(COMTEX) B: ComTech Gains Shareholder Approval For Proposals and Repo
B: ComTech Gains Shareholder Approval For Proposals and Reports First Quarter
Profit
HOUSTON, May 17, 2000 (BUSINESS WIRE) -- ComTech Consolidation Group Inc.
(OTCBB:CCGI) today reported its revenues and earnings for the first quarter of
fiscal 2000.
The company returned to profitability during the first quarter, generating
operating income of just over $19,000 on revenues of $525,162.00. The company
also reported today that the shareholders of ComTech have unanimously passed the
four proposals contained in the proxy statement submitted for vote earlier this
year, including the increase in authorized shares from 30 million to 100
million.
ComTech Chairman and Chief Executive Officer Walter Davis commented, "We are
very pleased in the volume of support we received from the shareholders of
ComTech. During the quarter, management made great strides on implementing
corporate policies and procedures that will be invaluable to ComTech moving
forward. We are very pleased that ComTech has returned to profitability during
this transitional period. With the proposals now approved, management will seek
to aggressively execute our new business plan and focus on increasing
shareholder value."
ComTech plans to roll out its newly upgraded Web Site by July 1st. The company
is currently in negotiations with several Internet related firms as possible
acquisition candidates.
About ComTech Consolidation Group Inc.
ComTech Consolidation Group Inc. is a Houston, based holding company whose
primary focus is to acquire and develop Internet and technology related
companies. ComTech trades on the Over the Counter Bulletin Board under the
ticker symbol CCGI and is a fully reporting company. The company currently owns
two technology related companies: Enhanced Internet Service Providers and
Networks Online, both located in Houston, and has health care operations in
Louisiana. The company's Web site is www.ccg.net, www.nol.net and ComTech SEC
filings can be found at www.freeedgar.com.
Statements regarding financial matters in this press release other than
historical facts are "forward looking statements" within the meaning of section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Securities Litigation Reform
Act of 1995. The company intends that such statements about the company's future
expectations including future revenues and earnings, and all other forward
looking statements be subject to the safe harbors created thereby. Since these
statements (future operational results and sales) involve risk and uncertainties
and are subject to change at any time, the company's actual results may differ
materially from expected results.
CONTACT: ComTech Consolidation Group Inc.
Walter Davis, 713/554-2244
or
About-Face Communications LLC
Scott Gallagher, 215/741-5883
Sg@afcventures.com |
