(BSNS WIRE) Orbit Identifies Acquisition Target -- Timing and Cost of U.S.
Orbit Identifies Acquisition Target -- Timing and Cost of U.S. Expansion Plans
to be Significantly Improved
Business Editors/High Tech Writers
TORONTO--(BUSINESS WIRE)--May 6, 2002--Orbit E-Commerce, Inc.
("Orbit" or "the Company") (OTCBB:OECI), today announced it has
identified an acquisition target that will expedite the Company's
planned expansion into the United States with a substantial base of
operations.
Discussions are well underway to acquire this asset, which will
provide Orbit with a sophisticated Network Operating Centre ("NOC")
along with approximately thirty operational Points-of-Presence
("POPs") in major American population areas. The acquisition target is
currently under the supervision of a Trustee in Bankruptcy and can be
acquired at a very low cost relative to Orbit's original expansion
budget. In addition, this acquisition will allow Orbit's strategic
marketing partner, TeleWrx Inc. (OTCBB:CVRG), to begin marketing and
selling Orbit's award-winning VoIP services in the United States in
the immediate future from a broad geographic base. This will greatly
accelerate the Company's planned revenues and profits from its
proposed US operations.
With this acquisition, in conjunction with additional capital,
Orbit will apply for a listing on the AMEX Exchange. An AMEX listing
will improve the Company's market exposure as well as enhance
liquidity and regulatory safeguards for all its shareholders. Orbit
has been investigating the requirements and process for the move from
the NASDAQ Bulletin Board to the AMEX Exchange and intends to complete
this transition as soon as possible.
About Orbit Canada Inc. / Orbit E-Commerce Inc.
Orbit E-Commerce Inc. (OTCBB:OECI), through its wholly owned
subsidiary, Orbit Canada Inc., has built and now operates an advanced
Voice over IP ("VoIP") network that spans Canada and serves up to
85 percent of the nation's populace. The Company is now in the process
of installing gateways in the United States in partnership with IBM
(NYSE:IBM). Orbit's VoIP network allows subscribers to use their own
telephone equipment to make Internet-routed long-distance calls rather
than forcing consumers to connect through PC's or special Internet
telephones. The development of this user-friendly VoIP format led
Frost & Sullivan to award Orbit the research company's
much-sought-after Product Innovation Award. In granting this award,
Frost & Sullivan claimed that Orbit's network was a model for entrants
into the telecommunications field who want to use the new VoIP
technologies.
Forward Looking Statements contained in this press release that
are not based upon current or historical fact are forward-looking in
nature. Such forward-looking statements reflect the current views of
management with respect to future events and are subject to certain
risks, uncertainties and assumptions including potential issues
relating to interoperability, inability to introduce new products,
changes in market conditions, government regulations, technological
changes and other factors. Should one or more of these risks or
uncertainties materialize or should underlying assumptions prove
incorrect, actual results may vary materially from those described
herein.
--30--kmr/clv*
CONTACT: Orbit E-Commerce Inc./Orbit Canada Inc.
Douglas C. Lloyd, 416/304-0694
416/368-3527 (fax)
dlloyd@orbitcanada.com
www.orbitcanada.com
KEYWORD: COLORADO INTERNATIONAL CANADA
INDUSTRY KEYWORD: E-COMMERCE TELECOMMUNICATIONS INTERNET
COMPUTERS/ELECTRONICS MERGERS/ACQ
SOURCE: Orbit E-Commerce Inc.
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