Triden Telecom, Inc. Receives Reorganization Proposal From Shareholders
TYLER, Texas, Jan 10, 2001 (BUSINESS WIRE) -- A group of shareholders has
submitted a reorganization proposal to Triden Telecom, Inc. (NQB Pink
Sheets:TRIT).
The outline provides for the acquisition of several private companies, in such
fields as financial services, telecommunications and opportunities that the
current economic atmosphere will create. The acquisition price of these
companies will be distributed over a three year period through a formula based
on revenues and profits generated as well as increased asset value. The plan
also provides for the relisting of Triden Telecom, Inc. on the OTCBB, and a
source of financing to fund the reorganization.
This proposal is conditional upon the current management resigning and being
replaced with new management personnel to be named by the shareholder group.
Marc Bouchard, spokesperson for the group of shareholders stated, "We are very
disappointed with the company's lack of positive developments. The inability
and/or hesitance of current management is stifling the probability of succeeding
in such efforts of maximizing shareholder value. That is why we have decided to
take matters into our own hands to ensure that the company succeeds. If
management does not follow through with our proposed plan, then we will have to
look at other means to ensure that Triden Telecom, Inc. fulfills its fiduciary
duties towards all of the shareholders."
Triden Telecom, Inc. has yet to respond to the proposal.
Forward-looking statements and comments in this press release are made pursuant
to safe harbor provisions of the Securities Exchange Act of 1934.
CONTACT: Prime-Vest International, Inc.
Marc Bouchard, 450/378-7718
bam@total.net
or
Triden Telecom, Inc.
Robert S. Hardy, 903/581-2040
Triden@iamerica.net |
