ETCR from 08/30/01- EQUITY TECHNOLOGIES & RESOURCES INC - Signs Letter of Intent to Purchase
$47M Inventory of Internet - Bandwidth
New York, New York, Aug 30, 2001 (Market News Publishing via COMTEX) -- Equity
Technologies & Resources, Inc. 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. |
