Camelot Acquires Rights to Payphone Software
DALLAS -- Camelot Corporation (Nasdaq: CAML) announces that it has agreed to exchange contracts on March 4th 1997 to acquire the U.S.A. and Canadian rights to PCAMS software a payphone contract and management system software from Meteor Technology plc ("Meteor"). Meteor is a U.K. public company listed on the Alternative Investment Market of the London Stock Exchange and is the international distributor of DigiPhone(R). The PCAMS software was originally developed for Meteor's payphone subsidiary and now has been refined and modified to provide contract and management capabilities on a universal basis.
The consideration for PCAMS is 2,500,000 pounds payable by the cancellation of 2,000,000 pounds of loan stock owed to Camelot by Meteor and 500,000 pounds by the issuance by Camelot to Meteor of 3,238,400 restricted common shares. Danny Wettreich and Jeanette Fitzgerald who are Directors of both Camelot and Meteor did not participate in any Directors votes in relation to this transaction.
"Camelot is the telephony business through DigiPhone, our Internet Telephony software, and we believe that it is in our interest to broaden the scope of our involvement in the telecommunications industry. By acquiring the PCAMS software we can improve the capabilities of independent payphone providers. The passage of the Telecommunications Act of 1996, followed by the release of new payphone compensation rules by the FCC in response to the Act, has significantly improved the outlook for this industry," commented Danny Wettreich, Chairman and Chief Executive Officer of Camelot.
Dallas-based Camelot Corporation is a holding company with subsidiaries focused on software development, software distribution, and Internet access. Its subsidiary Third Planet Publishing, Inc. publishes DigiPhone(R), DigiPhone Deluxe(TM), and DigiPhone for Mac(TM), the complete Internet phone system, and has applied for a patent for VideoTalk(TM), a video conference system for the Internet. Information is available via the company's World Wide Web site at digiphone.com. Camelot's other divisions provide national Internet access services and distribute and retail software.
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth, including but not limited to, the impact of global regulation and competition, Camelot's dependence upon the continued ability to create and/or acquire products that customers will accept; the impact of competition and the changing competitors; the changing nature of regulations and the manner in which they are interpreted; dependence on independent distributors and pricing pressures in addition to normal economic and world factors beyond the control of the Company.
/NOTE TO EDITORS: Say It!, Proficia, DigiPhone(R), DigiPhone Deluxe,
DigiPhone for Mac and VideoTalk are all trademarks of Camelot. All other
product names are trademarks of their respective companies/
/CONTACT: Kevin LeBlanc, Investor Relations Manager of Camelot,
972-733-3005/
"Copyright(c) 1997, PR Newswire"
"Provided by Dow Jones & Company, Inc."
Any take on this news??
Another Danny?
Ted |
