FITC this is probably the reason for the action yesterday, and now it appears to be dropping a bit on the news.
I think both of these companies better change this news release as the news says OTC:BB but I show both of them as PINK.
Fire Telecommunications Signs Deal to Purchase $550 Million of Wireless Telecommunications Hardware
NEW YORK--(BUSINESS WIRE)--Oct. 24, 2000--Fire Telecommunications (OTCBB:FITC - news), a global telecommunications concern, today announced its intent to purchase wireless residential and pay phones from 3eee, Inc. (OTCBB:TEEZ - news) in a deal conservatively valued at $550 million (US) over the next 5 years. A Letter of Intent stipulates delivery dates for the equipment, as needed by Fire, for its infrastructure development projects in Central Asia.
``Rather than simply finding a supplier, we wanted to find a strategic partner that could share our vision to provide high quality, technologically advanced wireless telecommunications infrastructure where it is desperately needed, around the world,'' notes John Holler, President of Fire. The agreement stipulates that both companies will take reciprocating equity stakes of 10% each as part of the strategic partnership.
Fire Telecommunications plans to deploy the equipment principally in the Republic of Azerbaijan and Uzbekistan where the Company has secured joint venture relationships with the two governments.
The Letter of Intent further requires that a final agreement between the two companies be completed no later than Dec. 24, 2000, and that first shipment of equipment be delivered by 3eee to Fire no more than 90 days after signing. The company plans to post this information, to include final contract, engineers' status reports, product information and related documentation to its web site on or about Nov. 15th, as the agreement is consummated.
``Moving quickly with a sound partner will allow us to efficiently meet our strategic objectives and dutifully fulfill our corporate mission,'' notes Mr. Holler. ``We must continue to be fleet footed, deliver on promises, and create stockholder value.''
About Fire Telecommunications
Fire Telecommunications is a fast-moving, early provider of telecommunications infrastructure in developing countries across the Asian Continent. The Company seeks to engage in joint venture agreements with national governments in regions where recent stabilizations and the adoption of the democratic process have occurred. These environments offer both humanitarian and financial rewards as the Company delivers a much needed communications resource to citizens who do not yet have basic, economical access to telephone service.
The Company has entered into joint venture relationships with governments of the Republic of Azerbaijan and Uzbekistan (former Soviet states), and is actively working towards similar arrangements with other governments in the region to provide wireless residential phone, public phone, internet, cable and paging services.
This press release contains ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements refer to future events, Company plans, management expectations and the like. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements. Risks and uncertainties such as general economic conditions, management's ability to carry out plans, market conditions, political unrest, financing and many other factors exist that may cause actual results to differ materially.
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Contact:
Fire Communications, Inc., New York
John Holler, President, 212/971-1339
Fax: 212/564-1135
or
Public Relations Contact:
Creative Impact Communications, Inc., Jacksonville, Fla.
Michael Kreinest, 904/358-0808
Fax: 904/358-1133 |
