NEWS, LOOKS LIKE MERGER STILL INTACT......
Thursday March 16, 8:32 am Eastern Time
Company Press Release
SOURCE: All Communications Corporation; View Tech, Inc.
All Communications and View Tech Raise $11 Million in Warrant Redemptions
HILLSIDE, N.J., March 16 /PRNewswire/ -- All Communications Corporation (OTC Bulletin Board: ACUC - news) and its intended merger partner, View Tech, Inc. (Nasdaq: VUTK - news), announced today that they have raised combined net proceeds of approximately $11 million from the exercise of their respective common stock purchase warrants.
In connection with the 30-day redemption call of its Class A warrants effective on February 10, 2000, All Communications raised net proceeds in excess of $8 million from the exercise of its Class A warrants at $4.25 per share. View Tech raised net proceeds in excess of $2.5 million from the exercise of warrants previously issued to private investors. These funds will be used primarily for working capital requirements and to fund expansion, including the launch of a new Internet Protocol (IP)-based videoconferencing service. The service will be piloted during the first half of this year, with a national roll-out scheduled to begin July 1, 2000.
This service will help ensure that the merged entity, to be known as Wire One Technologies, Inc., will maintain its standing as the premier video applications service provider (VASP) in the United States, with a full range of international service capabilities offered through a single point of contact, said All Communications president and chief executive officer, Richard Reiss.
All Communications Corporation is a leading provider of voice, video, and network communications solutions to the commercial, medical, and educational marketplace as well as local, state, and federal government agencies. The Company incorporates state of the art technologies with complete life-cycle management to give clients a single source for all their communications needs. In addition to voice, video and network services, the Company offers data transmission solutions, video streaming and webcasting capabilities. All Communications Corporation has sales and marketing agreements with Polycom, RADVision, VCON, Lucent, Panasonic, Active Voice, Sony Electronics, AT&T, Sprint, and INTERVU Inc. All Communications Corporation has sales offices and demonstration facilities strategically located throughout the United States.
View Tech, Inc., based in Camarillo, California, is a leading single source provider of video, voice and data solutions, including network services and comprehensive convergence technologies for commercial, federal and state governmental, medical, and education customers nationwide. View Tech is the exclusive videoconferencing solutions provider nationwide for Fujitsu Business Communication Systems, and has equipment distribution partnerships with Accord Telecommunications, Cisco Systems, Ezenia, FVC.com, Intel Corporation, Lucent Technologies, Madge Networks, PictureTel Corporation, Polycom, Inc., Tandberg, VCON, and VTEL Corporation.
The statements contained herein, other than historical information, are or may be deemed to be forward-looking statements and involve factors, risks and uncertainties that may cause the Company's actual results in future periods to differ materially from such statements. These factors, risks and uncertainties include the relatively short operating history of the Company; market acceptance and availability of new products; the non-binding and nonexclusive nature of reseller agreements with manufacturers; rapid technological change affecting products sold by the Company; the impact of competitive products and pricing, as well as competition from other resellers; possible delays in the shipment of new products; and the availability of sufficient financial resources to enable the Company to expand its operations.
SOURCE: All Communications Corporation; View Tech, Inc.
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Regards
LT |
