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Technology Stocks : Hypercom Corporation (HYC)
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To: Narasimha Reddy Kamma who wrote (39)9/22/1999 7:49:00 PM
From: Sam Nizam  Read Replies (1) of 56
 
Wednesday September 22, 7:30 pm Eastern Time

Inter-Tel, Hypercom to form telephony subsidiary

PHOENIX, Sept. 22 (Reuters) - Telecommunications equipment provider Inter-Tel Inc
(Nasdaq:INTL - news) and Hypercom Corp. (NYSE:HYC - news), a provider of electronic
payment products, announced on Wednesday plans to form a jointly owned company
comprised of their packet telephony operations.

As data comes to dominate the networks of communications carriers, packet-switched
networks are becoming the dominant technology replacing the traditional circuit switched networks.

''The reason Internet telephony has been slow out of the gate is a lack of integrated business and technology solutions,'' Tom
Parise, a former chief operating officer of Inter-Tel who will become chief executive officer of the jointly owned company, said
in a statement.

''We believe we can create a total telco' solution designed to provide interoperability, speed up provisioning, service
deployment and reduce cost for our customers,'' he added.

The companies said they signed a memorandum of understanding that would allow the jointly owned company to focus
development and marketing efforts on products for the gateway and carrier class markets.

Inter-Tel and Hypercom said each company will contribute ''significant capital'' to the jointly owned company.

Both companies are based in Phoenix and both had revenues of just under $300 million in the past twelve months.
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