Printer Friendly

TELETEK ANNOUNCES OPENING OF PURCHASE ESCROW IN ACQUISITION OF INTERSTATE PUBLIC TELEPHONE

 TELETEK ANNOUNCES OPENING OF PURCHASE ESCROW
 IN ACQUISITION OF INTERSTATE PUBLIC TELEPHONE
 LAS VEGAS, Sept. 17 /PRNewswire/ -- Teletek's (NASDAQ: TLTK) Chief Executive Officer Michael Swan announced today further progress toward the acquisition of Interstate Public Telephone Co. with the opening of purchase escrow. Interstate is a Las Vegas-based public pay telephone company primarily servicing Las Vegas and Southern Nevada. Interstate does have a number of major purchase accounts with Las Vegas casinos and Southland Corp. Completion of the purchase is estimated to occur on or about Dec. 15, 1992. Escrow was opened today.
 According to Swan, the acquisition of Interstate Public Telephone Co. should increase Teletek's revenues from $3 million annually to more than $5 million per year. In addition, assets should increase from approximately $3.2 million to $4.5 million. Shareholder equity is expected to jump from $1.6 million to $4.5 million, while earnings for shareholders should increase substantially, based on the preliminary review of Interstate's records.
 Teletek is a large public pay telephone company, also based in the southwestern United States. Earlier this year, Teletek acquired United Payphone Services Corp., another large pay telephone operator. Teletek plans to absorb other companies in an effort to increase its size and profitability in the pay telephone industry.
 -0- 9/17/92 R
 /CONTACT: Michael Swan, CEO of Teletek, 702-597-0699/
 (TLTK) CO: Teletek Inc.; Interstate Public Telephone Co. ST: California IN: TLS SU: TNM


KJ-LS -- LA003 -- 0615 09/17/92 11:40 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 17, 1992
Words:245
Previous Article:BIOMERICA'S ULCER TEST APPROVED IN JAPAN
Next Article:AMERITECH PROVIDING COMMUNICATIONS RELIEF TO KAUAI
Topics:


Related Articles
TELETEK ANNOUNCES ENTRY INTO STOCK PURCHASE AGREEMENT
TELETEK ANNOUNCES OPENING OF ESCROW ON THE PURCHASE OF INTERSTATE PUBLIC TELEPHONE
TELETEK ANNOUNCES OPENING OF ESCROW ON THE PURCHASE OF INTERSTATE PUBLIC TELEPHONE
TELETEK ANNOUNCES OPENING OF PURCHASE ESCROW IN ACQUISITION OF INTERSTATE PUBLIC TELEPHONE
TELETEK ANNOUNCES THE ACQUISITION OF DTI TEL-NET INC.
TELETEK ANNOUNCES CREATION OF PACIFIC RIM FIBER OPTIC BUSINESS
HEALTH CARE PRODUCTS INC. AND CELLULAR TELECOM ANNOUNCE JOINT AGREEMENT
ROCHESTER TEL AND WCT COMMUNICATIONS RENEGOTIATE PREVIOUSLY ANNOUNCED CASH TENDER OFFER PRICE FOR ALL THE OUTSTANDING SHARES OF WCT COMMUNICATIONS
TELETEK INC. PURCHASES MAJORITY STAKE IN USTEL INC.
Summary Notice of Settlement of Teletek, Inc. Securities Litigation.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters