Looks good, I'm in;
WEST PALM BEACH, Fla., Jan 6, 2000 (BUSINESS WIRE) -- Phoenix
International Industries, Inc. (OTCBB:PHXU) in a move which will enable
its wholly owned subsidiary, the Telephone Company of Central Florida,
Inc. ("TCCF") to increase its monthly revenue by more than 50%,
announced that it had expanded its long distance service agent contract
with AT&T.
Phoenix had entered into a letter of intent to sell TCCF to Grace
Development Corporation (trading symbol "GCDV") of Atlanta, Ga., by
Dec. 1, 1999, but Grace announced last Thursday that it no longer had
an interest in purchasing the company. According to Gerard Haryman,
President of Phoenix, the announcement came as a surprise to Phoenix.
Haryman said, "We were not, and are still not, aware of any fault by
Phoenix for the sale not going through. GCDV was provided with the
audited financial statements of TCCF, as well as full and complete due
diligence. Based on discussions and attempts by GCDV to renegotiate, it
is our belief they could not afford the acquisition as originally
contemplated."
With the exception of historical facts, the matters discussed in this
press release include forward-looking statements that may involve a
number of risks and uncertainties. Actual results may vary based upon a
number of factors, including, but not limited to, risks in product and
technology development, market acceptance of new products and
continuing demand, the impact of competitive products and pricing, and
changing economic conditions.
Copyright (C) 2000 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: Phoenix International Industries, Inc., West Palm Beach
Thomas Donaldson, 561/688-0440
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