TELI acquisition news.
Guinness Telli*Phone Corporation Acquires Offshore Software Development Firm
With $2.5 Million in Assets
Business Editors/High-Tech Writers
MILL VALLEY, Calif.--(BUSINESS WIRE)--Nov. 21, 2000--
Acquisition Positions Telli to Take Advantage of Emerging Talent
and to Expand Its International Business Relationships
Guinness Telli*Phone Corp. (OTCBB:TELI) announced that it has
entered into a definitive agreement to acquire privately held
Strategic Information Technology Impex. S.R.L. of Romania.
Telli has positioned itself to take advantage of the emerging
Romanian market and its programming talent that has attracted such top
name companies as General Electric, Texaco, Hewlett-Packard, Citibank,
Kodak, IBM, Motorola and Compaq. There has been a 50% increase in U.S.
investment in Romania over the last year, almost exclusively in
technology-related fields.
"From an intellectual capital standpoint, Romania compares
very favorably to the traditional outsourcing resources
available. It offers a highly educated multilingual high-tech
work force, which big name U.S. and European firms
are increasingly tapping into."
-- Dana Beldiman Stanculescu, Honorary Consul of Romania, San
Francisco
Acquiring the software development firm Strategic Information
Technology Impex. S.R.L. of Romania brings Telli intellectual property
assets, market access and relationships with top name strategic
partners and advertisers such as McCann-Erickson, British Airlines,
KLM Airlines and HP in Romania.
About Guinness Telli*Phone
Telli is an emerging geographically specific content provider with
unique technology for instant access to daily information. Telli
offers value-added business directory listings, real-time advertising
and instantly tailored marketing solutions. The system can be accessed
via Internet, PDA, Web-enabled cellular phone and the company's Telli
Screen, a free, easy-to-use online appliance. Telli is aimed at every
household in the nation with a phone line or a broadband connection,
and gives American households unprecedented access to time-sensitive
retail specials as well as local events and news.
Telli is uniquely positioned to tap into the existing $82
billion/year local advertising market. As the company proceeds in its
nationwide expansion, it will establish a local presence in each
neighborhood and build its network community by community across the
country. Telli has already created the first community-based prototype
in Marin County, Calif., and intends to begin distributing Telli
Screens in the first quarter of 2001. Visit us at www.telli.com.
The statements contained in this press release that are not
historical facts are forward-looking statements under the federal
securities laws. These forward-looking statements are not guarantees
of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Actual outcomes and results
may differ materially from what is expressed in, or implied by, such
forward-looking statements. Guinness Telli*Phone Corp. undertakes no
obligation to update publicly any forward-looking statements, whether
as a result of new information, future events or otherwise. Among the
important factors that could cause Guinness Telli*Phone's actual
results to differ materially from those expressed in, or implied by,
the forward-looking statements are changes in general economic
conditions, increased or unexpected competition, changes in Guinness
Telli*Phone's financial performance, and other matters disclosed in
Guinness Telli*Phone's filings with the Securities and Exchange
Commission. Investors are strongly encouraged to review the Company's
annual Form 10-K for the year ended Dec. 31, 1999, and quarterly
reports on Form 10-Q on file with the Securities and Exchange
Commission for a discussion of risks and uncertainties that could
affect operating results and the market price of the Company's stock.
--30--nj/sf*
CONTACT: Guinness Telli*Phone Corp., Mill Valley
Greg Martin, 415/389-9442 ext. 213
gmartin@telli.com
or
Vision Corporate Consulting
Laurel Moody, 212/509-4565
InvestorRelations@telli.com
KEYWORD: afxal CALIFORNIA INTERNATIONAL EUROPE
INDUSTRY KEYWORD: TELECOMMUNICATIONS SOFTWARE NETWORKING
MERGERS/ACQ
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