ATSX .28-
SAN ANTONIO, Nov. 16, 2005 (PRIMEZONE) -- ATSI Communications, Inc. (OTC BB:ATSX.OB - News) announced today that the company's revenues for the first fiscal quarter ended October 31, 2005 reached $2,323,000, a 176% increase over the previous year's first quarter ended October 31, 2004. The increase occurred even as the company migrated to a Fast Ethernet IP (Internet protocol) bandwidth provider in September to expand capacity to support future growth. The revenue increase resulted in a record quarter for the company that led to the fifth consecutive quarter of record revenues since the company's reincorporation. As previously announced, the company also processed a record volume of nearly 50 million VoIP minutes of use (``MOU'') during the quarter, a 145% increase over results for the previous year's first quarter.
ATSI also announced today that the company has entered into an accounts receivable factoring agreement with CSI Business Finance, Inc. (OTC BB:CSIB.OB - News). The financing arrangement will provide ATSI with access to capital to fund its growth initiatives and allow the company access to additional capital in the future as revenues increase.
Tim Connolly, CEO of CSI Business Finance stated, ``The purpose of this funding is to provide ATSI with working capital to facilitate expansion of the company's business model. We're impressed with ATSI's management team and look forward to funding their future growth.''
Arthur L. Smith, president and CEO of ATSI Communications added, ``The financing with CSI Business Finance was secured at an opportune time for ATSI. The factoring agreement will provide us with increased flexibility as it pertains to cash management and allow us to capitalize on opportunities in the future that we were not able to benefit from in the past.''
ATSI Communications, Inc. is an emerging global VoIP carrier serving rapidly expanding markets in Asia, Europe, the Middle East and Latin America, with an emphasis on Mexico. ATSI believes that it has clear advantages over its competition through its strategic partnerships with established foreign carriers and network operators, interconnection and service agreements, and its unique concession license in Mexico.
CSI Business Finance, Inc. provides equipment leasing and other forms of business lending to public and private companies. CSI Business Finance was formerly a subsidiary of Corporate Strategies Merchant Bankers and is now a publicly traded company trading under the ticker symbol CSIB. |
