CVRG:Converge Global, Inc. Completes Acquisition of TeleWrx, Inc.
LOS ANGELES--(BUSINESS WIRE)--March 27, 2002--Converge Global, Inc. (OTCBB:CVRG), announced yesterday that it has completed the acquisition of TeleWrx, Inc.
Converge Global originally signed a letter of intent on January 17, 2002 to purchase TeleWrx and make it a wholly owned subsidiary. TeleWrx specializes in the sales and marketing of telecommunications products and services through the utilization of its international network marketing organization. TeleWrx, provides "Communications that Work for You."
TeleWrx, Inc. is a development stage company with a dynamic and experienced management team that is highlighted by Donald A. Smiley serving as Chairman of the Board and Director; Robert E. Brown, Vice Chairman, Co-Founder and Director; and Michael Brown, Co-Founder, President. The Company operations will combine the power of network marketing with technologically advanced telecommunications services all under one roof. This allows the TeleWrx sales agents an opportunity to sell communications services and build a successful home-based business while earning commissions and residual income.
TeleWrx, Inc. has a three year renewable Sales and Marketing Agreement with Orbit E-Commerce, Inc. Together, they share the goal of signing in excess of 1 million subscribers in Canada and the United States over the next three years. Under the terms of this agreement, TeleWrx will distribute Orbit's award-winning VoIP long distance and Internet dial-up access service to residential and small business subscribers in major urban areas in the United States and Canada. Orbit's VoIP long distance service is reliable, has excellent toll quality voice fidelity, and its pricing will motivate users of traditional telephone services to switch. Douglas Lloyd, Orbit's President and CEO, stated, "The TeleWrx, Inc. Agreement marks a significant milestone in Orbit's development. Our network-building program with IBM (NYSE:IBM) is under way and we are now positioned to acquire significant numbers of customers."
Converge Global, Inc. purchased 100% of TeleWrx in a stock for stock exchange. The shareholders of TeleWrx received about an 80% interest in the post acquisition company. Over the coming weeks, TeleWrx intends to begin the national rollout of its services with introductory meetings in seven major cities. Management plans to grow sales in a rapid but orderly fashion while the company also builds a strong position in the market place. Management plans to build its core business by obtaining loyal customers from the over 100,000,000 homes using long distance services, by providing a bundle of communications services at a very competitive flat monthly rate that is easy to understand and meets the customers' needs. The Company's products are competitively positioned in the marketplace and the utilization of network marketing, its competitive advantage of "Friend to Friend" selling, along with its straightforward sales approach will allow TeleWrx to more quickly acquire market share and reach critical mass.
TeleWrx is positioned to capture a significant number of customers and be a serious contender in the telecommunications industry through the utilization of network marketing. By utilizing this powerful sales strategy, the company's home-based agents will approach the residential and small-business markets with the most cost-effective, most technologically advanced, and highest quality telecommunication services available today. TeleWrx will offer residential and small business long-distance, Wireless long-distance, Internet dialup (56K), calling cards, toll-free service, wireless services including WAP (wireless application protocol) devises, and enhanced services such as "follow me" and nationwide "one number" services. In the current economic environment, home-based businesses have enjoyed explosive growth and experts predict that this growth will be fueled by the expanding markets and new technology in the telecommunications industry.
Contact Mr. Richard Kaiser at Yes International for Investor Relations at 800/631-8127 or by E-mail at CVRGpresident@aol.com.
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. Actual results of the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
CONTACT:
Yes International
Richard Kaiser, 800/631-8127
CVRGpresident@aol.com
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