NEWS:
Wednesday August 4, 2:37 pm Eastern Time
Company Press Release
Prime Companies, Inc. Acquires Worldnet Tel.com Inc.
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 4, 1999--Prime Companies, Inc. (OTC BB: PRMC - news) announced that it had signed a binding letter of intent to acquire one hundred percent of the issued and outstanding shares of Worldnet Tel.com Inc. a telecommunications company in exchange for 18,000,000 shares of Prime Companies, Inc.'s authorized but unissued common stock.
About Worldnet Tel.com Inc.:
The Company currently provides telecommunications services to both commercial and consumer customers throughout the US, with its primary focus in the California market. The services offered include prepaid telecommunications services, interconnect services, and paging and voicemail services.
The Company currently has over one thousand customers throughout California.
The Company intends to capitalize on the convergence of the wireless communications and computer services revolution by providing LMDS (Local Multipoint Distribution Systems) services to various markets. LMDS is the broadband wireless technology used to deliver voice, data, Internet, and video services in the 28 GHz and higher spectrum.
The Company participated in an auction conducted by the Federal Communications Commission between April 27, 1999 (the ''Auction'') and May 12, 1999 for 161 LMDS licenses. The Company successfully bid and won 12 different licenses at the auction.
About Prime Companies, Inc.:
Prime Companies, Inc. moved from the long haul trucking industry to telecommunications with the acquisition of technology from AVE, Inc. The acquisition of Worldnet Tel.com Inc., with its experienced management team should provide a strong entree into the telecommunications field.
Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements with the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While these statements are made to convey to the public the company's progress, business opportunities, and growth prospects, readers are cautioned that such forward-looking statements represent management's opinions.
Contact:
Prime Companies, Inc.
Irving Pfeffer, 415/398-4242 |
