Pay Pop, Inc. Acquires Caribbean Vacation Resort and Canadian Telecommunications Company
Business Wire - August 31, 1998 13:02
VANCOUVER, B.C., Canada--(BUSINESS WIRE)--Aug. 31, 1998--Pay Pop, Inc., (OTC BB:PAYP) the Vancouver-based holding company, announced today that it has completed the acquisition of two companies, Delcom Communications Ltd. of Aldergrove B.C. Canada and Surf Mar Resorts in the Dominican Republic. These acquisitions are the first in a series of intended mergers and acquisitions to create an international conglomerate with a strong revenue base and diversified holdings.
According to president, Derek Bustin, "We are confident that these two acquisitions will ensure exponential future growth for Pay Pop in vertically integrated industries. In addition, we are in final negotiations to merge with a NASDAQ Small Cap public company, as well as another private telecommunications company in Florida, which will further enhance our capabilities to take full advantage of the financial leverage afforded by public markets in the near future."
These acquisitions will bring the company's asset base to approximately US$17.6 million. Projected revenues for 1999 year end are US$20 million.
Delcom Communications is a Canadian telecommunications company which specializes in re-selling Centrex lines, long distance services, calling cards and total business communications packages.
Surf Mar Resorts is a 5.4 acre resort on the North side of the Dominican Republic, and in addition to its developed amenities, offers one of the most beautiful beaches in the Caribbean. To date, developers have completed 24 condominium units out of a total 144 scheduled to be completed by year end. Amenities at the resort will include restaurants, bars and a casino, for which Surf Mar already owns a license.
From time to time, the company may issue forward-looking statements which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and a forward-looking statement should be considered accordingly. |
