NORWALK, Conn.--(BUSINESS WIRE)--Sept. 1, 1999--Sirco
International Corp. (NASDAQ:SIRC) announced today that it would begin
trading under its new NASDAQ ticker symbol (NASDAQ:ELEC) on September
2nd. The Company's Board of Directors has approved a new corporate
name, Essex Network Services Corp., and ticker symbol in order to more
clearly represent the Company's conversion to telecommunications,
E-Commerce and Internet services.
Paul Riss, CEO, stated, "Essex Network Services will be focused
on the delivery of bundled telecommunications, Internet and
application services offerings to small businesses. The execution of
our strategic plan centers on a two-step process. Step one, which is
well under way, encompasses the design and deployment of integrated
access networks that will permit us to sell access services at a
substantial profit. We define access services as local and long
distance voice as well as dial-up and high speed dedicated Internet
access. Our network solution includes the use of a combination of
owned, leased and resold network elements."
"Step two," continued Mr. Riss, "involves the design and
deployment of what we refer to as network services. Network services
include virtual private networking, E-Commerce and hosted
applications, which permits us to act as an outsourced
MIS/telecommunications department for our small business customers.
Through the deployment of hosted corporate E-mail applications,
storage solutions and office applications over our access network, we
intend to become a facilitator of communications and information
system technologies for small and medium-sized businesses."
Essex Network Services Corp. (formerly Sirco International Corp.
name change pending) is a diversified publicly traded Company that
invests in, develops and incubates Internet and
telecommunications-related businesses. Essex's portfolio of businesses
include its wholly-owned subsidiaries, Essex Communications, a New
York-based CLEC, WebQuill Internet Services, a Connecticut-based
Internet service provider, and Airline Ventures, Inc., a Texas-based
E-Commerce retailer; and its affiliates, Access One Communications, a
Florida-based CLEC, RiderPoint, Inc., an online marketer of insurance
and financial products, and SkyClub Communications Holding Corp., an
Internet marketer of satellite-based, high speed Internet and digital
television systems and services.
This release contains forward-looking statements that involve
risks and uncertainties. The Company's actual results may differ
materially from the results discussed in the forward-looking
statements. Factors that might cause such a difference include, among
others, general economic and business conditions; industry trends; the
loss of major customers; changes in demand for the Company's product;
the timing of orders received from customers; dependence on third
party sources of supply; the loss of licenses; availability of
management; availability, terms and deployment of capital; and changes
in state or federal governmental regulations of telecommunications
services.
--30--ah/ny*
CONTACT: Sirco International Corp.
Paul Riss, CEO Sirco
203/750-1000
paulriss@sircointl.com
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