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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: TripleWitching who wrote (18858)	6/25/1998 2:17:00 PM
From: TripleWitching	Respond to of 79313

Now some ELGT news: Electric & Gas Technology Finances QUALCOMM-Supplied Wireless Telecom System For the Democratic Republic of Congo DALLAS, June 25 /PRNewswire/ -- Electric & Gas Technology, Inc. (Nasdaq: ELGT) today announced that following completion of $2.5 million in financing by ELGT for African Telecommunications, Inc. (AfriTel), and additional financing by QUALCOMM Inc.(Nasdaq: QCOM), AfriTel will proceed with installation of the first cdmaOne(TM) (IS-95 Code Division Multiple Access) digital wireless local loop telephone system in sub-Saharan Africa. The state-of-the-art telecommunications system is expected to be operational in Kinshasa, Democratic Republic of Congo in late 1998. ELGT has executed an agreement to acquire 100% of AfriTel, which holds valuable communications licenses in the Democratic Republic of Congo and Ghana. AfriTel has a supply agreement with QUALCOMM for $70 million of equipment and services for the digital systems. S. Mort Zimmerman, President of ELGT, stated that, "The CDMA wireless local loop system will be even more technically sophisticated and modern as compared to any other part of the world, bringing Africa into state-of-the-art telecommunications. To have the privilege of working with a $2 billion company such as QUALCOMM is highly advantageous to ELGT and AfriTel." John Major, President of QUALCOMM's Wireless Infrastructure Division, said, "We are pleased to be working with ELGT to enable AfriTel to bring the highest quality telecommunications service to the Democratic Republic of Congo. Telecommunications development in sub-Saharan Africa is a key driver for economic growth, and we are proud to be participating in this project." ELGT has also supplied financing for satellite components purchased from Vitacom Corporation for its operations in conjunction with the Company's telecommunications projects. For fiscal year 1997, ELGT reported sales of $17,931,249 with earnings (including sale of a subsidiary) of $9,362,399 or $1.07 per share. Common stock is quoted at $2.80, reflecting a P.E. ratio of 2.6. ELGT's decision to diversify into the vast telecommunications industry was approved by the ELGT Board of Directors. A special stockholders meeting will be called pursuant to the filing of a proxy. The Board of Directors also anticipates a plan to spin off certain non-telecommunication assets of ELGT as a dividend to its stockholders, to be announced at a later date. Headquartered in San Diego, QUALCOMM develops, manufactures, markets, licenses and operates advanced communications systems and products based on its proprietary digital wireless technologies. The company's primary product areas are the OmniTRACS system (a geostationary satellite-based, mobile communications system providing two-way data and position reporting services), CDMA wireless communications systems and products and, in conjunction with others, the development of the Globalstar low-earth-orbit (LEO) satellite communications system. Other company products include the Eudora Pro electronic mail software, ASIC products, and communications equipment and systems for government and commercial customers worldwide. For more information on QUALCOMM products and technologies, please visit the QUALCOMM's web site at (http://www.qualcomm.com). Electric Gas & Technology, Inc. was formed in 1985 to serve as a holding company for operating subsidiary corporations. These subsidiaries operate in three distinct business segments: water products, natural gas equipment and electrical equipment/meter enclosures. The company is dedicated to internal growth related to its atmospheric water technology in addition to growth through acquisition. This material was prepared by The Hawke Group, Inc. ("Hawke") for the Company discussed herein, based upon Company-supplied information or other sources believed to be reliable. The information is not guaranteed by Hawke for accuracy or to be all-inclusive. Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. This news release contains forward-looking statements that are subject to risks and uncertainties, including timely product development and commercial implementation of products, as well as the other risks and details from time to time in SEC reports. This material is information only and is not an offer or solicitation to buy or sell the securities. Hawke, its affiliates, and/or its officers, directors and employees may from time to time have a position in these securities. SOURCE: Electric & Gas Technology, Inc. CO: Electric & Gas Technology, Inc.; QUALCOMM Inc.; African Telecommunications, Inc. ST: Texas IN: OIL TLS SU: FNC 06/25/98 14:10 EDT prnewswire.com