Here ya go Doc..................Looks like the REAL DEAL to me
Agreement Reached BetweenSouthland and Sun Technology; Provides For "Last Mile" Fibre
OpticSolution in Hong Kong
June 30, 1999 10:31 AM
NEW YORK--(BUSINESS WIRE)--June 30, 1999--Southland Financial, Inc. SINC has reached an
agreement in principle with Sun Technology Solutions (Sun) of Charlotte, North Carolina, whereby
Sun will make a $45 million dollar equity investment in Southland. Pending final due diligence, the
agreement provides for $5 million in capital to be provided to Southland in order to secure an initial
round of Southland's "Last mile fibre optic solution" project in Hong Kong.
Southland has appointed the financial services arm of Sun as advisors to the company in
conjunction with a full listing on the NASDAQ. In addition, the agreement also provides for the
appointment of a representative of Sun on the board of Southland.
Patrick Duke, Executive Vice President of Sun Technology Solutions said "We are delighted to be
associated with and advise Southland Financial. We believe that the company's Hong Kong fibre
optic infrastructure project will bring a new level of communications to Hong Kong and the
surrounding region."
David Turik, CEO of Southland Financial announced the agreement in Hong Kong today. Turik
stated "We are excited to welcome Sun Technology Solutions to our team. The addition of Sun will
allow the company to concentrate all of its efforts on the implementation of the "final mile solution"
in Hong Kong.
Southland Financial, Inc., through its joint-ventures partners and subsidiary companies, aims to be
the premier, independent communications "network and platform" server provider in Southeast
Asia. Southland intends to provide cost-effective, high quality and value-added "last mile" solutions
to its customers. This news release contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1996. Forward looking statements concerning, plans, objectives,
goals, strategies, future events of performance and underlying assumptions and other statements
which are other than statements of historical facts. These statements are subject to uncertainties
and risks including, but not limited to, product and services demand and acceptance, changes in
technology and in economic, political and regulatory conditions and to all of the risks generally
associated with a company at Southland's stage of development. All such forward-looking
statements, whether written or oral, and whether made by or on behalf of the company are
expressly qualified by these cautionary statements. In addition, the Company disclaims any
obligation to update any forward-looking statements to reflect events or circumstances after the
date hereof.
For further information visit our website at www.sincsfi.com |
