DeNovo Corp. agrees to acquire Symphony Telecom Ltd.; continues growth in telecommunications industry.CORAL SPRINGS Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Fla.--(BUSINESS WIRE)--May 23, 1995--DeNovo Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DNVOF), in its continuing growth in the telecommunications industry, announced Tuesday that it had signed a letter of intent to acquire 100% of the issued and outstanding capital stock of Symphony Telecom Ltd. Symphony Telecom is privately owned, and is a major provider of value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. telephone services, operating primarily in Europe and Latin America. Through international and domestic carriers, Symphony is able to provide premium rate, credit card billed, and leased line services in a growing number of countries around the world, including Germany, Spain, Italy, Greece, Poland and Chile. As part of its operation, Symphony has significant marketing contracts with a number of major international long distance carriers, including MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. (USA), VTR (VideoTape Recorder) A videotape recording and playback machine. VTR may refer to consumer MiniDV and DV recorders or to professional machines such as Betacam, DVCPRO and DVCAM. (Chile), and Telstra (Australia). "We are delighted to have reached this agreement with Symphony," said Michael D. Herman, president of DeNovo. "Symphony has a demonstrated record of success in the rapidly deregulating de·reg·u·late tr.v. de·reg·u·lat·ed, de·reg·u·lat·ing, de·reg·u·lates To free from regulation, especially to remove government regulations from: deregulate the airline industry. international telecom industry, and together Symphony and DeNovo see many growth opportunities." Founded in February 1993 to develop marketing partnerships with leading international telephone carriers, Symphony Telecom had approximately US$18 million of revenue in its first full year of operation, which ended March 31, 1994. While the audited numbers for March 31, 1995 have not yet been released, preliminary figures indicate sales grew to over US$31 million, and that the company enjoyed record profitability for its second year running. "Joining DeNovo allows Symphony the opportunity to present the strengths of our combined companies to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. investors," said Neil Macdonald, managing director of Symphony. Final terms of the acquisition were not disclosed, however it is expected that DeNovo will acquire 100% of Symphony in exchange for a package of debt and convertible debt. Following closure of the transaction, expected within 60 days, it is planned that Symphony representatives will join DeNovo's board of directors. DeNovo, through its subsidiary Teleconcepts International, designs and contracts for the manufacture of telephone hardware under the Bell-logo of Southern New England Telephone The Southern New England Telephone Company (commonly referred to as SNET by its customers) started operations on January 27, 1878 as the District Telephone Company of New Haven. It was the founder of the first telephone exchange, as well as the world's first telephone book. . Primary distribution for the company's products are through leading retailers in the United States. CONTACT: DeNovo Corp., Coral Springs Michael D. Herman, President, 305/345-2266 |
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