Watch TEIM on Friday. Rumour is that news will be out on the following done deal:
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jan. 28, 1999--Tridon Enterprises Inc. (OTC BB:TEIM) Thursday announced that it executed a binding agreement Jan. 21, 1999, to acquire all of the assets of Satellite Link Communication Inc. (a privately held company), forming a facilities-based provider of long-distance voice and data traffic between North America, Asia, the Caribbean, Mexico and the Middle East.
The acquisition is expected to close on or about March 1, 1999. Operations are scheduled to begin immediately thereafter. Tridon will change its name to SLC Corp.
The company has executed contracts for private line and termination agreements with China, Taiwan and the Republic of the Philippines. A business relationship has been formed to fill its voice and data pipeline to those countries annually. Contracts have been placed to acquire an array of additional assets that include telecom switching equipment, FCC licenses and downtown Los Angeles real estate which serve as ground-based telecommunication facilities.
A spokesman for Tridon stated: "Our cash flow projections for this transaction show the company at break-even in month five, with EBIT at $4 million per month thereafter. We are negotiating to acquire other private companies in the telecom industry which should offer similar profit ratios, enabling us to reach earnings of approximately $100 million annually."
Subsequent to the closing of the merger, the company will "spin off" its wholly owned subsidiary, Vertex Corp., to its shareholders of record on Feb. 26, 1999.
Tridon Enterprises is a fully filed, full 12(g) reporting company with approximately 2,000 shareholders.
This news release, other than historical financial information, consists of forward-looking statements that involve risks and uncertainties, including planned acquisitions, budgeted capital expenditures and other risks and uncertainties. Actual results may vary materially. |
