GRGI when/if this Pensat deal closes....well just let your imagination run wild. Just waiting patiently for news. :-)
biz.yahoo.com
Pensat International Communications. Inc. Discloses Intention To Merge With Global Resources
Group, Inc.
WASHINGTON, June 23 /PRNewswire/ -- Pensat Chairman and CEO Philip A. Verruto today announced that its Board of Directors has approved a letter of
intent providing for a merger with Global Resources Group, Inc. (OTC Pink Sheets: GRGI). The transaction when consummated, will merge Pensat, an international,
facilities-based, integrated communications provider (ICP) focused on the Hispanic population centers in the U.S., Latin America, and Spain, with Global Resources
Group, Inc., a licensed international provider of telecommunication services in the U.S. and Mexico. The closing of the transaction is subject to completion of due
diligence, execution of a definitive agreement and approval by shareholders.
In announcing the merger, Verruto said, ``this merger combines highly compatible ATM network assets and market positions which address the worldwide Hispanic
populations in important ways. By leveraging these synergies, we expect to improve revenue and operating margins as well as reduce costs and capital expenditures.
The merger will also serve to accelerate our penetration of the global Hispanic community further enhancing the early mover position we enjoy in many of these
newly deregulated markets.''
Commenting on the merger for GRGI, Chairman Howard Davidsmeyer ``the complementary network and market positions of these two companies provide
synergies which we expect will significantly enhance our presence in our common target markets''
Global Resources Group, Inc. (http://www.globalresourcesnetwork.com), is headquartered in St. Petersburg, Fla. GRGI is a licensed international provider of digital
communications solutions offering seamless, end-to-end, international high-speed, large volume applications for multimedia services. The ATM backbone, the
``Global Resources Network,'' provides state-of-the-art bandwidth on demand services for voice, data, video, and Internet applications. GRGI has offices in St.
Petersburg and Mexico City. The Company maintains ATM network switching nodes in San Antonio, Los Angeles, Miami, and New York.
Pensat International Communications, Inc. (www.pensat.com), headquartered in Washington, D.C., is an international integrated communications provider with
licensed operations in the USA, Spain, Brazil and Syria and provides a wide array of telecommunications and network services, including CLEC operations, long
distance, data, Internet, prepaid calling cards, carrier wholesale and international private line. Additionally, Pensat has developed a Global Consortium Network
(GCN), comprised of strategic alliances and interconnect with carriers in Venezuela, Chile, Korea, The Netherlands Antilles and Peru. Pensat maintains offices and
operations in Omaha, NYC and San Francisco, where it operates a national ATM network. Pensat also has international offices and network operations in Madrid
and Barcelona, Spain; Sao Paolo, Rio de Janeiro, Belo Horizonte and Manaus, Brazil; Damascus, Aleppo and Lattakia, Syria,
Except for factual statements made herein this press release may include forward-looking statements that involve risk and uncertainty. Although the company believes
its expectations reflected in such forward-looking statements are based on reasonable assumptions, no assurance can be given that such projections will be fulfilled.
Any such forward-looking statement must be considered along with knowledge that actual events or results may vary materially from such predictions due to, among
other things, political, economic or legal changes in the markets in which Pensat does business.
CONTACT: For Investors, Craig Thompson, 202-244-9000, or Investor-Relations@Pensat.comMedia; or Gwen Davidow, 202-244-9000, or
Media@Pensat.com.
SOURCE: Pensat International Communications, Inc. |
