It's been quite a while since this one has been mentioned here:
International FiberCom Awarded $35 Million in New Contracts; In Addition to Recent Oakland AT&T/BIS Contract
PHOENIX--(BUSINESS WIRE)--Oct. 21, 1999--International FiberCom Inc. (Nasdaq:IFCI) Thursday announced that its Infrastructure Development Division has recently been awarded new contracts totaling more than $35 million.
Services to be provided are expected to commence within 30 days and include the engineering and installation of fiber network segments and turnkey development of city-wide telecommunications networks for such major companies as AT&T Local Services, Next Link Communications, Comcast Communications and Cox Communications.
These contracts are in addition to the recently announced contract to provide AT&T Broadband and Internet Services (AT&T/BIS) design/build services for the upgrade of more than 1,000 miles of cable in Oakland.
International FiberCom Chairman & CEO Joseph P. Kealy commented: "These contracts are particularly satisfying because they represent additional commitments from our established customers, as well as a number of projects from new clients. These contracts also mark a significant milestone in that this is the first time projects will be shared among the multiple subsidiaries that make up our Infrastructure Development Division. This is a strong affirmation of our positioning as a 'one-stop' shop for the telecom and cable TV industries."
International FiberCom has been negotiating these awards for months, and is confident that it has the systems, resources and management in place to handle the increasing demand it is seeing in this industry sector.
With working offices in numerous states across the United States, the wide geographic reach of the company's Infrastructure Development Division was instrumental in landing several of these projects. International FiberCom believes it will continue to receive additional contracts from these customers in the future, as well as continue to add to its customer base.
International FiberCom is a leading provider of a wide range of engineering, development and maintenance services for fiber-optic, broadband networks, public telephone networks, local and wide area networks and specialized wireless applications.
With a number of recent strategic acquisitions that complement and enhance existing services and products, International FiberCom has positioned itself as a "one-stop shop" for the telecom and cable TV industries.
This news release contains certain forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, by their very nature, include risks and uncertainties. Accordingly, the company's actual results could differ materially from those discussed in this release. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital needs. Such factors, many of which are beyond the control of the company, include the following: the company's success in obtaining new contracts; the volume and type of work orders that are received under such contracts; the accuracy of the cost estimates for projects; the company's ability to complete its projects on time and within budget; levels of, and ability to collect accounts receivable; availability of trained personnel and utilization of the company's capacity to complete work; the company's ability to complete proposed acquisitions and, upon their completion, to integrate the acquisitions into its organization and manage its growth; competition and competitive pressures on pricing; and economic conditions in the United States and in the regions served by the company. A more complete listing of cautionary statements and risk factors is contained in the company's report on Form 10-KSB for the year ended Dec. 31, 1998 filed with the Securities and Exchange Commission.
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Allen & Caron Inc.
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