Crys-Tel Telecommunications.Com Inc. Acquires Income Stream.ORLANDO, Fla.--(BUSINESS WIRE)--Dec. 17, 1998--CRYS-TEL (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :PSVG) Crys-Tel Telecommunications.com, Inc., ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors PSVG, NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Electronics Bulletin Board, today added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
PSVG announced the acquisition Tuesday stating that the transaction will add significant future cash revenues in consideration of one million five hundred thousand no par value common shares and seven million five hundred thousand preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of PSVG. James N. Rodgers has been elected President after the change of control and affiliation due to the acquisition of the income stream from Crys-Tel International, Inc. The name of the Company has been changed from Progressive General Corporation, ticker symbol PSVG and the resignation of the former President Pamela Wilkinson has been accepted by the Board of Directors Dec. 1, 1998. PSVG acquires revenue from an international facilities-based carrier, which utilizes the Internet to provide economical international telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. . Through its pioneering technologies, it routes telephone calls, faxes and value-added services over the Internet, giving significant discounts from standard rates. PSVG technology utilizes a unique telephone to telephone system whereby regular local telephone calls are converted from standard voice analog to digitally encrypted format which calls are seamlessly routed over the public Internet to destination points around the globe. This unique technology creates the opportunity to economically bypass large portions of the Publicly Switched Telecommunication Networks. PSVG has two million five hundred thousand no par value common shares outstanding and seven million five hundred thousand preferred shares issued. The terms and conditions of the preferred shares are that they may be converted into no par value common shares based upon a performance formula of one common share for each $1 of net cash (without charge) which flows to PSVG and upon surrender of one preferred share back to Treasury for cancellation. James N. Rodgers, President The foregoing 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. , which are subject to contingencies and uncertainties. Such forward-looking statements are not guarantees of future performance and are based on numerous assumptions about future conditions that could prove to be inaccurate. Actual events, transactions, and result may differ materially from anticipated events, transactions or results described in such statements. Material uncertainties about the future of the company exist. There can be no assurance that the Company's business develops as contemplated, or that the market for its products will be as assumed. |
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