OSFT, OSFTW, MFMI all starts to run!!! BUY BUY BUY!!! Big news on MFMI!
Thursday July 22, 9:16 am Eastern Time
Company Press Release
Advanced Communications Technologies, Inc.,
Forms AGC, a New Communications
Company, $40 Million in Projected Revenues
for 2000
NEW YORK--(BUSINESS WIRE)--July 22, 1999--The Board of Directors of Advanced Communications
Technologies, Inc. (''ACT'') (OTC BB -''MFMI'') announced today the formation of a new communications
company called Advanced Global Communications, Inc., (''AGC'') that will be a wholly owned subsidiary of the
parent company, ACT.
Mr. James Rennie, a twenty-year veteran of the Telecommunications Industry, was appointed President of
AGC, on July 15th, 1999. Mr. Rennie has an extensive sales, and engineering background in multiple types of
switching platforms and network services. He is regarded as an expert in all types of Satellite communications; as
well as in ATM and Voice IP network design and structure. Mr. Rennie founded and managed two successful
Internet Service Provider (''ISP'') companies in Florida prior to joining ACT.
The new corporation will be the operational arm of ACT for all USA based communications operations as well
as the holding company for all currently owned switching operations, and planned acquisitions of other switching
and communications companies. The formation of the company is consistent with ACT's plans to aggressively
pursue the acquisition of smaller telecommunications enterprise specializing in International origination and
termination, via ATM switching and Voice IP. It is also consistent with ACT's previously stated objective to
establish a nationwide communications network for the field testing and demonstration of the SpectruCell
wireless network, as well as for the generation of immediate revenues.
The Chief executive Officer of ACT, Mr. Roger May said '' The profit margins associated with the termination
of international voice and data traffic can be much higher than revenues from local long distance, especially when
utilizing Voice IP backbone. Contracts secured recently reflect profit margins of 10 cents to 25cents per minute,
or for the volume of international minutes contracted, net revenues of $1,000,000 per month, with the first
earnings receipts due in mid August, 1999''. ''May also said that current estimates indicate that AGC will be able
to achieve a monthly revenue rate of $100 million per year, prior to June 30th, 2000''. Revenues for 1999/2000
should reach $40 million.
May also said ''the company is currently completing the acquisition of a Company with proprietary technologies
in the field of microwave transmissions. The primary technology is ''Spectrum Efficient point-to point Digital
Microwave''. The product is currently operational and was field tested earlier this year for four months over a 65
mile link, achieving 100% efficiency with zero bit error rate, and data rates 15 times greater than currently
available point -to-point microwave links used by network providers at present.'' The company also has a
CDMA wireless local loop technology currently operational and in production. Full details will be made available
upon the completion of the acquisition.
|
