TeleData World Services Finalizes Transaction for Sale of Selected Prepaid Wireless Services Business From SecurFone America Inc.SAN DIEGO--(BUSINESS WIRE)--Feb. 25, 1999-- Transaction Value Estimated at $2.1 Million TeleData World Services Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:TWOS), a leading provider of prepaid wireless services and products, Thursday announced it has entered into an agreement with SecurFone America Inc. (OTC BB:SFAI SFAI San Francisco Art Institute SFAI State Fiscal Analysis Initiative ) for the sale of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , SecurFone Inc. Under the terms of the agreement, TeleData will acquire domestic cellular resale agreements, SecurFone's Miami-based bilingual call center, rights to the Buy-the-Minute(TM) trademark, key distribution relationships and certain 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. related to the provisioning of prepaid cellular services within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The acquisition supports TeleData's rollout of a major national promotion program for handset-based prepaid cellular services. The proposed transaction includes cash and stock and is valued at $2.1 million. The transaction is subject to shareholder approval. "We are excited about the opportunity to further broaden TeleData's offerings and enable rapid market expansion," noted Tony Cullen, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of TeleData World Services. "All projections show the prepaid wireless services market is still embryonic and positioned for major growth. We foresee a number of exciting opportunities for creating innovative new prepaid value-added services. TeleData World Services intends to establish a leadership position in this high potential market," noted Cullen. A Management Services and Support (MSS) agreement is also being finalized by both parties whereby SecurFone will be provided with the right to resell selected TeleData products and services. "SecurFone America Inc. will continue to offer selected prepaid wireless products, as well as focus on two other core business areas, new Internet telephony services and products, building on the planned SCIES Inc. acquisition announced in 1998, and large-scale, turnkey global wireless and prepaid system engineering projects worldwide," noted Paul B. Silverman, chief executive officer of SecurFone America. 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 Atlanta. 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 based in San Diego. Statements made in this news 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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