9278 Communications, Inc. Signs $4 Million LOI with
Pak Telecom, Inc.
NEW YORK, NY, February 24th, 2000 - 9278 Communications, Inc. (OTC BB: NTSE - news) Sajid Kapadia, CEO is pleased to announce that PakTelecom Inc. of Jackson Heights, NY, has signed a Letter of Intent to purchase $4 million of prepaid card products from 9278 Communications, Inc. for fiscal 2000. This is the second LOI signed by 9278 within the past three weeks, for a combined total of $8 million.
Pak Telecom, Inc. is a prepaid card distributor servicing the needs of the varied ethnic communities in the greater New York metropolitan area. The majority of the prepaid phone cards that Pak Telecom distributes focus on the Indian Sub-continent, including Bangladesh, Pakistan and Sri Lanka. The Bollywood, Bollywood Millennium and the Bollywood local access cards are the best selling 9278 products for Pak Telecom, within their distribution channels. Other 9278 products that Pak Telecom distributes are the New York Call, Pocket Change and the Manhattan Phone Card.
CEO of Pak Telecom, Goher Yacoob, estimates that the market for prepaid products within his distribution channels will only continue to grow. He also sees the demand and need within the communities for prepaid wireless, prepaid local dial tone, and prepaid internet services. Based upon his company's experience within this market, the ethnic communities and new immigrants are more likely to utilize a prepaid product in order to manage costs and access services that would not be accessible to the newcomer to the United States.
9278 currently has a network of over 300 master distributors, retailing over 100 different prepaid card products primarily in the New York, New Jersey and Connecticut markets. With the pending launch of its B2B telecom services site, 9278 will provide access and support for its existing distributors and a mechanism for establishing new markets for the company's products through the expansion of additional independent distributors across the US. 9278 Distributors, Inc. reported gross revenues of $66,998,662 with a gross profit of $1,427,394 and net income of $136,417 for the nine months ended September 30, 1999.
For more information about 9278 Communications, Inc. please contact:
Investor Relations:
Tel: 1-877-787-1777
Email: ir@9278.com
Website: 9278.com
This release includes statements that may constitute forward-looking statements pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Although 9278 Communications believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be met. |
