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Carnegie International Completes Initial MAVIS
Shipments to ALLTEL; Moves Forward on
Acquisitions, Announces Sale of a Subsidiary
BALTIMORE (BUSINESS
WIRE) - Carnegie
International Corporation
(OTC BB:CAGI), said today it has completed the first U.S.
shipment of its MAVIS(tm) auto attendant and voice
mail/message system to ALLTEL (NYSE:AT), distribution
centers, and moved forward on acquisitions and sales of
subsidiary companies.
Lowell Farkas, Carnegie's president and CEO, said
shipments have been made to all of ALLTEL's distribution
centers in the U.S. In December, Carnegie signed a
definitive supply agreement with ALLTEL Supply, a
business unit of ALLTEL, for domestic distribution of its
proprietary MAVIS system. The agreement enables
ALLTEL Supply to distribute MAVIS to its affiliates and
non-affiliates in the U.S., including an additional 500
Comdial (NASDAQ:CMDL), dealers to Carnegie's U.S.
sales channel.
Farkas said Carnegie is committed to 48-hour turnaround
on shipments of MAVIS systems to ALLTEL distribution
centers. "By having a quick, on-demand turnaround,"
Farkas said, "ALLTEL benefits by carrying limited
inventory and by being assured of always having the most
up-to-date, state-of-the-art MAVIS systems." Farkas said
that ALLTEL will feature MAVIS in its Computer Telephony
Expo booth at the Los Angeles Convention Center, March
2-4.
MAVIS (Multi-Language Automated Voice Independent
System) is the premier voice-activated auto attendant and
voice mail/message system, communicating intelligently
with callers via advanced, proprietary voice recognition
software. The MAVIS interface is available in English and
all foreign languages supported through licensed Lernout
& Hauspie (NASDAQ:LHSPF) software and Dialogic
CPU (NASDAQ:DLGC), telephony cards.
Definitive Agreement to Acquire Paramount
Continuing its program of strategic corporate acquisitions,
Farkas said Carnegie has reached terms for a definitive
agreement to acquire Paramount International
Telecommunications of Vista, California. It is anticipated
that the transaction will close by March 15. Founded in
1994 and privately-held, Paramount focuses on serving
hotels and other businesses, primarily in 0+/- call auditing
and international one-plus sectors. Upon the signing of the
agreement, Farkas said, financial terms will be
announced.
Farkas said Paramount has in excess of $20 million in
contracted business for 1999, with an anticipated profit
approaching $4 million. "Having Paramount's technology
and customer base will ease MAVIS's entry into the
hospitality industry through telephony-oriented
distributors," he said, noting the company will remain in
Vista and operate as a wholly-owned subsidiary.
Carnegie Acquires Phone Stop, Inc.
Farkas said that Carnegie will also acquire Phone Stop,
Inc., of Chicago, an authorized Ameritech (NYSE:AI),
reseller of cellular phones, pagers and related services.
He said completion of the acquisition is anticipated by
March 1, and that Phone Stop will complement Carnegie's
overall distribution strategy.
In addition, Farkas said Carnegie plans to complete
acquisition of TeleResources, Inc., of Oak Park, Illinois, in
the second quarter of 1999. TeleResources is one of the
nation's foremost telecom resellers and the No.1
Comdial(R) (NASDAQ:CMDL), dealer in the U.S.
Carnegie acquired an option to purchase TeleResources
in August 1998.
TeleResources is the second major Comdial reseller and
member of its prestigious Platinum dealer program to join
forces with Carnegie. ACC Telecom of Columbia,
Maryland, the No. 2 Comdial dealer, was acquired by
Carnegie a year ago, bringing more than 2,700 customers
and revenues of $3.4 million to the fold. Together,
TeleResources and ACC represent some 7% of Comdial
sales domestically.
Carnegie to Sell Talidan Subsidiary
Farkas also announced that Carnegie has signed a letter
of intent to sell its Talidan Limited subsidiary, a reseller
based in Brazil which markets telephone time and
information at discounts in Europe, South America, and
other emerging markets, to The Entertainment Internet, Inc.
(OCT BB:EINI), of Los Angeles. Talidan had been
acquired by Carnegie in September of 1997. Farkas said
Talidan's business no longer fit with the company's
business model, and that its sale will result in a minimum
gain of $500,000 to Carnegie.
Annual Earnings Out Soon
Completing the series of announcements, Farkas said
Carnegie, which became a fully reporting company in
December, will release its financial results for 1998 by
March 1st.
Carnegie International Corporation (OTC BB:CAGI),
www.carnegieint.com, is a holding company specializing
in Internet, telephony and telecommunications products,
services and distribution. Carnegie's primary
wholly-owned subsidiaries include: RomNet Support
Services, Inc., an Internet, e-business and technical
support services company based in Boston; Profit
Through Telecommunications (Europe) Ltd. (PTT), a
telecommunications software company providing
business solutions utilizing proprietary speech recognition,
touch tone and bar code responses to send and/or
receive information; ACC Telecom of Columbia,
Maryland, a leading reseller of equipment and business
telephone systems from Comdial, SONY(R) (NYSE:SNE),
and Sprint(R) (NYSE:FON), and Voice Quest, Inc., of
Sarasota, Florida, a developer and provider of speech
recognition and voice mail technologies and products. On
December 28, 1998, Carnegie became a fully reporting
company under the Securities and Exchange Act of 1934.
Private Securities Litigation Reform Act of 1995 provides
a "safe harbor" for forward-looking statements. Certain
information included in this Press Release (as well as
information in oral statements or other written statements
made or to be made by Carnegie International
Corporation) contain statements that are forward-looking,
such as statements relating to the future anticipated
direction of the telecommunications industry, plans for
future expansion, various business development activities,
planned capital expenditures, future funding sources,
anticipated sales growth, and potential contracts. Such
forward-looking information involves important risks and
uncertainties that could significantly affect anticipated
results in the future, and accordingly, such results may
differ from those expressed in any forward-looking
statements made by or on behalf of Carnegie International
Corporation. These risks and uncertainties included, but
are not limited to, those relating to development and
expansion activities, dependence on existing
management, financing activities, domestic and global
economic conditions, change in Federal or state laws, and
market competition factors.
Note to Editors: MAVIS is a trademark of Carnegie
International Corporation. Other trademarks are properties
of their respective owners.
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