Telecommunication Products, Inc. Acquires $2.8 Million In Pay Per View Systems Inventory for Deployment in Hospitality Industry
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jan. 22, 2003-- Telecommunication Products, Inc. ("Telpro") (OTCBB:TCPD), a technology provider, today announced the purchase of $2,790,760 in pay per view certified inventory from a privately held company located in Hermitage, Tennessee. This definitive contract to purchase the pay per view equipment is expected to support Phase I deployment of over 115,000 hotel rooms nationwide.
Robert Russell, Chief Executive Officer of Telpro, commented that "the acquisition of this equipment will substantially reduce our installation costs for our pay per view operations over the next several years. In addition, our time to recoup development costs is thereby significantly reduced. This increases company profitability and increases cash flow."
He indicated that technical teams will be established in Tennessee, Arizona and California "increasing deployment capacity beyond the required 700 hotel rooms per week and our goal of 35,000 rooms in the fiscal years 2003-04. All of this will be done in conjunction with our acquisition of `Hotel Movie Network' which was previously announced by the company. Our commitment is to have 300,000 pay per view systems installed in the next five years which should open up tremendous opportunities for additional revenue from various advertising sources to reach over 350,000,000 people annually who turn on their televisions in hotel rooms."
About Telecommunication Products, Inc.
Telpro, based in Beverly Hills, California, is a provider of data compression & visual technology solutions supported by web-based back office systems. This technology delivers DVD quality images via traditional cable network, satellite and Internet delivery channels. |
