Talk about a sleeper! Great discovery Michael! And a PR after the bell today....this one is isn't percolating...I'd say it's a volcano! Good call!
Wednesday January 5, 4:00 pm Eastern Time
Company Press Release
Desert Springs Acquisition Corp. Announces Acquisition of Woodcomm International Inc.
DALLAS--(BUSINESS WIRE)--Jan. 4, 2000--Mark T. Wood, President of Woodcomm International Inc. (``Woodcomm'), Tuesday announced that Woodcomm has been acquired by Desert Springs Acquisition Corp. (OTCBB:DSAC - news).
Under the terms of the Plan of Reorganization and Acquisition that has been approved by the shareholders of each of the companies the Woodcomm shareholders will be issued 16 million new investment shares of Desert Springs Acquisition Corp. of (``Desert Springs') in exchange for 100% of the stock of Woodcomm. The shareholders have also authorized the filing of a Shelf Registration Statement for the sale of 2 million shares of stock at not less than $3.00 per share.
Desert Springs has reincorporated in the state of Nevada and has approved changing its name to iDial Networks Inc. (``iDial'). The NASD will be notified of the name change, and a new trading symbol will be applied for. The new Board of Directors that will take office upon completion of the terms of the Plan of Reorganization will consist of Mark T. Wood, Klaus Scholz and Edward Janusz.
As a result of this acquisition, the company will operate an Integrated telephony and voice over IP based telephony network. Operating as iDial Networks Inc. the company will utilize the power and efficiency of the internet to empower individuals and businesses worldwide with low-cost telephony and other enhanced, web-based access with the advanced functionality of its privately-managed telephony network to offer users a comprehensive solution for high-quality, low-cost telephony services. Monthly phone costs will be billed automatically, and billing records will be online in real-time allowing users to closely monitor telecom charges.
iDial's services will include: NetPhoneCard.com, low cost global phone to phone services; PhoneMeNow.com, an e-commerce tool; CellPhoneCard.com, international telephony for cellular telephones; homePhoneCard.com international telephony for SOHO (small office / home office) and residential telephones; and iDialDirect.com, direct access to the network from select locations within the United States, and soon to come, SendACall.com, an eGreeting or e-mail containing phone calls.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price, volatility, product demand, market competition, risk inherent in the Company's domestic and international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.
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Contact:
Mark T. Wood
972/818-1058, Ext. 101 |
