News!
Monday August 2, 1:22 pm Eastern Time
Company Press Release
Southland Reaches New Agreement With Sun Technology Solutions
Secures Welcome/Top Express Agreement
NEW YORK--(BUSINESS WIRE)--Aug. 2, 1999-- Southland Financial, Inc. (OTC BB: SINC - news) announced today that it has reached an agreement with Sun Technology Solutions, LLC (Sun) and its associates, for Sun to invest in Southland, pending final Southland shareholder approval.
As part of this agreement Sun will immediately provide $4,000,000 (million) in trust, to secure Southland's contract with Welcome Enterprises and Top Express Engineering Limited, (TEEL) in Hong Kong and facilitate an additional investment of $50,000,000 (million) as the initial tranche for the build-out of a proposed fiber optic network in Hong Kong. The terms of the final offer contract will be made available to Southland shareholders directly upon the completion of final documentation.
Sun Executive Vice President, Mr. Patrick Duke stated, ''Sun is very pleased with the work that Southland has already accomplished. In this industry, time is of the essence. As we understood and looked at the time-sensitive agreements in place with Southland, we realized that the strengths of Sun and its financial investors combined with the expertise of Southland and United Telecom International, (UTI) would provide for a much stronger team, better able to focus on the many aspects and opportunities this project offers.'' The Chairman of Southland, Mr. David A. Turik said, ''Sun and its financial investors will focus on our corporate, capital and financial market development. We then may best utilise our efforts in Hong Kong to expedite the revenue growth and inherent shareholder value, from our existing agreements. We will immediately establish an office in Hong Kong to facilitate and co-ordinate our efforts with Welcome/ TEEL.''
Southland will also develop offices in Sydney, Australia and New York City. Further announcements regarding the corporate and financial development of Southland are expected shortly.
Southland Financial, Inc., through its joint venture partners and subsidiary companies, aims to be the premier, independent communications ''network service provider'' in South East 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.
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Contact:
Southland Financial, Inc.
Mr. Peter Matousek, 877/330-3321
Website: www.sincsfi.com
or
Sun Technology Solutions
Landria Onkka, 704/319-3030 |
