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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: Harry_Behemoth who wrote (9052)	6/22/1999 11:30:00 AM
From: SIW	Read Replies (1) \| Respond to of 108040

EUTC New Acquisition Announced by EuroTelecom Communications Inc. to Add Significant Revenues and Expanded Services in Information Technology Business Editors/Technology Writers LONDON--(BUSINESS WIRE)--June 22, 1999--EuroTelecom Communications (OTC BB:EUTC) continues to execute its new aggressive business plan for market expansion and growth through the acquisition of leading edge Information Technology companies. EuroTelecom has concluded negotiations for the acquisition of Intelligent Networks Limited. Intelligent Networks Ltd. is EuroTelecom's third acquisition in a planned series of strategic partnering with high technology mergers and acquisitions that support the rising demand for quality and cost-effective Information Technology solutions. The three acquisitions completed this year have combined annual revenues of $9.92 million and combined projected revenues for next year of $13.2 million. These revenue figures are for the acquisitions only and do not include any of EuroTelecom's revenues. Intelligent Network Ltd. is an established London-based consulting and network services provider of leading-edge solutions for advanced integrated networking applications. The London-based corporation operates from offices located in Brussels, Luxembourg, Budapest and Tokyo. Intelligent Networks Ltd. has an excellent record of successful service in banking, finance-insurance, public utilities, manufacturing, and defense industry I.T. networking applications. Intelligent Networks delivers a complete service from strategic planning and system design to project management and implementation. This acquisition further enhances EuroTelecom's full line management services. These services provide complete networking solutions which allow the client to concentrate on their core business. Intelligent Networks Ltd. is directed by Mr. Peter Drake who is also a board member of EuroTelecom Communications. Mr. Drake has played an essential part in the company's growth through his previous successes as communications manager for Credit Swisse First Boston, manager of planning and consulting for Xionics Ltd. and with work for Coopers & Lybrand, British Telecom and SHAPE. This acquisition gives EuroTelecom a significant increase in networking operations and management and integration services. Total sales by Intelligent Networks for the fiscal year ending March 1999 were $3.5 million and are projected to be $5.5 million next year. The cost of this acquisition will be $795,000 payable to Intelligent Networks in four stages. The board believes these costs will be immediately offset by enhanced earnings generated through accelerated business growth. EuroTelecom's customer base will be expanded and the combined companies will introduce new leading edge networking services and security products that will maximize their joint expertise in the exponentially growing I.T. Security industry. EuroTelecom Communications conducts its worldwide business from offices in the United States, the United Kingdom, Europe and Japan and will now be represented in five additional major capital centers as a result of this growth acquisition. EuroTelecom Communications Inc. (http://www.eurotelecom.co.uk) supplies Information Technology systems and networking infrastructures to telecommunications operators, systems integrators, corporations, financial institutions, governments, and defense organizations. The foregoing press release contains forward-looking statements, and any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking. These statements by their nature involve substantial risks and uncertainties and actual results may differ. --30--EB/ho* CONTACT: EuroTelecom Communications Inc. R.I. Hay, 011 44 1709 590 899 info@eurotelecom.co.uk or Investors Capital of North America, Houston J. Dibble, 281/444-0157 or Toll Free: 877/893-2666 KEYWORD: INTERNATIONAL EUROPE INDUSTRY KEYWORD: TELECOMMUNICATIONS COMED COMPUTERS/ELECTRONICS MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Jun-22-1999 11:13 GMT Symbols: US;EUTC Source BW Business Wire