GCDV makes me laugh! TCCF was only just acquired by fellow OTCBB Reverse Merger POS stock PHXU (PHXU used to be Trident Environmental TNVS).
See this press release from 8/4/99
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Aug. 4, 1999--Phoenix International Industries, Inc. ("Phoenix"), (OTC BB:PHXU) announced that effective July 27, 1999, it completed the acquisition of the Telephone Company of Central Florida, Inc.("TCCF"). TCCF is a Competitive Local Exchange Carrier ("CLEC") and long distance reseller based in Orlando, Florida, and certified to operate in 49 states.
For the first six months of 1999, TCCF while operating under Chapter 11 protection achieved $1.7 million in sales. At current levels sales will be a minimum of $5.4 million for '99. However, Phoenix President & CEO, Gerard Haryman said, "with our plans for TCCF's expansion of its telecommunication services to business clients, including entering the internet arena, without any additional funding we expect sales to be in excess of $20 million for the year ending 2000".
What does this mean?
For one thing, TCCF is operating under Chapter 11. That means it is BANKRUPT and the EQUITY in TCCF is WORTHLESS. the eventual owners of TCCF will be the CREDITORS not the equity holders. Thats what happens to bankrupt companies.
Another nugget from this press release is that TCCF must not be working out, why else would PHXU sell it so quickly. |
