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Tuesday July 29 8:30 AM EDT
Company Press Release
Phoenix Announces Intent to Buy Long Distance Service Phone Company, "American Telecom"
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--July 29, 1997--Phoenix International Industries Inc. (OTC BB:PHXU) announced Tuesday the signing of a Letter of Intent
to purchase 100% of American Telecommunications Enterprises Inc.
Known as ``American Telecom,'' the company provides long distance, operator assisted and 1+ services to both Bell System and privately owned pay phone companies,
as well as direct dial and 800 services to residential customers and businesses, specializing in condominiums, and the hotel and health care industries. In the month of
June 1997, American Telecom supplied service to over 395,761 telephone calls.
Last year American Telecom produced $2,630,862 in net (pre-tax) profits on revenues of $9,709,252.
Founded in 1992, American Telecom is authorized by the Federal Communications Commission to provide interstate and international service and is certified as an
intrastate carrier in 47 states and the District of Columbia.
Phoenix President, Gerard Haryman, noted that, ``upon the successful completion of this acquisition, and American Telecom is added to our other holdings in the
information technology industry (Intuitive Technology Consultants, specializing in computer system design and personnel placement, and HDX 9000, specializing in
Millennium compliance and systems engineering), Phoenix's holdings in the field of technology will be spread across three of the fastest growing areas of that
industry.''
The acquisition is dependent upon the execution and closing of a definitive agreement and completion of due diligence investigations. Accordingly, there is no
assurance the proposed acquisition will be completed.
Contact:
Phoenix International Industries Inc.
Thomas Donaldson, 561/832-5208
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