Sorry first link has expired I have bookmarked copy below.
Wednesday March 5 11:17 AM EDT
PowerTel closes first acquisition
PALM DESERT, Calif.--(BUSINESS WIRE)--March 5, 1997--Pat Hayton, president of PowerTel USA Inc stated that the
first of several planned acquisitions has taken place.
This signals the planned expansion of PowerTel into the communications area. PowerTel completed the acquisition of the
Theme Communications Group on Feb. 28, 1997. The purchase price is $4 million, payable in dollar-denominated preferred
stock, convertible over two years.
The Theme companies provide VCR and CD products on a contract basis to clients like Citibank, Chase and Bank of
America. The companies also publish specialized food and in-flight magazines. Total group revenues exceed $10 million
annually.
Hayton further said, "These companies' products enable financial institutions to use a 'soft sell' in their efforts to collect past-
due auto loan and credit card debt. The products are proven to be very effective in dramatically increasing collection rates
without alienating the client. We intend to dramatically increase the marketing of these products nationwide, either grow or spin
off certain magazine assets."
Through its other divisions, PowerTel develops and operates geo-thermal and wind-generated power systems in Nevada and
California.
CONTACT: PowerTel USA Inc., Palm Desert
Todd Lotz, 941/485-1492
stock-spectator.ptusa |
