ACEN = SAME GUYS FROM DNAP......
Applies to -- ACEN
American Communications Finalizes Strategic Alliance for Acquisitions and Expansion
American Communications Finalizes Strategic Alliance for Acquisitions
and Expansion
SARASOTA, Fla., Oct 17, 2000 (BUSINESS WIRE) -- American Communications
Enterprises, Inc. (OTCBB:ACEN) today announced that it has formed a strategic
alliance with Tampa Bay Financial, Inc. of Sarasota, Florida. As part of the
transaction, principals of Tampa Bay Financial have acquired a controlling stock
ownership interest in ACEN.
In connection with the transaction, Dain Schult, chief executive officer, and
Robert Ringle, chief marketing officer, resigned from their officer and director
positions. Mr. Schult stated, "We believe that Tampa Bay Financial's plan to
grow quickly through acquisition and merger is the best route for maximization
of shareholder value."
Tampa Bay Financial intends to broaden the focus of ACEN's business from its
current radio-only business model. Tampa Bay Financial's Chairman, Mr. Carl
Smith, stated that "opportunities within the broader communications industry
will provide greater value for the Company in today's market. The plan we have
put into place significantly enhances the Company's ability to open doors within
the global communications marketplace."
Messrs. Schult and Ringle were replaced as directors and officers by Mr. Smith
and Mr. Matthew Veal, also of Tampa Bay Financial.
Outgoing chairman Schult remarked, "Although previous management is resigning,
we will have an ongoing stake in the success of the Company through continued
stock ownership. We have great confidence in Tampa Bay Financial and their
ability to broaden the Company's focus and increase its value."
Certain statements included in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Actual results could differ materially from such statements expressed or implied
herein as a result of a variety of factors, including factors expressed from
time to time in the company's periodic filings with the Securities and Exchanged
Commission (the "SEC"). As a result, this press release should be read in
conjunction with the Company's periodic filings with the SEC.
CONTACT: Tampa Bay Financial, Inc., Sarasota
Steve Wagoner, 941/923-1949
email: swagoner@tbfcorp.net
URL: businesswire.com
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