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Tuesday October 31, 3:29 pm Eastern Time
Press Release
SOURCE: InfoAmerica
InfoAmerica Shareholder Obtains Injunction in Florida Circuit Court
LOS ANGELES, Oct. 31 /PRNewswire/ -- An injunction, filed by a holder of 450,000 shares of common stock of IFOA (OTC Bulletin Board: IFOA - news), was ordered by Florida Circuit Court Judge Stuart Simon demanding the shares be ``restrained from offering to sell or selling.''
IFOA believes that recent increase and heavy trading activities over the last few weeks is a direct result of the illegal selling of these stolen securities. The company and its counsel are assisting the Florida court in the shareholders return of the 450,000 shares that have been illegally utilized in this type of fraud.
IFOA believes that, upon receipt of the shares to its proper owner, that the parties who engaged in this illegal sale of securities shall be required to repurchase the shares in the open market.
IFOA has purchased stock in the open market after issuing the following press release on October 19, 2000:
InfoAmerica Announces Stock Buyback Program
LOS ANGELES, Oct. 19 /PRNewswire/ -- INFOAMERICA (OTC Bulletin Board: IFOA - news) a broadband telecommunications company with a focus on Tijuana and Mexicali, Baja California, Mexico, the fastest growing area in North America, today announced that it has adopted a buyback program pursuant to which it may repurchase 1,000,000 shares of the Company's outstanding shares of common stock.
``Our financial condition, with approximately $4 million in cash, and promising growth outlook is enabling us to continue to invest in our current business, broaden our broadband base and repurchase our shares to create more value for our customers, employees and shareholders. The stock buyback plan program reflects our belief that repurchasing IFOA stock is currently an attractive opportunity for the Company, and it underscores our commitment to enhancing IFOA long term shareholder value.''
About IFOA, Inc.
IFOA has a 30-year advanced telecommunications broadband concession from the Mexican government to construct and operate one of Latin America's largest fibre-optic networks, a 750-mhz network providing high-speed Internet, telephony, data and multi-channel cable television to residents and businesses.
Construction has begun on the network, which comprises more than 2000 miles of broadband cable, in the northwest Mexican cities of Tijuana and Mexicali, Baja California. The company has completed a professional services agreement with Nortel Networks (NYSE: NT - news) to provide the design and implementation of the infrastructure for the two cities which are among the fastest growing areas in North America, with combined populations of more than three million.
Cable California is a venture between Dick Clark International Cable Ventures, Ltd., and Grupo Bustamante SA de VC. IFOA and Dick Clark International Cable Ventures, Ltd., are both controlled by television producer Dick Clark and cable television entrepreneur Dick Lubic |
