MicroTel Announces Orbit II Partners L.P. and Its Affiliate
MicroTel Announces Orbit II Partners L.P. and Its Affiliate Have Accumulated a
5.4% Beneficial Ownership Interest in the Common Stock of Microtel
Business Editors and High-Tech Writers
RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--Nov. 10, 1999--MicroTel
International Inc. (OTC BB:MCTL) ("MicroTel") Wednesday announced that
Orbit II Partners, L.P. ("Orbit"), at 2 Rector Street, New York, New
York had accumulated as of Oct. 21, 1999, 781,000 shares of MicroTel's
common stock through open market purchases and OTAF LLC, an affiliate
of Orbit, had been granted warrants to purchase 150,000 shares of
MicroTel's common stock in connection with a subordinated loan made by
OTAF LLC to MicroTel in December 1998.
The shares of common stock owned by Orbit and the warrants owned
by OTAF represent, in the aggregate, a 5.4% beneficial ownership
interest in MicroTel's common stock as of Oct. 21, 1999.
Commenting on Orbit's position Carmine T. Oliva, chairman and
chief executive officer stated "Orbit is a proprietary options market
maker trading firm conducting business on the floor of The American
Stock Exchange (NY), The Chicago Board Options Exchange, The Pacific
Exchange (San Francisco) and The Philadelphia Stock Exchange. We are
very pleased that Orbit has shown such faith in MicroTel's future by
taking this position, which makes them our largest institutional share
holder."
MicroTel International Inc. is a holding company for its three
wholly owned subsidiaries -- CXR Telcom Corp. in Fremont, Calif.; CXR,
S.A. in Paris and XIT Corp. in Rancho Cucamonga and its 37% owned
affiliate company Digital Transmission Systems Inc. located near
Atlanta.
CXR Telcom Corp., CXR, S.A. and Digital Transmission Systems
design, manufacture and market electronic telecommunication test
instruments, wireless and wireline voice, data and video transmission
and networking equipment.
XIT Corp. designs, manufactures and markets information
technology products, including input and display components, subsystem
assemblies and power supplies. The company operates out of facilities
in the United States, France, England and Japan.
The statements in this news release relating to matters that are
not historical are forward-looking statements which involve risks and
uncertainties including, without limitation, economic and competitive
conditions in the markets served by the company affecting the demand
for the company's products, product pricing, market acceptance, access
to distribution channels and other risks detailed from time to time in
the company's Securities and Exchange Commission filings. These risks
could cause actual results to differ materially from those anticipated
or described herein.
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CONTACT: MicroTel International Inc.
Randolph Foote, 909/297-2653
Web site: microtelinternational.com
KEYWORD: CALIFORNIA NEW YORK
INDUSTRY KEYWORD: TELECOMMUNICATIONS NETWORKING HARDWARE
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