FDN, Inc. Receives Discharge From Bankruptcy Court for Both Subsidiaries.Business Editors ORLANDO, Fla.--(BUSINESS WIRE)--July 26, 2001 FDN FDN Foundation FDN Fully Distinguished Name FDN Fixed Dialing Number (telecommunications) FDN Florida Digital Network FDN Fuerza Democratica Nicaraguense (Nicaraguan Democratic Force) , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FDNI FDNI Flavor-Diagonal Neutrino Interactions ) announced that it has received the official discharge notices from the Bankruptcy Court with regard to the filings under Chapter 7 of the United States Bankruptcy Code for its two subsidiaries, American Tel Communications, Inc. and ClearPoint Communications, Inc., f/k/a FON Fon People of southern Benin and adjacent parts of Togo. They speak a dialect of Gbe, a Kwa language of the Niger-Congo language family. Numbering about 3 million, the Fon are mainly farmers. Digital Network, Inc. The filings were made in the U.S. Bankruptcy Court in the Middle District of Florida on the 16th of March, 2001. The discharge of the two subsidiaries allows FDN, Inc. to remove approximately ten million dollars ($10,000,000.00) of debt from the Company's consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. . FDN, Inc. is an industry leader in providing integrated and enhanced telecommunication and Internet services to consumers and small business customers. FDN, Inc.'s product line includes: residential long-distance, nationwide ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. , Internet services including web hosting and web development, domestic and international prepaid carrier services, and wire services, for international wire transfers and U.S. funds transfers via terminals and debit cards. Safe Harbor Statement: Statements herein may constitute "forward-looking" information within the meaning of 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 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth or implied by such statements. Forward looking Statements: All statements, other than statements of historical fact herein, are forward looking statements. Actual results may differ materially from those contemplated by the forward looking statements as a result of certain factors including, but not limited to the effect of business and economic conditions; the impact of competitive products and pricing; and capacity and supply constraints or difficulties. Such statements reflect the current views of the Company with respect to future events and are subject to these and other risks and uncertainties and assumptions relating to the operations, results of operations, growth and liquidity of the Company. |
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