Hey! We got news! and nobody even bothers to post it? What kinda stinkin' thread is this?
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delayed 20 mins - disclaimer
Tuesday April 20, 8:08 am Eastern Time
Company Press Release
SOURCE: SUNCOM Telecommunications Inc.
SUNCOM Telecommunications Receives Settlement of $975,000 U.S. from Triton PCS for Rights to SUNCOM Name
VANCOUVER, British Columbia, April 20 /PRNewswire/ -- SUNCOM Telecommunications Inc. (OTC Bulletin Board: SNLMF - news) today announced that it has received a settlement of $975,000 U.S. from Triton PCS Operating Company LLC for the rights to the SUNCOM trademark and trade name.
Recently, it came to the company's attention that three independent affiliates of AT&T Wireless Network (NYSE: T - news), Triton, Telecorp and Tritel had together adopted the SUNCOM name and began offering customers access to a variety of wireless telecommunications services under the name. These companies have already opened several SunCom retail stores and reached strategic agreements to sell SunCom branded services through Office Depot (NYSE: ODP - news), Staples (Nasdaq: SPLS - news) and Best Buy (NYSE: BBY - news). As a result, Triton agreed to purchase rights to the SUNCOM trademark and trade name from the company for a $975,000 U.S.
As part of the agreement, SUNCOM will be permitted to use the name for purposes of phasing out its use over the next 60 days, during which time the company will seek approval from its shareholders to change its name to reflect its dedicated eCommerce business strategy. The name change, along with the company's proposal to re-incorporate in the United States will be voted on at the company's shareholder meeting, which is scheduled for May 5, 1999 at 9:00 a.m. at the Hyatt Regency in Vancouver.
''Due to the acquisition of the name, we are accelerating our strategic plan to change the company name and trading symbol and re-incorporate in the U.S.,'' said Dr. Dennis Sinclair, chief executive officer of SUNCOM.
Safe Harbor Statement
Included in this release are ''forward-looking statements'' within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. There are certain important factors that could cause results to materially differ from those described in the statements made above. These factors include, but are no limited to, the performance of SUNCOM and its subsidiaries, the successful completion of the reorganization, the success of the company's strategic plans, Internet commerce in general, fluctuations in worldwide economic conditions and others. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.
SUNCOM has successfully transformed itself into to a full service e-commerce enabler that provides a turnkey solution for small and mid-size corporations. Its services include Web site design and maintenance, transaction processing, servicing and outsourcing large users of inbound toll-free telephone numbers and outsourcing of customer service facilities. The recent creation of SUNCOM Internet and integration of VirtualSellers.com allows SUNCOM to offer merchants both inbound toll-free telephone ordering and Internet-based transaction processing services.
SOURCE: SUNCOM Telecommunications Inc. |
