To: Dave Gore who wrote (6821 ) 2/19/1999 12:16:00 PM From: Charlie Respond to of 15987
Fortune Financial Systems Acquires Florida Communication Services SALT LAKE CITY, Feb. 19 /PRNewswire/ -- Fortune Financial Systems, Inc. (OTC Bulletin Board: FFSY - news), a leader in business training and Internet services, announced Thursday the completed acquisition of Florida Communication Services, Inc., a Florida-based telephony services company. Florida Communication Services, Inc., a 12 year-old telecommunications company, specializes in teleservices and the sale of networking systems and consulting services. The purchase price was 58,665 shares of restricted common stock plus additional contingent payments, based on the operating results and employment status of management over the 2 years following the acquisition. ''We believe that our core strength in telephony services and related Internet sales will compliment the aggressive growth plan for Fortune's web sales strategies. Additionally, our technical expertise in networking, hardware and systems integration will boost their current sales efforts by utilizing state of the art equipment and services,'' stated Jack Dougherty, President of Florida Communication Services, Inc. ''Our goal as a company has been to expand into the business-to-business Internet services marketplace. Fortune's two-year track record in the Internet will allow us to effectively bridge into the market on their marketing efforts, thus giving us the advantage of a new market without the related entry costs.'' New Chairman and CEO Douglas S. Hackett stated: ''Florida Communication Services provides an integral piece of our business plan and growth strategy. The management team and technical staff bring valued skill sets that we believe will be instrumental in the continuing advancement of our Internet and teleservices divisions.'' With the acquisition, Florida Communication Services, Inc. will change its name to Power Communications, Inc. The statements made in this press release are forward looking and reflect the Company's current expectations. There can be no assurances that the Company's actual result will meet the Company's expectations. The Company's future operating results are difficult to predict and are subject to significant fluctuations. Factors that may cause future results to differ materially from the Company's current expectations include, among other: general economic conditions, the ability and timeliness of raising funds, the health of the training industry, the expansion of the telecommunications and teleservicing industry, and the rapid expansion of the internet industry, infomercial media costs, inventory management, company acquisitions, and size of customer outplacement accounts and the acquisition cost of new strategic business alliances. SOURCE: Fortune Financial Systems, Inc.