ETCR Equity Technologies and Resources, Inc. Signs Letter of Intent to Purchase $47M
Inventory of Internet Bandwidth
Business Editors
LEXINGTON, Ky.--(BUSINESS WIRE)--Aug. 30, 2001--Equity
Technologies & Resources, Inc. (OTCBB:ETCR) in a major move to
strengthen its market position, announced today that it has entered
into a Letter of Intent with an international provider of Internet
bandwidth to purchase inventory worth a total of $47,000,000(US), at a
discount to market value.
"The purchase of bandwidth, coupled with the recently acquired
website development software, will allow prescribing member physicians
to have their own individualized, cost effective websites," said Frank
Dickey, President of Equity Technologies & Resources, Inc. "According
to our calculations, up to 50,000 practices can be supplied with
bandwidth for at least three years or more, using this inventory on an
as-needed basis," he added. "By purchasing in bulk, at a discount, the
Company will be in a position to pass along the savings and still
realize a reasonable profit from each website in our system," he
concluded.
The purchase, which is scheduled to close early next month, will
be funded with the Company's preferred stock.
This press release contains forward-looking statements that
reflect the Company's current expectations regarding future events.
While these statements reflect the Company's best current judgment,
they are subject to risks and uncertainties. Actual results may differ
significantly from projected results due to a number of factors,
including, but not limited to assumptions beliefs and opinions
relating to the business and growth strategy of Equity Technologies &
Resources, Inc., and implementation thereof, based upon the Company's
interpretation and analysis of financial and market conditions, the
decisions of businesses with whom the Company is either engaged in
business with or negotiating, healthcare industry trends and
management's ability to successfully develop, market, sell and
implement its e-commerce and internet solutions, clinical and
financial e-transaction services and software applications to
physicians, pharmacies, governmental agencies, laboratories, insurance
companies, HMO's, and payers. These factors and other risk factors are
more fully discussed in the Company's filings with the Securities and
Exchange Commission. The Company expressly disclaims any intent or
obligation to update any forward-looking statements.
--30--tlm/na*
CONTACT: Equity Technologies & Resources Inc., Lexington
Frank Dickey, 859/268-4446
KEYWORD: KENTUCKY
INDUSTRY KEYWORD: INSURANCE E-COMMERCE INTERNET PHARMACEUTICAL
MEDICAL
SOURCE: Equity Technologies & Resources
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