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Technology Stocks : International FiberCom, Inc. (NASDAQ- IFCI) -- Ignore unavailable to you. Want to Upgrade?

To: david james who wrote (2842)	8/4/1999 9:17:00 AM
From: evergreen	Respond to of 3541

NEWS: International FiberCom Completes Acquisition of Washington Data Systems Business Wire - August 04, 1999 07:46 PHOENIX--(BUSINESS WIRE)--Aug. 4, 1999--International FiberCom Inc. (Nasdaq\NM:IFCI) Wednesday announced the completion of its acquisition of the assets of Washington Data Systems Inc. (WDS), a Columbia, Md.-based systems integrator. The transaction, which took effect as of June 30, 1999, was accounted for as a purchase. According to IFCI Chairman and Chief Executive Officer Joseph P. Kealy, the company will pay up to $13.0 million for the assets of WDS. The purchase agreement called for an initial payment of $3.0 million to be paid at the closing with three additional payments to be made on Dec. 31, 1999, 2000 and 2001 based upon achievement of certain after-tax income targets. The initial payment represents the book value of the net assets acquired as of June 30, 1999 and a prepayment of amounts to be earned by the principals upon achievement of the after-tax income targets. Subsequent payments may be in cash or in stock, at IFCI's discretion, provided that no more than 60 percent of any payment may be paid in stock. The management and employees of WDS will continue to operate the company from its Columbia headquarters as a wholly-owned subsidiary of IFCI. Kealy commented, "WDS has a long-standing reputation as a high quality systems integration and telecommunications installation specialist with a focus on service and value. We expect WDS to work very closely with our other systems integration companies -- Concepts in Communications and BlueRidge Solutions -- to expand and enhance our service offerings and regional market coverage in the mid-Atlantic states. The addition of WDS should also assist us in securing national customers." "WDS comes with a strong management team," Kealy continued, "and we look forward to the efficiencies we will be able to introduce into the company as a part of IFCI." WDS was founded in 1982 as an information resources management company. Since that time it has expanded to become a full-service systems integrator both for federal and local government agencies and for the private sector. Customers include such federal agencies and departments as the Internal Revenue Service, the Federal Marshal's office, NASA, HUD and GSA. Major not-for-profit clients include such groups as the AICPA and the United Federation of Teachers. WDS provides full systems design, planning, implementation, training and outsourced maintenance services. It designs and installs telecommunications as well as data processing networks and is an authorized distributor of equipment made by Nortel, Cortelco, Lucent, Bay Networks, Cisco, Novell and Microsoft among others. International FiberCom is a leading provider of a wide range of engineering, development and maintenance services for fiber-optic, broadband networks, public telephone networks, local and wide area networks and specialized wireless applications. With a number of recent strategic acquisitions that complement and enhance existing services and products, International FiberCom has positioned itself as a "one-stop shop" for the telecom and cable TV industries. This news release contains certain forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, by their very nature, include risks and uncertainties. Accordingly, the company's actual results could differ materially from those discussed in this release. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital needs. Such factors, many of which are beyond the control of the company, include the following: the company's success in obtaining new contracts; the volume and type of work orders that are received under such contracts; the accuracy of the cost estimates for projects; the company's ability to complete its projects on time and within budget; levels of, and ability to collect accounts receivable; availability of trained personnel and utilization of the company's capacity to complete work; the company's ability to complete proposed acquisitions and, upon their completion, to integrate the acquisitions into its organization and manage its growth; competition and competitive pressures on pricing; and economic conditions in the United States and in the regions served by the company. A more complete listing of cautionary statements and risk factors is contained in the company's report on Form 10-KSB for the year ended Dec. 31, 1998 filed with the Securities and Exchange Commission

To: david james who wrote (2842)	8/4/1999 1:33:00 PM
From: David K.	Read Replies (1) \| Respond to of 3541

David , thanks for your response. I think ifci is on the right course.