News came late for PRMC, anyone following this one:
(COMTEX) B: Prime Companies, Inc. Acquires Worldnet Tel.com Inc.
B: Prime Companies, Inc. Acquires Worldnet Tel.com Inc.
SAN FRANCISCO, Aug 4, 1999 (BUSINESS WIRE via COMTEX) --
PrimeCompanies, Inc. (OTC BB: PRMC) 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 suchforward-looking statements
represent management's opinions.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Prime Companies, Inc.
Irving Pfeffer, 415/398-4242
WEB PAGE: businesswire.com
GEOGRAPHY: CALIFORNIA
INDUSTRY CODE: TRANSPORTATION
TELECOMMUNICATIONS
COMED
MERGERS/ACQ
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