DGL; another reason for TXCI decline: stock buy-back program:
Wednesday September 8, 09:03 AM Eastern time
Company Press Release
TotalAxcess.com, Inc. Expands Stock Buy Back Program; Board Action Offers Twice Market Value to Small Block Shareholders
OAKLAND, Calif.--(BUSINESS WIRE)--Sept. 8, 1999--A TotalAxcess.com, Inc. (OTC BB:TXCI) Board of Directors action was announced today that has initiated a new stock buy back program which offers small block shareholders (those holding fewer than 100 shares) twice the current trading market value, in the company's long distance product.
To further reduce administrative expenses associated with its expansive shareholder base, President and Chief Executive Officer Joseph Monterosso has been authorized to offer approximately 100,000 of the company's pre-paid calling cards to purchase all, but not less than all, of the shares tendered by any shareholder owning beneficially or of record as of Sept. 8, 1999, fewer than 100 shares of the company's outstanding common stock, .001 par value.
Commenting on the Board of Directors action Monterosso stated, "In keeping with the company's commitment to reduce the number of outstanding shares in the marketplace, the company has embarked on this repurchase program which will further reduce the tangible costs associated with effectively and efficiently communicating with our shareholder base."
According to the company, eligible shareholders will be paid 1.00 in pre-paid long distance service per share for each share tendered, and will not be charged any brokerage fees, commissions or other charges related to the disposition of the common stock.
The Offer will commence on Sept. 8, 1999 and expire on October 30, 1999, unless extended by the company. Acceptance of the company's odd lot tender offer is voluntary.
The company previously announced (Business Wire May 10, 1999) its intent to repurchase up to ten million of its outstanding shares prior to scheduling the company's next stockholder meeting.
Shareholders holding shares purchased pursuant to the Registrant's Employee Stock Purchase Plan and/or Stock Option Plan are not eligible to participate in the Offer. The Board of Directors and Management of the Registrant make no recommendation to any eligible shareholders as to whether they should or should not accept this Offer.
As an Oakland-based telecommunications and Internet marketing company, TotalAxcess.com has been in operation for more than 14 years specializing in pre-paid telecommunication, one-plus long distance and telephonic and internet based lottery participation.
The company officially changed its name from Group V Corporation to TotalAxcess.com on May 17th, reflecting the company's progression and focus into Internet marketing and E-commerce to promote and market its pre-paid telecommunications products and services, including the innovative HitLoTTo Club Card.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
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Contact:
TotalAxcess.com, Inc.
John Steward, 510/286-8700
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