Friday, October 8, 1999 02:44 PM
NORWALK, CT--(BUSINESS WIRE)--Oct. 8, 1999--Sirco International
Corp. (NASDAQ:ELEC) announced today that its Board of Directors has
approved a name change to eLEC Communications Corp. The new name
reflects the company's emergence over the last two years as a local
exchange carrier with Internet solutions. The company's shareholders
will vote on the new name at the Annual Meeting of Stockholders on
November 10, 1999.
Paul Riss, Sirco's CEO, stated, "Our business activities center
around the operation of our local exchange carrier (our "LEC"), Essex
Communications. However, our business plan includes a significant
movement toward electronic Internet related services, such as Voice
over IP, Digital Subscriber Lines, hosted applications and electronic
yellow pages. We will, in effect, be providing our customers with
service as an electronic LEC, or an "eLEC." Consequently, we believe
the appropriate name for our corporate entity, which includes both a
Competitive Local Exchange Carrier ("CLEC") and an Internet Service
Provider, is eLEC Communications Corp."
Mr. Riss continued, "We have already changed our NASDAQ ticker
symbol to ELEC and we now have the Internet domain name "elec.net." It
is a natural fit to have the corporate entity be known as "eLEC
Communications Corp." We believe this new name will enable both the
investment community and our present and future customers to more
easily identify who we are and what we do."
Sirco International Corp. is a publicly traded local
telecommunications company that is taking advantage of the convergence
of the current and future competitive technological and regulatory
developments in the Internet and telecommunications markets through
the integration of its wholly-owned subsidiaries, Essex Communications
and WebQuill Internet Services. The company provides an integrated
suite of communications services to small and medium-sized business
customers, including local, long distance, dial-up access, dedicated
access, and Web site design and hosting.
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