Stock moving on this release today...presently at 2 3/16:
(COMTEX) B: ACCESS ONE PURCHASES SIGNIFICANT PORTION OF E.SPIRE OFF-N
B: ACCESS ONE PURCHASES SIGNIFICANT PORTION OF E.SPIRE OFF-NET CUSTOMER BASE
STAMFORD, Conn., April 21 /PRNewswire/ -- Sirco International Corp.
(Nasdaq: SIRC) announced today the signing of a definitive asset
purchase agreement between its affiliate, Access One Communications,
and e.spire Communications (Nasdaq: ESPI). The Agreement calls for the
acquisition by Access One of a significant portion of e.spire's off-net
customer base in the BellSouth (NYSE: BLS) territory. The parties
estimated the acquisition to encompass approximately 15,000 customer
access lines.
Ken Baritz, Access One's CEO, stated, "The value of our BellSouth
region-wide leased network agreement can be clearly demonstrated with
this transaction. These are high-quality accounts. By converting them
from resale to our leased facilities network, we can generate a profit
while continuing to provide the end user with the same quality of
service and the same discounted price."
Mr. Baritz continued, "With this transaction, we will have over 32,000
access lines in service and annualized local telecommunications revenue
of over $20 million. We expect to complete the conversion from resale
to our leased network by the end of May for both our existing customers
and this newly acquired customer base. Upon conversion, we expect the
combined customer base to generate positive EBITDA. We are currently
investigating UNE-P arrangements with additional RBOCs, so that we may
expand our leased network strategy nationwide. In addition, we intend
to continue to aggressively grow our customer base both organically and
through acquisition."
Access One Communications is a Florida-based competitive local exchange
carrier that provides an integrated suite of telecommunications and
Internet services to small- and medium-sized businesses in the
Southeastern United States. Access One is currently converting its
existing customer base from resale to a virtual local services network
through the only region-wide UNE-P agreement with a Regional Bell
Operating Company.
Sirco International Corp. is a diversified publicly traded company with
operations organized into three divisions. Sirco's telecommunications
division focuses on developing integrated local and long distance
telephone and Internet services in the converging communications
industry. With an approximately 40% ownership interest, Sirco is the
single-largest shareholder of Access One.
This release contains forward-looking statements that involve risks and
uncertainties. The Company's actual results may differ materially from
the results discussed in the forward-looking statements. Factors that
might cause such a difference include, among others, availability of
management; availability, terms and deployment of capital; the
Company's ability to successfully market its services to current and
new customers; generate customer demand for its product and services in
the geographical areas in which the Company can operate; access new
markets; negotiate and maintain suitable reseller and interconnection
agreements with the incumbent local exchange carriers and negotiate and
maintain suitable vendor relationships, all in a timely manner, at
reasonable cost and on satisfactory terms and conditions, as well as
regulatory, legislative and judicial developments that could cause
actual results to vary in such forward-looking statements.
SOURCE Access One Communications
-0- 04/21/99 /CONTACT: Ken Baritz, CEO of
Access One Communications, 954-714-0000, or e-mail,
kbaritz@accessone.org/
/Web site: accessone.org (SIRC ESPI BLS)
CO: Access One Communications; Sirco International Corp.;
e.spire Communications ST: Florida, Connecticut IN: TLS SU: TNM
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