Check ITEL, they just had reverse merger. The details will be released in a couple of weeks. ITEL is trading about $0.50. The rumor is that final price for ITEL is about $1.50-2.00. Currently, ITEL has received $3 million cash for its businesses. The transaction is expected to be finished within 30 days.
The following is a news release:
Wavetech, Inc. Receives Initial Cash Infusion from LAI, Information Management Systems Incorporated
TUCSON, Ariz., Sept. 9 /PRNewswire/ -- Wavetech, Inc. (Nasdaq:ITEL) today announced that it had received an initial cash infusion from LAI, Information Management Systems Inc. of San Francisco.
On August 22, 1997, Wavetech announced the intent to acquire 100% of the shares of LAI. As part of the merger, LAI will provide Wavetech an infusion of $3 million in cash and additional assets over the next 60 days. The Company will disclose additional terms of the agreement when the merger is finalized.
Wavetech was represented in the transaction by Sterne, Agee & Leach, Inc., a full service investment firm. Wavetech entered into a banking agreement with Sterne, Agee & Leach, Inc. on July 11, 1997.
Wavetech, Inc. is a diversified telecommunications company. It is the developer and distributor of Interpretel computer/telephony products and is engaged in the resale of international long distance.
The Company's advanced network provides subscribers single point of access to innovative communications and information services. The Company markets its services in the United States and Canada under the Interpretel name and through highly customized or co-brand initiatives.
LAI, Information Management Systems Inc. is a diversified company involved in computer software development, training and telecommunications services with projects in the United States
and overseas.
James |
