ATTP (Affordable Telecom) adds another $3.6 million in revenue. News below. Not many BB stocks making this kind of money...and certainly not at .63 a share with just 5.2 million shares in the float.
HOUSTON--(BUSINESS WIRE)--June 1, 2000--Affordable Telecommunications Technology Corp. (OTC BB: ATTP) today announced that it has completed its acquisition of the assets of Beeper Boutique, a nine store chain serving 19,000 subscribers with revenues of $3.6 million during 1999.
Beeper Boutique, a reseller of paging, messaging, and information products and services, owns and operates nine retail stores throughout South Texas and Louisiana. The acquisition of Beeper Boutique expands Affordable's pperations to 11 locations and adds four major wireless carriers in its market area.
Steven H. Bethke, President and Chief Executive Officer of Affordable, commented, "The acquisition of Beeper Boutique will significantly broaden our retail presence in the Texas Gulf Coast area. With the addition of Beeper Boutique's customer base, to whom we will market our full line of products and services, we expect to increase Beeper outique's revenues by a minimum 25% over the next twelve months. We will also enjoy improved profit margins resulting
from economies of scale from our consolidated operations."
Bethke continued, "We plan further acquisitions, mergers, and potential joint ventures of wireless service providers in our existing Texas-Louisiana market and other regions and are negotiating favorable financing to assist in our expansion initiatives. Our goal for fiscal year 2000 is to broaden our customer base and market presence to generate minimum annual revenues of $10 million."
Affordable completed the acquisition of the Beeper Boutique assets for $560,000, which is payable in cash, 2-year notes and the assumptions of certain liabilities. Affordable also issued 600,000 restricted shares pursuant to Rule 144. Affordable believes that it will be able to pay the two-year notes from the Beeper Boutique operations.
About Affordable Telecommunications Technology Corp.
Affordable Telecommunications Technology Corp. is a reseller of wireless telecommunications products and services, which it markets through 11 retail stores under the names The Wireless Store, Camera's Etc. and Beeper Boutique in the South Texas and Louisiana market, as well as directly via outside sales. ATTP primarily focuses on selling pre-paid and post-paid wireless products and services. ATTP also operates a two-way data network covering the greater Houston
Metropolitan area, and will utilize the network's technology to provide Automatic Meter Reading (AMR) services in the near future.
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 risky 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 lime 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
or
OTC Financial Network
Rick McCaffrey
781-444-6100 ext. 14
rick@otcfn.com |
