EuroTelecom Communications Inc. Announces the Acquisition of Timtec International.Business Editors & High-Tech Writers LONDON--(BUSINESS WIRE)--April 19, 2000 EuroTelecom Communications (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EUTC EUTC Equivalent Unité à Temps Complet )(Alternative Investment Market of the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. :ETMA ETMA European Training Media Association ETMA Educational Television & Media Association ETMA European Television Management Academy (Strasburg, France) ETMA European Tubes Manufacturers Association ), whose application linking technology is used to create the communications backbone for intelligent buildings, has acquired the business, the assets and the right to use the name of Timtec International of the United Kingdom. The acquisition of Timtec includes a number of contracts in progress, and was for a cash consideration of $954,000 plus legal costs. Timtec was acquired as a going concern through a type of UK insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet procedure known as "administration." Timtec, based in Alfreton, Derbyshire, is a high quality interior contractor and custom store outfitter. The acquisition of Timtec will provide EuroTelecom with a 20-strong team of professionals capable of installing EuroTelecom's technology and systems within buildings, both as behind the scenes infrastructure and front office equipment. The business will be conducted as Timtec International as part of EuroTelecom's subsidiary, Chunlan Ltd. Phil Derry, EuroTelecom's chief executive said: "The acquisition of Timtec will provide an extra set of skills which will help EuroTelecom to offer its customers a complete technology package for intelligent buildings -- from the installation of the optical fiber backbone through supplying and setting up individual user's equipment." This press release 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. . Such statements are based on the current expectations and beliefs of the management of EuroTelecom and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. |
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