SHPS NEWS OUT!!!
SHOPSS.Com Inc. To Complete Acquisition of Wireless Operator, Access Tel Within 10 Days
Access Tel Wireless Contract with CAOHEJING High Tech Park in Shanghai, China Pending
PLAINVIEW, N.Y.--(BUSINESS WIRE)--July 18, 2000--SHOPSS.Com (OTCBB:SHPS - news) today announced that its target acquisition, Access Tel Inc., has signed a letter of intent with the Shanghai CAOHEJING High Tech Park in Shanghai, China to install and operate a wireless broadband network for its facility.
According to Stuart Bockler, CFO of Access Tel, the Shanghai CAOHEJING High Tech Development Co. was given approval by the China Ministry in 1988 to develop a high-tech park and promote new technology. There are currently more than 30 U.S. Fortune 500 companies (Lucent, Intel, Nortel, etc.) and more than 600 international high-tech companies represented in this park. The city of Shanghai approved this high-tech park to provide experimental and commercial solutions for broadband IP technologies.
``This represents a significant opportunity for Access Tel Inc. to deploy the latest broadband wireless strategies and solutions through joint venture,'' stated Lawrence Liang, president and CEO.
``Due to the high costs of installation and the disruption of metropolitan real estate related to fiber optic cable, broadband wireless solutions become the clear leader in providing quick deployment of phone, fax, high-speed data, video and fixed ISP connection.''
Jerry Conca, president of SHOPSS.Com, said: ``Having completed the due diligence phase and secured a commitment for an initial private placement of more than $1 million, we now anticipate closing the acquisition of Access Tel Inc. within the next 10 days, at approximately the same time as Access Tel's signing of a final agreement with the CAOHEJING High Tech Park in Shanghai, China.''
Conca went on to say, ``We expect our entry into the wireless telecom business to bring to shareholder tangible and growing value.''
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 and technological changes, the company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission. |
