[OTC BB: ORTG] Orion Technologies to Acquire Global Phone Works
washtech.com
WASHINGTON, Oct. 12 /PRNewswire/ -- Orion Technologies, Inc.
(OTC Bulletin Board: ORTG) announced today its agreement to acquire Global
Phone Works, LLC of McLean, Virginia, a worldwide cellular telephone equipment
and service provider, in a stock and cash transaction valued in excess of $1
million.
Global Phone Works, founded in 1997, rents cellular phones that operate in
over 100 countries on the predominant worldwide standard, GSM (Global System
for Mobile), which is incompatible with US-based phones. Global Phone Works
enables "one-number" telephone and data service to major US-based institutions
and corporations to provide their staffs with phones that work throughout
Europe, Asia, Africa, and the Middle East. Global Phone Works customers are
connected through a fully digital network that does not require international
operators or calling card access numbers.
Orion CEO Frans Heideman remarked that, "This acquisition is another key
in the strategy of building Orion and its subsidiaries into a global provider
of bundled telecommunications and e-commerce services. In addition to filling
out the bundled services, Global Phone Works brings to Orion a customer base
of major corporations and global institutions. This acquisition positions
Orion as a leading bundled telecom and e-commerce service provider worldwide,
and should contribute to increasing shareholder value."
Penn DuPuis, Executive Vice President of Global Phone Works, said that,
"We have increased our profitable business by over 100 percent during the
last year. More and more travelers are demanding voice and data access when
traveling internationally."
About Orion Technologies, Inc.
Orion Technologies, Inc.(www.ortg.net) is an international holding company
concentrating on Internet and telecommunications-based technologies and
services for e-commerce and business-to-business markets in three specific
business segments: retail/point of sale; information management; and
integrated telecommunications. Orion's wholly owned subsidiary Globalinx is
an international telecommunications company providing bundled wireless,
satellite, and terrestrial communications products and services for instant
and secure voice, data, and video transmission to commercial clients
worldwide.
Through its wholly owned German and Polish subsidiaries Elektronische
Zahlungssysteme GmbH and EZ Elektroniczne Systemy Platinicze S. A., which
translate to Electronic Payment Systems, Inc., Orion Technologies has market
presence in the fast-growing business-to-business retail services sector
through the rental of terminals and the processing of debit and credit card
transactions.
Orion recently acquired Transaction Verification Systems, Inc., an
American company in its twentieth year of operations that has proprietary
high-tech point-of-sale solutions to combat customer and employee theft or
error at the cash register. TVS relies on integrated hardware (time-coded
video surveillance) and "smart" software that remotely monitors all of a
company's retail transactions for anomalies.
In addition, Orion holds a one-third equity stake in Poland's Rodan
Telecom, which provides real-time, Internet-based access to Polish stock
trading data previously available only to brokerages.
Statements made in this press release that are not historical or current
facts are "forward looking statements" made pursuant to the safe harbor
provisions of federal securities laws. Forward looking statements represent
management's best judgment as to what may occur in the future, but are subject
to certain risks and uncertainties that could cause actual results and events
to differ materially from those presently anticipated or projected.
SOURCE Orion Technologies, Inc.
-0- 10/12/2000
/CONTACT: Tim Rockwood, Director, Investor Relations, of Orion
Technologies, Inc., 202-955-9490 or Fax: 202-955-9496/
/Web site: ortg.net
(ORTG) |
