(BSNS WIRE) MicroTel Sells Its HyComp Inc. Common Stock
ONTARIO, Calif.--(BUSINESS WIRE)--Aug. 17, 1999--MicroTel
International Inc. (OTC BB:MCTL) ("MicroTel") Tuesday announced
that it has signed an agreement in principle to sell its common
shareholding in HyComp Inc. (OTC BB:HYCP) for an undisclosed amount of
cash to an investor group including John G. Simmonds and other private
investors.
MicroTel owns 8,889,798 common shares of HyComp Inc., or
approximately 88 percent of the currently issued and outstanding
common shares.
The completion of the sale is conditioned upon the acquisition of
eieiHome.com Inc. ("eieiHome") by HyComp Inc. from Simmonds Capital
Limited. This acquisition is expected to be completed on or about
Sept. 30, 1999.
eieiHome, a wholly owned subsidiary of Simmonds Capital Limited
operates an Internet service and information site, providing
information and related services for homeowners, home buyers and home
service providers. Simmonds is the chief executive officer of Simmonds
Capital Limited.
The statements in this press release relating to matters that are
not historical are forward-looking statements which involve risks and
uncertainties including, without limitation, economic and competitive
conditions in the markets served by the Company affecting the demand
for the Company's products, product pricing, market acceptance, access
to distribution channels and other risks detailed from time to time in
the Company's Securities and Exchange Commission filings. These risks
could cause actual results to differ materially from those anticipated
or described herein.
--30--JC/np*
CONTACT: MicroTel International Inc., Ontario
James P. Butler, 909/456-4321
Web site: microtelinternational.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
TELECOMMUNICATIONS
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