GRGI/Pensat Mutually Agree to Terminate Merger
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Oct. 24, 2000--GRG, Inc. d/b/a Global Resources Group, Inc., (Pink Sheets:GRGI), a St. Petersburg, Fla. based Company, announced today that it and Pensat International Communications, Inc. have mutually agreed to terminate their Letter of Intent to merge the companies.
Among the factors affecting the merger was GRGI's inability to settle the lawsuit with a former customer and the effect that the GRGI litigation created with the funding of the proposed merger.
The companies will continue their relationship through mutual Carrier Services Agreements, and GRGI's stock ownership in Pensat.
Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include unexpected shortages of critical components, rescheduling or cancellation of customer orders, the timing and market acceptance of new product introductions by the Company and its competitors, and general competition and price pressures in the marketplace. Reference is also made to other factors set forth in the Company's filings with the Securities and Exchange Commission.
CONTACT: GRG, Inc., St. Petersburg
John "Scotty" Miller, 727/550-2442
727/550-2446 (FAX) |
