TELS Corporation Announces Termination of Financing and Acquisition Agreements
PR Newswire - November 10, 1998 15:25
AMERICAN FORK, Utah, Nov. 10 /PRNewswire/ -- Stephen M. Nelson, President of TELS Corporation (OTC Bulletin Board: TELS), today announced the termination of negotiations related to a financial consulting agreement with Travis Capital, Inc. (Salt Lake City) and ancillary financing negotiations with Provident Capital Corporation (Cincinnati), with which the company previously had executed a letter of intent and preliminary agreements for the financing of a series of intended North American acquisitions.
Nelson said that, in light of recent developments, TELS has terminated negotiations concerning the acquisition of KS Telecom, Inc. (d/b/a Key Systems U.S.) (West Palm Beach), and all other related transactions. According to Nelson, while negotiations had been delayed by industry uncertainties and market conditions, as well as the complexity of the intended business combinations, these transactions had been especially sensitive to TELS Corporation's trading status on the Nasdaq SmallCap.
"Notwithstanding the termination of these discussions, management remains alert to opportunities to grow the company through acquisition," said Nelson. He said that TELS looks for revenue improvement during the fourth quarter, with increased sales from the company's manufacturing division.
TELS Corporation through its subsidiaries, designs, builds, assembles, sells and services call accounting and other telecommunications systems. The Company also assembles electronic systems on a contract basis, as well as designs, sells and services computer software products.
For additional information contact TELS Corporation at 705 East Main Street, American Fork, UT 84003, Phone: (801) 756-9606, FAX: (801) 756-9135, website: telscorp.com.
SOURCE TELS Corporation
/CONTACT: Stephen M. Nelson, President, 801-756-9606, or Debbie Goodman,
Investor Relations, 801-756-9606 ext. 3303, both of TELS Corporation/
/Web site: telscorp.com
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