TTXI News!
Press Release Source: Telco Technology, Inc.
Telco Technology, Inc. Announces the Signing of Letter of Intent to Merge with Chinese Media Company
Tuesday September 9, 4:04 pm ET
CLOSTER, N.J., Sept. 9 /PRNewswire-FirstCall/ -- Telco Technology, Inc. (OTC Bulletin Board: TTXI - News; the "Company" or "TTXI") announced today that it has signed a Letter of Intent to merge with a Hong Kong-based media company with operations in Beijing, China.
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The Company indicated that the Chinese media markets are huge and content providers represent the future of these markets. This transaction will include TV content, production and distribution according to the Company. The Hong Kong-based media company also has offices in the United States. TTXI indicated that interfacing with the major media companies in the United States will be important.
Don McKelvey will be the initial CEO of the combined company, continuing to build the management team, and will be visiting Beijing, China shortly to solidify business development matters.
"The China market has exploded economically and its engagement with the world has mushroomed, so this represents an enormous opportunity for Telco Technology," said McKelvey. "Their technology base has become quite sophisticated and many American companies have made the Chinese market paramount," McKelvey concluded.
The terms and conditions of the proposed transaction have not been finalized at this time although the Company is hopeful the transaction can be completed in October, 2003. There can be no assurance however that an agreement will be signed or that said transaction will ultimately be consummated.
Telco Technology, Inc. currently has no business operations; however, the Company seeks to acquire a privately held company within the Telecommunications and/or Internet industries. TTXI, which is a fully reporting company with the SEC, is current in all of its filings.
Safe Harbor Statement Under the Private Securities Litigation Act of 1995
With the exception of historical information, the matters discussed in this release are forward looking statements that involve a number of risks and uncertainties. The actual future results of TTXI could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to the ability of TTXI to find and complete an acquisition or merger. For more complete discussion of risks, see the information contained in the "Uncertainties and Risk Factors" Section of the Company's Form 10-KSB for the year ended December 31, 2002. |
