Printer Friendly

The Auxer Group Announces Sale of Clifton Telecard to Kattosko Communications.

Business Editors/Hi-Tech Writers


The Auxer Group (OTCBB: AXGI- today announced the sale of Clifton Telecard, Inc.

The Auxer Group sold 100% of the stock in its wholly owned subsidiary to Kattosko Communications, Inc. in exchange for cash and notes. Under the terms of the stock purchase agreement, Auxer and its subsidiaries will retain the rights to all trademarks developed with Auxer Telecom, distribution rights to the Original(TM) and African Voice(TM), and unrestricted rights to the customer list for all products not serviced by ITG.

Ronald Shaver, Executive Vice President of The Auxer Group, issued the following statement in regards to the sale of Clifton Telecard: "Auxer's decision to divest of Clifton Telecard was strategic in nature. After reviewing recent financial results, management believes that the growing sales of CT Industries, combined with its stronger gross profit margins, demonstrated that the company's Telecom Group could afford to divest of Clifton Telecard. CT Industries has hired Nadia Mustafa, Clifton Telecard's co-founder, as sales manager. Her prior sales experience with Clifton Digital and Clifton Telecard in prepaid phone cards has, and will, continue to help CT Industries' Executive Vice President, Ryan Shaver develop the sales program he initiated in March. I believe this will be very positive for the Telecom Group. Management's decision to divest will provide Auxer with the immediate cash to advance the sales programs in CT Industries, which will include the introduction of new prepaid phone cards and the continued development of the prepaid cell phone line. We believe we were able to learn a great deal from Clifton's operation and preserve all the good attributes of Clifton in CT Industries."

For Further Info. Please contact Brad Maxwell at M. Johnson and Associates Toll Free at 877/893-8668 or visit our website at or Brad Barton at The Loop at 877/898-LOOP or

This is a publication of M. Johnson & Associates (M.J&A), a financial communications and investor relations company. M.J&A serves as special advisor to the featured Company and has received fees for services and expenses for preparation and distribution of materials of said Company.

This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties.

For those statements, the Company claims the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements.

In particular, there is no assurance that reserves, production, pricing levels or other factors pertaining to the manufacturing and retail operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in the Company's most recent filings.

Under no circumstances does this press release constitute an offer to sell or a solicitation of an offer to buy the securities of the Company described in this press release in which such offer, solicitation or sale of securities would be unlawful prior to registration, qualification or filing under the securities laws of any jurisdiction.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:May 23, 2001
Previous Article:Ohio Casualty Corporation Appoints New Director to its Board.
Next Article:Workspeed Raises $15 Million in Series B Funding.

Related Articles
Auxer Completes Acquisition of Clifton Telecard Alliance.
Auxer Launches Clifton Telecard's Website.
Auxer's Telecom Group Generates Over $2.2 Million in Revenue.
Auxer's Telecom Group On $7 Million Pace for 4th Quarter.
Auxer's Telecom Switch Operation Received Heavy Holiday Volume; Switch Equipment, Engineer and Customer Service Staff Successfully Managed High...
Garibaldi Group.
Auxer's CT Industries to Host The Grand Opening Of The Company's Second Telecommunications Distributor.
Kevin L. Clifton. (Who's News: Management Personnel).

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters