Prior to issuing AccessTel the restricted shares required for the acquisition and the financing, Shopss.com has reduced, through cancellation a substantial number of its outstanding shares. No reverse or forward split is being considered.
SHOPSS COM INC - Proceeds with Name and Symbol Change
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Story Filed: Tuesday, July 25, 2000 5:24 PM EST
New York, New York, Jul. 25, 2000 (Market News Publishing via COMTEX) -- Shopss.com Inc. announced that in anticipation of the closing of its merger with AccessTel, it has began the process of applying for a new Cusip number and a symbol better reflecting its new business activities and direction.
In addition, the corporation intends to replace the current name of Shopss.com by AccessTel Inc., which clearly refers to its core business in Wireless and VoIP technology.
Prior to issuing AccessTel the restricted shares required for the acquisition and the financing, Shopss.com has reduced, through cancellation a substantial number of its outstanding shares. No reverse or forward split is being considered.
Stuart Bockler, CFO of AccessTel commented, "All the elements are now in place for a timely conclusion to the merger, after which we plan to announce our selection of Company Auditors and Attorneys to be chosen among the top firms in the field." He added, "We look forward to quickly implement our business plan and to generate substantial value for our shareholders."
About AccessTel AccessTel Inc. was founded in February 1999 by three shareholders with a vision: Dr. William C.Y. Lee, a wireless communications expert, Mr. Lawrence Liang, a high-tech Company executive and Mr. Stuart Bockler, a renown equity analyst. AccessTel, through joint ventures and acquisitions, is poised to begin providing wireless, telecom services and Utility Meter Reading over a "Wireless and Wired Broadband Network," primarily in China and the Western USA, from its base in San Jose, Calif. The wireless network and wireless local loop (WLL) services will provide quick deployment of phone, fax, high-speed data, video and fixed ISP connection. In addition to deploying the latest broadband wireless strategies and telecom solutions, AccessTel plans to develop 3G Wireless Global Roaming Technologies, in its own laboratory, under the guidance of Dr. William C.Y. Lee. The company's business plan has attracted major strategic alliances to help it achieve its business goals timely and effectively.
Forward-looking statements in this release are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products and technological changes, the company's dependence upon third-party suppliers, intellectual-property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
TEL: 818/783-0054 Worldwide Corporate Finance, Encino, Calif.
TEL: 818/783-0054 Worldwide Corporate Finance, Encino, Calif
Sy Mitzner |
