(COMTEX) B: Media Forum International Acquires Communications Company
B: Media Forum International Acquires Communications Company; First Year
Projected Net Revenues-$40 Million
NEW YORK, Jun 16, 1999 (BUSINESS WIRE via COMTEX) -- The Board of
Directors of Media Forum International, Inc. (MFI), a communications
company with offices in New York, greater Los Angeles, and Melbourne,
Australia, (NASDAQ OTCBB - "MFMI") announced today that it has acquired
a majority equity interest in a Los Angeles based communications
company that operates a major US and international gateway telecom
switching operation. The company has existing contracts with
MCI/Worldcom, Quest Communications, and World xChange among others. The
company projects that it will be terminating 250 million minutes of
communications traffic per month at the end of June, 2000.
Roger May, Chief Executive Officer of MFI, said, "Based on operational
experience of termination contracts in hand, and currently being
completed, the company expects to generate $40 million dollars in net
revenues, from gross sales of $150 million, for the year ending June
30th, 2000."
"MFI is very excited about the acquisition of this international
switching operation. It provides the company with a strong foundation
in the communications industry, "May said. "In addition to
substantially increasing the operational cash flow for the company, it
will be very complementary to two other telecommunications-related
acquisitions we are in the process of finalizing."
May noted that the acquisition fits well into MFI's overall strategy
with its Wireless Network project "SpectruCell". "MFI has embarked upon
an aggressive program to acquire compatible telecommunications
companies that will not only provide substantial revenues during the
final development stages of the Wireless Network, but also will let us
demonstrate "SpectruCell" in a nationwide network of national and
international traffic."
The company plans to introduce an operational model of the new
"SpectruCell" Wireless Network during the last quarter of 2000.
"Considering that the primary market for the "SpectruCell" Wireless
Network will be the major communications network providers, and given
their somewhat traditional resistance to accepting new and
unconventional products, it is essential that we are able to
demonstrate "SpectruCell" in a working environment within the USA," May
said.
"SpectruCell" is different from most of the "wireless Internet"
applications currently being developed. These applications typically
are a wireless interface solution for primarily the "last mile" or
"local loop" bypass; "SpectruCell ", in contrast, provides a generic
wireless interface unit that will support an entire network structure.
"SpectruCell" will deploy wireless links between the Cells and
Central/MTSO switching, rather than the conventional land based fiber
optic links. Perhaps most importantly "SpectruCell" will provide a
means for the rapid deployment of both much needed new networks, and
existing network expansion.
The foregoing contains forward-looking information within the meaning
of The Private Securities Litigation Act of 1995. Such forward-looking
statements involve certain risks and uncertainties. The actual results
may differ materially from such forward-looking statements. The company
does not undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that any
projected results (expressed or implied) will not be realized.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Media Forum International, Inc., New York
Roger May, CEO, 516/816-5777 or 212/758-0386
Fax: 212/308-1892
(COMTEX) B: Media Forum International Acquires Communications Company
B: Media Forum International Acquires Communications Company; First Year
Projected Net Revenues-$40 Million
NEW YORK, Jun 16, 1999 (BUSINESS WIRE via COMTEX) -- The Board of
Directors of Media Forum International, Inc. (MFI), a communications
company with offices in New York, greater Los Angeles, and Melbourne,
Australia, (NASDAQ OTCBB - "MFMI") announced today that it has acquired
a majority equity interest in a Los Angeles based communications
company that operates a major US and international gateway telecom
switching operation. The company has existing contracts with
MCI/Worldcom, Quest Communications, and World xChange among others. The
company projects that it will be terminating 250 million minutes of
communications traffic per month at the end of June, 2000.
Roger May, Chief Executive Officer of MFI, said, "Based on operational
experience of termination contracts in hand, and currently being
completed, the company expects to generate $40 million dollars in net
revenues, from gross sales of $150 million, for the year ending June
30th, 2000."
"MFI is very excited about the acquisition of this international
switching operation. It provides the company with a strong foundation
in the communications industry, "May said. "In addition to
substantially increasing the operational cash flow for the company, it
will be very complementary to two other telecommunications-related
acquisitions we are in the process of finalizing."
May noted that the acquisition fits well into MFI's overall strategy
with its Wireless Network project "SpectruCell". "MFI has embarked upon
an aggressive program to acquire compatible telecommunications
companies that will not only provide substantial revenues during the
final development stages of the Wireless Network, but also will let us
demonstrate "SpectruCell" in a nationwide network of national and
international traffic."
The company plans to introduce an operational model of the new
"SpectruCell" Wireless Network during the last quarter of 2000.
"Considering that the primary market for the "SpectruCell" Wireless
Network will be the major communications network providers, and given
their somewhat traditional resistance to accepting new and
unconventional products, it is essential that we are able to
demonstrate "SpectruCell" in a working environment within the USA," May
said.
"SpectruCell" is different from most of the "wireless Internet"
applications currently being developed. These applications typically
are a wireless interface solution for primarily the "last mile" or
"local loop" bypass; "SpectruCell ", in contrast, provides a generic
wireless interface unit that will support an entire network structure.
"SpectruCell" will deploy wireless links between the Cells and
Central/MTSO switching, rather than the conventional land based fiber
optic links. Perhaps most importantly "SpectruCell" will provide a
means for the rapid deployment of both much needed new networks, and
existing network expansion.
The foregoing contains forward-looking information within the meaning
of The Private Securities Litigation Act of 1995. Such forward-looking
statements involve certain risks and uncertainties. The actual results
may differ materially from such forward-looking statements. The company
does not undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that any
projected results (expressed or implied) will not be realized.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Media Forum International, Inc., New York
Roger May, CEO, 516/816-5777 or 212/758-0386
Fax: 212/308-1892
E-mail: globalcomtech@att.net
or
Mike Nichols, 973/809-4300
Fax: 973/594-1354
WEB PAGE: businesswire.com
GEOGRAPHY: NEW YORK CALIFORNIA INTERNATIONAL ASIA PACIFIC
INDUSTRY CODE: TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET
COMED
MERGERS/ACQ
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