NEWS.........
(PR NEWSWIRE) DJ: Communication Corporation of America Signs Letter of Int
DJ: Communication Corporation of America Signs Letter of Intent to Acquire
Telecommunications Subsidiaries
GARDEN CITY, N.Y., July 27 /PRNewswire/ -- Communication Corporation Of
America (OTC Bulletin Board: CCAK), a provider of telecommunications
products and services, announced today that it has entered into a Letter of
Intent to acquire Travelers Communication Supply, Inc. (TCS) and Travelers
Entertainment Services, Inc. (TES), both of which are divisions of Travelers
Utility Supply, Inc., the largest provider of utility products to the RV and
mobile home industry in the United States. TCS supplies communication
hardware to the cable industry in the United States, Mexico, Canada, and the
Caribbean. TES provides pay-per-view cable services to the hospitality
industry and currently has approximately 7,500 rooms under contract.
Upon completion of the acquisition, CCOA will own 100 percent of Travelers
Communications Supply and Travelers Entertainment Services. Mr. Tyler Bell,
President of Travelers Utility Supply, will be appointed to CCOA's Board of
Directors. Russell Bell will be named Director of CCOA's Travelers
divisions.
Mr. Frank Panuccio, Chief Executive Officer of Communication Corporation of
America, stated, "This is an exciting time for us. The acquisition of TCS
and TES will complement our existing products and services while expanding
our customer base as well. It will enable us to broaden our
telecommunications products distribution capabilities, increase our sales,
and diversify our product line. The addition of the TCS subsidiary should
double the sales of our hardware division. This acquisition will enhance
the capability of the Company to be a strong performer in the
telecommunications industry."
Initially, the Company plans to market a complete telecommunications package
to clients in the hospitality industry. CCOA will be able to provide all of
their customers' telecommunications needs -- from long distance, operator,
and payphone services to Internet and cable services.
Communication Corporation of America is the parent company of 5 wholly owned
subsidiaries that provide products and services within the
telecommunications industry inclusive of National Sales of Payphone
Products, Wireless Communication Services, Telecom Product Financing and
Internet Services.
Certain oral and written statements of the management of the Company
included in this press release may contain forward-looking statements within
the Meaning of Section 27A of the Securities Act of 1933, and Section 21E of
the Securities Exchange Act of 1934. The accuracy of such statements cannot
be guaranteed as they are subject to a variety of risks.
/CONTACT: Frank D. Panuccio, President and Chief Executive Officer of
Communication Corporation of America, 516-832-8200, or fax, 516-832-7063/
06:57 EDT
*** end of story ***
Brian $^) |
