Gary, the article you posted was from Jan. 30. Today's release:
PowerTel closes first acquisition
BusinessWire, Wednesday, March 05, 1997 at 11:39
PALM DESERT, Calif.--(BUSINESS WIRE)--March 5, 1997--Pat Hayton, president of PowerTel USA Inc. (NASDAQ:PTUSA) stated that the first of several planned acquisitions has taken place.
This signals the planned expansion of PowerTel into the
communications area. PowerTel completed the acquisition of the Theme Communications Group on Feb. 28, 1997. The purchase price is $4 million, payable in dollar-denominated preferred stock, convertible over two years.
The Theme companies provide VCR and CD products on a contract
basis to clients like Citibank, Chase and Bank of America. The
companies also publish specialized food and in-flight magazines.
Total group revenues exceed $10 million annually.
Hayton further said, "These companies' products enable financial
institutions to use a `soft sell' in their efforts to collect past-
due auto loan and credit card debt. The products are proven to be
very effective in dramatically increasing collection rates without
alienating the client. We intend to dramatically increase the
marketing of these products nationwide, either grow or spin off
certain magazine assets."
Through its other divisions, PowerTel develops and operates
geo-thermal and wind-generated power systems in Nevada and California.
CONTACT: PowerTel USA Inc., Palm Desert
Todd Lotz, 941/485-1492
stock-spectator.ptusa
KEYWORD: CALIFORNIA NEVADA
INDUSTRY KEYWORD: ENERGY MERGERS/ACQ
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:PTUSA
Powertel USA Inc Cl A |
