NEWS, NEWS, NEWS,
International Standards Group Ltd (name to be changed to Total World
Telecommunications, Inc. ["TWT"]) announced today the approval by its Board of Directors for the Company to institute a
stock buy back program for an amount not to exceed $12 million consistent with regulatory requirements. The buy back
program will be undertaken both prior to and following the Company's anticipated reverse stock split of its outstanding
Common Stock and Common Stock underlying its convertible and related derivative securities.
Additionally, the Board has elected Mr. Donald Booth, President of its TWT subsidiary, as President of the parent Company
and Mr. Ron Berry, Controller of TWT, as Treasurer. These appointments will be effective November 1, 1996. Mr. Joseph L.
Lents will continue to serve as Chairman and Chief Executive officer of the parent company.
Mr. Lents stated, "The approval of the buy back program by the Board of Directors reflects management's belief that the
current pricing of the Company's Common Stock is undervalued, and the buy back program represents a favorable investment
by the Company which should be beneficial for the Company and its stockholders. We plan to initiate the buy back program
prior to the reverse stock split and will continue it as long as we believe the stock in undervalued." Mr. Lents went on to state,
"The appointment of Mr. Don Booth as President and Mr. Ron Berry as Treasurer of the parent company is in keeping with
the Company's continuing commitment to be a leader in the telecommunications industry and is responsive to the Company's
name change to Total World Telecommunications, Inc. The Board believes that Don's strong reputation in the
telecommunications industry will identify the Company's quest to complete its transition to the telecommunications arena."
Mr. Booth stated, "I am pleased to accept the position of President of the Company. The selection of Ron Berry and me
allows the management team to position itself to complete the transition of the parent company into a pure telecommunications
company. The Company is poised for growth in the telecommunications industry." He concluded, "TWT has formulated the
plans to carry our Company to the year 2000 and beyond on a profitable basis. With the help of the investment community, the
financial growth of the Company, the infrastructure of our network and the strong marketing of our products, our Company
should experience continued expansion for years to come."
Mr. Lents also stated, "The Board Of Directors is still moving forward with the divestiture of ISG's mortgage and real estate
subsidiaries. We believe this action is consistent with our commitment to focus entirely on the telecommunications industry."
The Company provides telecommunications through its wholly owned subsidiary Total World Telecom, which is a Tier 2
switch-based inter-exchange carrier that utilizes state-of-the-art digital and fiber optic facilities, including five Seimens
Stromberg-Carlson DCO tandem switches located in New York, Chicago, Los Angeles, Atlanta and Houston with future
switch sites projected in Miami, Denver, Kansas City, Seattle, and the Northeast. The Company, through its wholly owned
subsidiary, Financial Standards Group, Inc., provides financial services and asset management to credit unions. In addition,
through its Real Estate Services Network, the Company currently provides commercial and residential real estate services.
SOURCE International Standards Group, Limited |
