Phoenix International Industries Inc. Retains Investment Banker and Placement Agent
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--May 7, 1998--Phoenix International Industries, Inc. (OTC BB:PHXU) ("Phoenix") announced today that it has retained Coast Partners Securities, Inc. of San Francisco, California ("CPS") to act as exclusive investment banker and placement agent in connection with a proposed debt offering of approximately $10,000,000 to institutional investors.
As previously announced on April 23, 1998, Phoenix has executed a revised Letter of Intent to purchase American Telecommunications Enterprises, Inc. ("American Telecom"), a long distance service company with its main offices in Syracuse, New York. The bulk of the proceeds from the debt offering will be utilized by Phoenix to complete the American Telecom acquisition. The transaction is contingent upon the execution and closing of a definitive agreement, due diligence investigations and receipt of funding.
Phoenix President and CEO, Gerard Haryman said, "The retention of CPS is a major step for our emerging growth company. Having the backing and support of an experienced investment banker specializing in debt financing is significant for the long term growth of Phoenix. We are now moving rapidly to continue our expansion in the telecommunications industry."
Phoenix currently owns Mic-Mac, Inc., a long distance telephone aggregator, HDX 9000, Inc., a systems engineering firm specializing in Millennium 2000 compliance and Intuitive Technology Consultants, Inc., a computer systems design and personnel placement firm.
CONTACT:
Venture Capital & Marketing Consultants Inc.
888/302-9994 or 407/302-9994
Fax: 407/302-8792
EMAIL: VenCapNMar@aol.com
KEYWORD: FLORIDA CALIFORNIA NEW YORK
BW1188 MAY 07,1998
|
