Essex Communications Announces Continued Rapid Growth in September; Company is Growing By Over $1 million in Annual Revenues Each Month.NORWALK, CT--(BUSINESS WIRE)--October 4, 1999-- Essex Communications announced today the successful continuation of its aggressive growth plans. New customer access lines that were added during the month of September exceeded the number of access lines added during the entire fiscal quarter ended August 31, 1999. Essex Communications is a wholly owned CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) subsidiary of Sirco International 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 :ELEC (Enterprise LEC) An organization that is large enough (about 2500 or more employees) to file for CLEC status and become its own customer. As a CLEC, it can purchase telephone service at wholesale rates that it can sell to itself and to others to further reduce costs. ). Paul Riss, Sirco's 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, "We are very pleased with the growth in our line count and revenues. Essex's annual revenue run rate is now approximately $4 million per year. In each of the last two months we have increased annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues by over $1 million per year. We expect the growth to continue for the foreseeable future. In addition, approximately 70% of our new lines in September where provisioned directly on-net as opposed to being resold. By the end of October we expect that over 50% of our customer base will be on-net." Sirco International Corp. is a publicly traded local telecommunications company See telecom company. that is taking advantage of the convergence of the current and future competitive technological and regulatory developments in the Internet and telecommunications markets through the integration of its wholly-owned subsidiaries, Essex Communications Inc. and WebQuill Internet Services. The company provides an integrated suite of communications services to small and medium-sized business customers, including local, long distance, dial-up access hot Dial-up access is a form of Internet access via telephone line. The client uses a modem connected to a computer and a telephone line to dial into an Internet service provider's (ISP) node to establish a modem-to-modem link, which is then routed to the Internet. , dedicated access, and Web site design and hosting. This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, availability of management; availability, terms, and deployment of capital; the Company's ability to successfully market its services to current and new customers, generate customer demand for its product and services in the geographical areas in which the Company can operate, access new markets, negotiate and maintain suitable interconnection agreements with the incumbent local exchange carriers ILEC, short for incumbent local exchange carrier, is a local telephone company in the United States that was in existence at the time of the break up of AT&T into the Regional Bell Operating Companies (RBOCs) also known as the "Baby Bells". , and negotiate and maintain suitable vendor relationships, all in a timely manner, at reasonable cost and on satisfactory terms and conditions, as well as regulatory, legislative and judicial developments that could cause actual results to vary in such forward-looking statements. |
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