FDN, Inc. Reduces Debt Burden By Filing Bankruptcy For Two Subsidiaries.Business Editors ORLANDO, Fla.--(BUSINESS WIRE)--March 20, 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 reduced its overall debt burden when 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., filed for protection from their creditors under Chapter 7 of the United States Bankruptcy Code. The filing was made in the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in the Middle District of Florida on the 16th of March, 2001. "The bankruptcy of these subsidiaries allows FDN, Inc. to continue serving its customers and distributors without interruption of its services," stated Paul Matthews, Chief Executive Officer. "This voluntary filing seeks relief to the overwhelming debts of the subsidiaries. Potentially $10,000,000 of debt, from prior management, may be discharged. FDN, Inc. plans to continue its own operations, while concluding the operation of these two subsidiaries, American Tel Communications, Inc. and ClearPoint Communications. Inc., f/k/a FON Digital Network, Inc." 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 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. 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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