Nelson Resigns; TELS Continues Negotiations with CTI
AMERICAN FORK, Utah, Oct. 1 /PRNewswire/ -- Dr. John L. Gunter, Chairman and CEO of TELS Corporation (OTC Bulletin Board: TELS - news), today announced that Stephen M. Nelson has resigned as President. As previously announced on September 14, 1999, TELS is in the process of negotiating a merger agreement. This definitive agreement between the Company and Circuit Technologies, Inc., (``CTI') is subject to numerous conditions, some of which have not yet been met, including, among other conditions, execution of the agreement by all of the parties and the completion of a due diligence review by TELS. If a definitive agreement is executed, significant conditions also must be met precedent to a final closing of the merger transaction. Dr. Gunter stated that Mr. Nelson is the only party that has not signed the definitive agreement, citing personal reasons totally unrelated to his resignation for not signing. Negotiations between the parties continue and TELS is hopeful that all conditions can be met to finalize the merger.
TELS Corporation, through several of its subsidiaries, designs, builds, assembles, sells and services call accounting and other telecommunications systems. Other Company subsidiaries assemble electronic systems on a contract basis and design, sell and service various computer software products.
SOURCE: TELS Corporation
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