AMXI - News!!
riday February 6, 8:01 am Eastern Time
Company Press Release
SOURCE: AMNEX, Inc.
AMNEX Announces Agreements to Provide Outsourcing Services To
Major Telecommunications Companies
Acquisitions of Additional Pay Phones, and Completion of Equity Financing
LAKE SUCCESS, N.Y., Feb. 6 /PRNewswire/ -- AMNEX, Inc. (Nasdaq: AMXI - news), a fully integrated pay phone and
operator services telecommunications company, today made several announcements.
AMNEX has recently signed contracts with Century Telecommunications, Inc., and one of the three leading U.S. long distance
telephone companies to provide 1+ coin supervision services to approximately 120,000 pay phones. Additionally, the
Company signed a letter of intent to provide the same service to the 400,000 pay phones owned by one of the Regional Bell
Operating Companies. Together these contracts represent approximately 30% of a market estimated to be between $150
million and $200 million.
The Company also announced that it has recently completed the acquisition of 900 pay phones in the greater New York
metropolitan area. This represents an 11% increase over its current base of 8000 phones.
Finally, the Company announced that in the past several weeks, it has completed several private equity financings raising a total
$10.6 million. Included in the financings is $1.75 million which was obtained via convertible preferred shares and the balance
through the sale of common stock. All financings have lock-up provisions ranging from six months to one year.
Alan J. Rossi, Chairman and Chief Executive Officer, stated, ''The recent financing we have obtained is a vote of confidence in
our strategy which is focused on, (i) pay phone ownership and operations; (ii) carrier services to capitalize on the growing
outsourcing opportunities; and (iii) international opportunities where we can employ our US based activities. The recent
progress in expanding both our pay phone and carrier sectors suggests our strategy is working. Our goal is for AMNEX to be
among the most efficient suppliers in each of our chosen markets, while delivering superior customer value.''
The Company's plans to implement its growth strategy are considered ''forward-looking statements,'' which are founded on the
Company's expectations concerning factors affecting the markets for its products and other contingencies. Forward-looking
statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The
Company assumes no obligation to update such forward-looking statements.
SOURCE: AMNEX, Inc.
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