Group V Announces Completion of Private Placement Financing
Company Anticipates Fueling Growth Through Revenue Generation From Existing Operations
SAN FRANCISCO--(BUSINESS WIRE)--March 17, 1999--Group V (OTC BB:GRPV - news) announced today that the
company has completed a private placement round of financing with existing stockholders.
Chairman and Chief Executive Officer, Joseph Monterosso reported that this new working capital will facilitate the immediate expansion of the company's business
development plans for the company's wholly owned subsidiaries, National Pools Corporation (NPC), Academy Network Services (ANS) and Lottery Publications
Corporation (LPC).
Said Monterosso, ''This financing will allow us to greatly expand all marketing efforts, widening the customer base for NPC's HitLoTTo® Club Card, a variety of
pre-paid phone card programs currently produced through ANS and for LPC's monthly Lottery Insider(TM) Magazine.''
Monterosso stated that the capital is received under terms and conditions that are favorable to the company, and will be drawn upon as the company's growth needs
require. Monterosso also indicated that the company's recent sales efforts have produced a customer base and revenue stream furthering the business growth and
development of the company. Monterosso further stated that the capital infusion will adequately support the company's business plans, revenue and profit projections
for 1999.
Group V Corporation -- a publicly traded company (OTC BB:GRPV - news) -- is a diversified telecommunications company specializing in some of the world's
most profitable market segments including one plus, toll free long distance and pre-paid phone card products. Group V has created a network of complementary
companies, many of which offer products and services of their own, many of which market, develop or deliver the products of companies within the Group V family.
Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products,
increased levels of competition for the company, new products and technological changes, the company's dependence upon third-party suppliers, intellectual
property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
Contact:
Group V
John Steward, 415/575-0227 |
