DataMEG Corp. Completes Merger with North Electric Company, Inc.Business Editors & High Tech Writers CHARLOTTE, N.C.--(BUSINESS WIRE)--March 4, 2002 DataMEG Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : DTMG) announced today that it has signed a final, unconditional HEIR, UNCONDITIONAL. A term used in the civil law, adopted by the Civil Code of Louisiana. Unconditional heirs are those who inherit without any reservation, or without making an inventory, whether their acceptance be express or tacit. Civ. Code of Lo. art. 878. UNCONDITIONAL. definitive agreement which will cause North Electric Company, Inc. to become 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. . Full details of the merger were not disclosed but the merger will result in the bolstering of DataMEG's senior management team with accompanying announcements over the next few weeks. In addition, the agreement calls for an expansion of the company's board of directors to include related industry veterans. Key players in North Electric Company, Inc. were involved in the launching of critical test and monitoring products which supported the introduction of SS7 technology used by all major U.S. telephone companies in the late 1980's. The introduction of SS7 spawned the formation of a multitude MULTITUDE. The meaning of this word is not very certain. By some it is said that to make a multitude there must be ten persons at least, while others contend that the law has not fixed any number. Co. Litt. 257. of test and monitor companies whose revenues ranged from $50 to greater than $300 million annually. Major telephone companies are now investing in next generation network technologies that will again create test and monitor challenges. North Electric Company, Inc. believes it may be the first company to provide a test and monitoring solution capability which will enable carriers to begin marketing IP solutions with the confidence of protecting their coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. 99.999% quality of service found only today in their traditional telephone networks. 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. : Note: Included in this release are forward looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended and is subject to the safe harbor created by those sections. Although the Company believes the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations reflected in such forward looking statements will prove correct. The Company's actual results could differ materially from those anticipated in the forward looking statements as a result of certain internal and external factors. |
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