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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS) -- Ignore unavailable to you. Want to Upgrade?

To: FTJoe who wrote (38518)	1/27/1998 12:10:00 PM
From: Pugs	Read Replies (1) \| Respond to of 55532

Joe, I guess the current buisness is 'phone cards'....here's the release announcing the merger, hope it helps! Pugs ______________________________ Company Press Release Development Bancorp Ltd. ('DVBC') Announces Merger PALM SPRINGS, Calif., Nov. 4 /PRNewswire/ -- Development Bancorp Ltd. (OTC BULLETIN BOARD: DVBC) announced today that it had entered into an agreement to acquire 51% of IMA, a Florida based company providing discount international telephone services with proprietary expertise in the selection of long distance carrier per call choices that no other competitor company is currently offering. This expertise is achieved in a way that benefits the caller's experience both economically and qualitatively. DVBC has acquired a 45% stake in IMA and DVBC's slate of directors have been appointed to IMA's board of directors which gives DVBC's nominated directors a majority of seats on IMA's board. DVBC will acquire an additional 6% of IMA's shares, upon approval of the Federal Communications Commission for a change of control of IMA to DVBC. FCC approval is expected within 45 days. IMA is known in the industry as IMATEL. Development Bancorp intends to change its name to IMATEL Holdings, to reflect the new direction of the company. Roberto Galoppi, the CEO of IMA has agreed to become the Chairman of the Board of DVBC. IMA, a manufacturer as well as an international communications carrier has beat its competitors at their own game by delivering tailored software packages to its clients instead of the normal industry software. IMA, as one of the select few internationally accepted alternative communication systems, boasts its current gateways to Western Europe, South America and soon to be announced Pacific Rim. DVBC's initial investment in IMA is a combination of cash and securities valued at close to one million dollars. DVBC intends to invest additional capital in IMA as IMA introduces new geographical locations. A more detailed description of this transaction will be available in DVBC's 8-K, which will be filed within 15 days. For further information please contact Randall Baker at DVBC at 760-360-5793. SOURCE Magellan Litigation Services