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Affordable Telecommunications Technology Closes
Acquisition of Cameras, Etc.
HOUSTON--(BUSINESS WIRE)--May 3, 2000--Affordable Telecommunications Technology Corp. (OTC BB: ATTP - news) announced today that it closed on its acquisition of Cameras, Etc., a Texas-based company specializing in marketing digital cameras and accessories to the oil, gas and medical industries.
Affordable Telecommunications Technology Corp. previously announced it signed a letter of intent to acquire the assets of Intergo Company, doing business as Cameras, Etc., on March 1, 2000.
Steven H. Bethke, President and Chief Executive Officer of Affordable Telecommunications stated, "We are extremely pleased to acquire Cameras, Etc., an established provider of digital imaging cameras in the Houston, Texas area. The acquisition expands our customer base significantly, while allowing Affordable to explore the exciting opportunities of the digital imaging market. We will now move forward on expanding the applications of Camera's digital imaging services to provide businesses and consumers new, advanced telecommunication products."
Proforma revenues for Cameras, Etc. during 1999 were $350,000 with a modest profit. Cameras, Etc. is managed by Norman George, chief financial officer of Affordable Telecommunications and Kim Peterson, a principal shareholder of Affordable Telecommunications.
Affordable acquired Cameras, Etc. in a stock exchange of 400,000 restricted shares of Affordable common stock.
About Cameras, Etc.
Based in Texas, Intergo Company, d.b.a., Cameras, Etc. markets digital imaging products, cameras, bulk film and related services that enable companies to take and send images over a wireless network, and analyze the images remotely on a computer. Cameras, Etc. markets to companies in the oil and gas industries, in addition to medical institutions.
About Affordable Telecommunications Technology Corp.
Affordable Telecommunications Technology Corp. operates a two-way data network covering the greater Houston Metropolitan area, and is developing Automatic Meter Reading (AMR) services.
The Company is also a reseller of wireless telecommunications products and services, which it markets directly and at the retail level under the name The Wireless Store. The Wireless Store sells pre-paid and post-paid products and services primarily in the Texas
Gulf Coast area.
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 on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
Contact:
Affordable Telecommunications Technology Corp.
Steven H. Bethke, 713-988-8884
sbethke@flash.net
www.thewirelessstore.net
or
OTC Financial Network
Rick McCaffrey, 781-444-6100 ext 14
rick@otcfn.com
or
OTC Financial Network
Mario "Ike" Iacoviello, 877-385-0973 or 760-391-9211
ike@otcfn.com |
