DUCT Announces Expiration of Letter of Intent with PrimeLink Systems, Inc.Business Editors CINCINNATI--(BUSINESS WIRE)--Sept. 26, 2001 DUCT Utility Construction & Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DUCT) announced today that the Letter of Intent with PrimeLink Systems, Inc. (OTCBB:PMLK) has expired and that DUCT will not pursue its execution, citing changes in market conditions as the primary reason. The Letter of Intent provided for DUCT to exchange a package of utility construction services contracts, with an estimated value in excess of $100 million, and a working capital credit facility of $15 million, in exchange for a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in PrimeLink's common stock. In commenting on this recent development, Randall A. Drew, DUCT's Chairman and 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. , stated: "DUCT has been implementing the internal systems, management and services infrastructure to deliver these sizable contracts since early August. We are on track to realize significant revenue and earnings growth in the fourth quarter and beyond." About DUCT Utility Construction & Technologies, Inc. DUCT is a telecommunications, utility infrastructure, and technologies holding company. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1955: Certain information contained in this release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and market competition. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion