Heres the news:
(COMTEX) B: Platforms International Corp. Announces Brazil Telecommun
B: Platforms International Corp. Announces Brazil Telecommunications Auction
Report I
LOS ANGELES (July 29) BUSINESS WIRE -July 29, 1998--Howard A. Foote,
president and chief executive officer of Platforms International Corp.
(OTC/BB:PLFM), Wednesday announced that at the conclusion of the first
part of the Brazil Telecommunications Auction -- land-based companies
-- Platforms' Strategic Partners had won the largest telecommunication
company offering this morning.
"BRT Participacoes and Construtora Andrade Gutierrez S/A, both
Platforms ARCS Technology Strategic Partners, pooled their resources
and won the largest land-based telecommunication company offered for
sale by the government of Brazil this morning," stated Foote. "BRT and
AGT won the bid for Tele Norte Leste, paying $3.4 billion for the
land-based telecommunication company touted as the 'crown jewel' of the
offering."
Tele Norte Leste covers a service sector that includes 16 different
states, from Rio de Janeiro and Minas Gerais to the Amazon Region, with
a population of 86 million, a subscriber base of 7.7 million, and an
estimated demand of 40 to 50 million additional lines.
"We are delighted with the results of the first part of the auction,
and the very significant win by our strategic partners. We are
strategically positioned to rapidly and cost-effectively assist and
support our strategic partners meet the demand for additional lines, in
both the land-based and cellular telecommunication sectors. We are now
awaiting the results of the second part of the auction -- the Cellular
Sectors -- at which time we will make further announcements," concluded
Foote. SAFE HARBOR ACT DISCLAIMER:
The forward-looking statements in this release involve risks and
uncertainties, including, but not limited to, the successful completion
of the project discussed. Successful completion of the project is
subject to a number of uncertainties and unforeseen events, and there
can be no assurance that the goals of the company stated herein may be
realized in the time frame discussed. Forward-looking statements
represent the company's beliefs and expectations concerning future
events, including future sales of its products and services. These
forward-looking statements are qualified by important risk factors that
could materially impact the company's business and its ability to
complete the projects it has undertaken.
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CONTACT: InterMedia Marketing Corp.
Michael Iorlano, 818/981-9031
www.platforms-intl.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
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