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: COTG), announced today that it completed the sale of all of its equity interest in Arc Networks, Inc. to Technology Acquisitions, Ltd. ("TAL TAL - Transaction Application Language "), Consolidated's principal stockholder. The $850,000 proceeds of the sale were released from escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. to Consolidated upon the receipt of the approval of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Department of Public Service to such sale and certain related matters. The sale was made pursuant to the terms of a previously announced agreement dated March 23, 1999 between Consolidated, TAL and Arc Networks, Inc. Any statements contained in this release that are not statements or descriptions of historical facts may be "forward-looking statements" as that term is defined under the Federal securities laws. Forward-looking statements are subject to risks, uncertainties and other factors, including, but not limited to, those described in Consolidated's public filings with the Securities and Exchange Commission. |
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