Presidents Telecom, Inc. Enters Letter Of Intent To Merge With Reporting Company.Business Editors & Technology Writers NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--March 15, 2000 President's Telecom, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PRTEE) announced today that the Company has entered into a letter of intent to merge with Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. Fuel Technology (CAFT CAFT Coalition to Abolish the Fur Trade CAFT Customer Automated Funds Transfer CAFT Canadian Aerobic Fitness Test CAFT Computer Aided Failure Tracking (Fujitsu Siemens) CAFT Computer-Aided Filter Tuning ), a 1934 Act reporting company. As a result of the intended merger, the current stockholder of CAFT would become a stockholder of PRTEE. Pursuant to the merger, and under the provisions of Rule 12G of the Securities and Exchange Act, PRTEE will assume the reporting obligations of CAFT by electing successor issuer status. This will cause PRTEE to become a reporting company. Combined financial statements Combined financial statement A financial statement that merges the assets, liabilities, net worth, and operating figures of two or more affiliated companies. A combined statement is distinguished from a consolidated financial statement of a company and subsidiaries, which must of CAFT and PRTEE then will be required to be completed within 75 days from the date of merger, and attached to the Company's 8-K filing. ABOUT PRESIDENTS TELECOM, INC.: Presidents is a dynamic development stage company on the threshold of entering into an exciting operations phase, poised to play a leading role in the Telecom industry world-wide centered on the latest technologies in the fast-paced, highly profitable global telecommunications marketplace. Presidents' corporate vision is to take full advantage of the explosive growth in digitized telecommunications, by participating in the development and delivery of telecom and e-commerce solutions utilizing state-of-the-art platforms and technologies. Among the company's major emphases is building and managing a leading consortium of the highest quality Voice over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (VoIP) networks having a significant market share of long distance traffic. This news release may contain certain forward-looking statements with respect to operations and business, the results of which could differ materially from those discussed. Risks and uncertainties are detailed in reports that are filed with the Securities and Exchange Commission by the Company. |
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