SecurFone America Inc. Closes Transaction for Sale of Selected Prepaid Wireless Services Business to TeleData World Services; Transaction Value Estimated at $2 Million.SAN DIEGO--(BUSINESS WIRE)--May 3, 1999-- SecurFone America Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:SFAI SFAI San Francisco Art Institute SFAI State Fiscal Analysis Initiative ), leading provider of prepaid wireless services and products, Monday announced the closing of an agreement whereby TeleData World Services Inc. (OTC BB:TWOS), will acquire the rights for SecurFone handset solution prepaid wireless product and selected other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . SecurFone will continue to offer selected prepaid wireless products, as well as focus on several other business areas, including new Internet-related services, and large scale global wireless system engineering projects, including turnkey prepaid wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. systems worldwide. "We have now significantly improved the company's balance sheet, and we are aggressively pursuing new high growth business opportunities which capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. SecurFone's wireless communications experience and new Internet-related applications," noted Paul B. Silverman, recently appointed chief executive officer of SecurFone America. "SecurFone's planned entry into the market for new Internet and e-commerce related applications will be driven internally, as well as by acquisitions," noted Silverman. The proposed transaction includes cash and stock and is valued at $2.1 million. The transaction is subject to regulatory approval. SecurFone America, founded in 1996, is a telecommunications company specializing in prepaid communications services and systems. Through its prepaid network product, SFA See sales force automation. SFA - Sales Force Automation Network Services, SecurFone also offers its prepaid wireless platform to other communications companies worldwide on a complete turnkey or component basis. SecurFone America is an OTC/BB stock and trades under the symbol SFAI. The company is based in San Diego. TeleData World Services is a provider of worldwide telecommunications solutions utilizing advanced telecommunication and computer technology to provide a wide range of cost-effective systems and services to users both domestically and in other areas of the world. TeleData has headquarters in Durham, N.C. Statements made in this new release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the "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. " provisions 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. Actual results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. |
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