Friday May 25, 7:00 am Eastern Time
Press Release
TeleHubLink Signs $10 Million Private Placement Offer
Funding to Help Company Commercialize its Wireless Technology
ANDOVER, Mass.--(BUSINESS WIRE)--May 25, 2001--TeleHubLink Corporation (OTC BB: THLC, THLCW; http//www.telehublink), a pioneering company in wireless encryption and broadband secure communications, announced today that the company signed a formal offer term sheet for $10 million to a private investment firm in exchange for common stock.
Bruce Young, CEO and President of TeleHubLink stated, ``This funding intends to provide the long-term capital needed to complete the development and commercialization of our secure wireless encryption technology. It also allows our technology group to quickly move forward with the prototype microchip, potential markets and customers.'' Young added, ``We are extremely pleased with the proposed transaction and the confidence the private equity markets have placed in us.''
Although we currently anticipate that, upon satisfaction of certain conditions, the proposed transaction will close within the next two to four weeks, there can be no assurances that the funding will be completed.
TeleHubLink's Wireless Encryption Technology Division is developing a family of secure wireless and broadband communications ASICs under the trademarked name of Hornet(TM) that use a series of powerful and high-speed stream ciphers in cost-sensitive markets like telephony. Other aspects of TeleHubLink's technology are also expected to provide higher quality signal reception that is expected to result in fewer dropped calls, a market that the Company feels is almost as important as the encryption market.
The Company also believes its secure wireless communications technology is the ideal way to handle not just telephony security end-to-end, but audio and video distribution through streaming networks, as well as the possible integration of THLC's technology on MPEG chips for secure video transmission.
About TeleHubLink
TeleHubLink Corporation separates its functions into the following business areas: Wireless Encryption Technology and Telecom Services. TeleHubLink Corporation has offices in Andover, MA, Marlboro, MA, Fremont, CA, and Montreal, Canada. TeleHubLink is headquartered in Andover, MA (01810) at One Technology Drive, Suite 135 and can be reached at (978) 682-1600 or at www.telehublink.com.
Safe Harbor for Forward-Looking Statements:
This press release may contain forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that may cause our actual results, events and performance to differ materially from those referred to in such statements. We do not intend to update any of the forward-looking statements after the date of this press release to conform these statements to actual results or to changes in our expectations, except as required by law.
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Contact:
TeleHubLink Corporation
Thomas J. Petrarca
(203) 266-4052 or (978) 682-1600
tjpetrarca@aol.com
www.telehublink.com |
