CVRG
(COMTEX) B: CONVERGE GLOBAL INC - Completes Acquisition of TeleWrx, Inc.
B: CONVERGE GLOBAL INC - Completes Acquisition of TeleWrx, Inc.
New York, New York, Apr 01, 2002 (Market News Publishing via COMTEX) --
Converge Global, Inc., announced that it has completed the acquisition of
TeleWrx, Inc.
Converge Global originally signed a letter of intent on January 17, 2002 to
purchase TeleWrx and make it a wholly owned subsidiary. TeleWrx specializes in
the sales and marketing of telecommunications products and services through the
utilization of its international network marketing organization. TeleWrx,
provides "Communications that Work for You."
TeleWrx, Inc. is a development stage company with a dynamic and experienced
management team that is highlighted by Donald A. Smiley serving as Chairman of
the Board and Director; Robert E. Brown, Vice Chairman, Co-Founder and Director;
and Michael Brown, Co-Founder, President. The Company operations will combine
the power of network marketing with technologically advanced telecommunications
services all under one roof. This allows the TeleWrx sales agents an opportunity
to sell communications services and build a successful home-based business while
earning commissions and residual income.
TeleWrx, Inc. has a three year renewable Sales and Marketing Agreement with
Orbit E-Commerce, Inc. Together, they share the goal of signing in excess of 1
million subscribers in Canada and the United States over the next three years.
Under the terms of this agreement, TeleWrx will distribute Orbit's award-winning
VoIP long distance and Internet dial-up access service to residential and small
business subscribers in major urban areas in the United States and Canada.
Orbit's VoIP long distance service is reliable, has excellent toll quality voice
fidelity, and its pricing will motivate users of traditional telephone services
to switch. Douglas Lloyd, Orbit's President and CEO, stated, "The TeleWrx, Inc.
Agreement marks a significant milestone in Orbit's development. Our
network-building program with IBM (NYSE:IBM) is under way and we are now
positioned to acquire significant numbers of customers."
Converge Global, Inc. purchased 100% of TeleWrx in a stock for stock exchange.
The shareholders of TeleWrx received about an 80% interest in the post
acquisition company. Over the coming weeks, TeleWrx intends to begin the
national rollout of its services with introductory meetings in seven major
cities. Management plans to grow sales in a rapid but orderly fashion while the
company also builds a strong position in the market place. Management plans to
build its core business by obtaining loyal customers from the over 100,000,000
homes using long distance services, by providing a bundle of communications
services at a very competitive flat monthly rate that is easy to understand and
meets the customers' needs. The Company's products are competitively positioned
in the marketplace and the utilization of network marketing, its competitive
advantage of "Friend to Friend" selling, along with its straightforward sales
approach will allow TeleWrx to more quickly acquire market share and reach
critical mass.
TeleWrx is positioned to capture a significant number of customers and be a
serious contender in the telecommunications industry through the utilization of
network marketing. By utilizing this powerful sales strategy, the company's
home-based agents will approach the residential and small-business markets with
the most cost-effective, most technologically advanced, and highest quality
telecommunication services available today. TeleWrx will offer residential and
small business long-distance, Wireless long-distance, Internet dialup (56K),
calling cards, toll-free service, wireless services including WAP (wireless
application protocol) devises, and enhanced services such as "follow me" and
nationwide "one number" services. In the current economic environment,
home-based businesses have enjoyed explosive growth and experts predict that
this growth will be fueled by the expanding markets and new technology in the
telecommunications industry.
Contact Mr. Richard Kaiser at Yes International for Investor Relations at
800/631-8127 or by E-mail at CVRGpresident@aol.com.
The statements made in this press release, which are not historical facts,
contain certain forward-looking statements concerning potential developments
affecting the business, prospects, financial condition and other aspects of the
company to which this release pertains. Actual results of the company's
operations generally, may differ materially from what is projected in such
forward-looking statements. Although such statements are based upon the best
judgments of management of the company as of the date of this release,
significant deviations in magnitude, timing and other factors may result from
business risks and uncertainties including, without limitation, the company's
dependence on third parties, general market and other factors, many of which are
beyond the control of the company. The company disclaims any obligation to
update information contained in any forward-looking statement.
CONTACT: TEL: 800/631-8127 Richard Kaiser, Yes International
Email: CVRGpresident@aol.com |
