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Tuesday March 23, 11:31 am Eastern Time
Company Press Release
Talk Visual to Acquire Proximity Inc. for $4.2 Million in Stock and Cash
CAMBRIDGE, Mass.--(BUSINESS WIRE)--March 23, 1999--Talk Visual Corporation (NASDAQ:TVCPC - news) announced today the signing of a LETTER OF INTENT to acquire 100% of the outstanding stock of PROXIMITY INC, one of the leading United States providers of global videoconferencing services.
Founded in 1995 by Robert Kaphan and Richard Parlato, Proximity has developed business relationships with ''Fortune 500'' corporate clients, and with worldwide public videoconferencing providers. Proximity's enviable client base contains in excess of one thousand major corporate clients, many of whom use the company's videoconferencing arrangement services on a routine basis. The company arranges for a broad range of engagement services, including point-to-point, bridged multiple origination and termination facility videocalls and special videoconference productions as part of its standard service offerings.
The company has built its reputation on a consistently high quality of customer service. While offering corporate clients a superior and reliable product, it also provides corporations with the most sophisticated suite of videoconferencing services in the marketplace. Known as the supplier of choice for such extensive services as multipoint bridge coordination, satellite uplink services, and customized high-impact videoconferencing productions, Proximity intends to continue its industry leadership with aggressive geographic expansion and 'round-the-clock services. Full and further details are available on the Proximity website at www.proximity.com.
2,000 WORLDWIDE SITES TO JOIN VIDEOCALLING GLOBAL NETWORK
Talk Visual's Chairman, Michael J. Zwebner, commented on the pending acquisition. ''Bob Kaphan and Richard Parlato have forged effective, core business relationships with over 2,000 videocalling sites worldwide. This acquisition now gives us all these global videocalling locations, from which our customers can connect worldwide in an unprecedented range of connectivity and access covering over forty countries.''
''We've never been more thrilled about enabling further expansion of our already fast-growing business,'' said Proximity's president and founder Bob Kaphan. ''We have always kept pace with our customers' needs and service priorities. Now, with Talk Visual's forceful market positioning and public visibility, Proximity can truly capitalize on our powerful in-house resources and serve more customers, at lower cost, and with the consistent quality of services for which we're justly recognized.''
Talk Visual is in the process of building out the first twenty flagship locations which include city sites in Miami FL, Boston MA, Kingston Jamaica, Sacramento CA, Toronto (Canada), Montreal (Canada), London UK, and Tel Aviv Israel. The company expects to commence connecting calls during April 1999. The advent of this acquisition will now allow these flagship stores to immediately offer global access for Talk Visual customers everywhere.
The company's international website, on the Worldwide Web at www.talkvisual.com, will soon allow for quick videocall reservations and connections at a very reasonable consumer-oriented cost structure. Advance reservations are available by calling Talk Visual Corporation toll-free at 1-877-22-VIDEO within the U.S.A., or 617 679-0300 from abroad.
Except for historical information contained herein, the statements in this release (including without limitation, statements indicating that the company ''expects,'' ''estimates,'' ''anticipates,'' or ''believes'' and all other statements concerning future financial results, product offerings or other events that have not yet occurred) are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Additional information on these and other factors are included in the company's Form 10-KSB for the Fiscal Year ended Dec. 31, 1997, as filed with the Securities and Exchange Commission.
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Contact:
Talk Visual Corporation
Noelle Galperin, (617) 679-0300
ngalperin@talkvisual.com
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More Quotes and News: Talk Visual Corp (Nasdaq:TVCPC - news)
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