Consolidated Technology Group Ltd. Announces Sale of Interest in Arc Networks, Inc.NEW YORK--(BUSINESS WIRE)--March 26, 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) ("COTG"), announced today that it signed an agreement dated March 23, 1999 with Arc Networks, Inc. and Technology Acquisitions, Ltd. pursuant to which COTG, through a wholly-owned subsidiary, sold all of the shares of Arc's Common Stock owned by it to Technology Acquisitions, Ltd. for $850,000. The proceeds of the sale and the shares of ARC common stock being sold are being held in 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. pending receipt, on or before September 30, 1999, of the consent 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 Public Service Commission to the sale of such shares to Technology Acquisitions and certain related transactions. COTG owns approximately 67% of the total issued and outstanding shares of Arc's Common Stock. Arc is a reseller of local and long distance telephone service and provides data cable installation services for computer systems to commercial customers. |
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