<SUNE> SunVest Resorts, Inc. Proposes to Merge with US Data Authority, Inc. and Becomes a Reporting Company
HOLLYWOOD, Fla., Feb. 24 /PRNewswire/ -- SunVest Resorts, Inc. (OTC Bulletin Board: SUNE) (the "Company") announced that it has become a reporting company and that it has entered into a letter of intent to merge with a privately held national Internet backbone company.
On January 22, 2000, the Company's registration of its common stock with the SEC, under the Securities Exchange Act of 1934, became effective and it had become a fully reporting company. Subsequently, on February 10, 2000, the Company's registration statement cleared all SEC comments. The Company's first SEC filing will be the Annual Report on SEC Form 10-KSB for the year ended December 31, 1999, which will contain audited financial statements for such year and which is due on March 30, 2000.
Effective February 23, 2000, the Company entered into a letter of intent with US Data Authority, Inc. ("USDA"). The letter of intent contemplates a merger of USDA into the Company, with the shareholders of USDA receiving 81,000,000 shares of the Company common stock representing 90% of the equity in the Company. The merger is subject to (a) completion of due diligence, (b) execution and delivery of a definitive merger agreement, (c) the pre-merger purchase of the Company's assets and assumption of all of its liabilities by the Company's management, (d) receipt by the Company of an opinion by an independent valuation firm that the merger and the sale of assets are fair to the Company's disinterested shareholders (i.e. the shareholders other than the members of the management group) and (e) approval of the merger and sale of assets by the majority of the disinterested shareholders at a special meeting called for such purpose.
US Data Authority, Inc. is a Total Solutions Provider (TSP) headquartered in Palm Beach County, Florida, offering an integrated communications powerhouse built on a unique hybrid network of AT&T and Cable & Wireless backbones. These leading fiber networks offer an award-winning Internet Protocol backbone. They deliver a coast-to-coast fiber optic system using AT&T's premier integration which boasts the largest closed circuit network with 100,000 miles of redundant fiber nationwide and Cable and Wireless's superior Internet backbone. The Asynchronous Transfer Mode (ATM) backbone links information using US Data Authority's national network of 40 Points of Presence (POPs) located around North America. These POPs offer superior redundancy and diverse routing technology, the keys to successful Internet, Extranet, and Intranet communications. Furthermore, the Company's network runs on AT&T's SONET (Synchronous Optical NETwork) architecture, using a bi- directional configuration to reroute traffic in milliseconds. If a fiber cut does occur, data is automatically redirected, greatly enhancing reliability.
US Data Authority offers a comprehensive range of Internet services to business customers nationwide. By providing Internet access, co-location, remote access, and by functioning as an Applications Services Provider (ASP), US Data Authority's high-speed digital network is the optimum solution for time sensitive industries requiring the transmission of mission-critical data.
Internet, Intranet and Extranet solutions enable customers to increase productivity and profitability through Internet technology. With its comprehensive service offerings, US Data Authority is meeting the needs of businesses, Internet service providers (ISPs), and telecommunications firms.
The Company's audited financial statements for the year ended December 31, 1998, as well as unaudited statements for the nine-month period ending September 30, 1999, and additional information may be obtained by calling Harvey Birdman, Executive Vice President, at (954) 922-6070, or by writing to 307 South 21st Avenue, Hollywood, Florida 33020.
This press release contains forward-looking statements regarding potential future events and developments affecting the business of the Company. The Company wishes to take advantage of certain "safe harbor" provisions regarding forward-looking statements.
SOURCE SunVest Resorts, Inc.
/CONTACT: Harvey Birdman of SunVest Resorts, Inc., 954-922-6070,
ext. 218/
/Web site: sunvestresorts.com /
(SUNE) |
