VERSACOM INTERNATIONAL, INC. AGREES TO PURCHASE WOLF COMMUNICATIONS, INC.
BOCA RATON, Fla.--(BUSINESS WIRE)--April 18, 2001-VersaCOM International, Inc. (OTCBB:VERC.O) (formerly Encibar, Inc.) announced today the signing of the Letter of Intent (LOI) to purchase all issued and outstanding shares of voice and data networking company Wolf Communications, Inc. with headquarters in Westbrook, ME.
The acquisition is expected to add over $2 million dollars in revenue over each of the first three years from installation and maintenance of telephone systems. By introducing data installation, data maintenance and the concept of an out-sourced IT department the revenues should increase an additional $1 million per year.
VersaCOM, according to the LOI, will purchase all the assets of Wolf Communications, Inc. subject to the satisfactory completion of due diligence that is now underway. It is anticipated that the acquisition will be completed in early May 2001. Upon completion of the transaction, Todd Wolf, the current owner and president of Wolf Communications will assume the duties of Vice President of New Product Development at VersaCOM. In this role, Wolf will help VersaCOM identify new technologies as well as support VersaCOM's acquisition strategy.
VersaCOM is a nationwide voice and data communication organization focusing exclusively on corporate needs. VersaCOM has many strategic alliances and partnerships with major telecommunications firms including AT&T (NYSE: T.N), Lucent Technologies (NYSE: LU.N), Nortel Networks (NYSE: NT.N), Hubbell Inc. (NYSE: HUB), Valcom Inc. (OTCBB: VCMI) and Cisco Systems (NASDAQ: CSCO.O).
"The acquisition of Wolf Communications is an excellent fit in VersaCOM's growth and market consolidation strategy," says VersaCOM's CEO, John Kaiser. "Wolf's business model is very similar to ours delivering both voice and data networking capabilities to its market area in southeast Maine and New Hampshire."
Fred Schwartz, Chief Operating Officer at VersaCOM says, "Wolf's dedication to delivering the highest standards of customer service and satisfaction are parallel to VersaCOM's own way of doing business and expands our geographic coverage."
Like VersaCOM, Wolf sells business telephone systems supplied by Telrad Networks, and has recognized the convergence of voice and data networking technologies. The sale includes the state-of-the-art proprietary integrated messaging system technology jointly developed by Wolf and Teledata Technologies. This technology can be used on any brand of telephone system or voice network.
Todd Wolf, President of Wolf Communications adds, "the strategic business plan developed by VersaCOM fits well with our own strategic vision." "Our business philosophies, products and the way we interact with our customers and treat our employees make this sale an excellent strategic fit for our company."
This press release contains forward-looking statements. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject too risks and uncertainties, some which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
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KEYWORD: FLORIDA
INDUSTRY KEYWORD: TELECOMMUNICATIONS NETWORKING MERGERS/ACQ
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