To: Stock Watcher who wrote (4768 ) 3/23/1999 12:07:00 PM From: IRVINESULLY Respond to of 52051
Morning Stock Watcher Can't do a cut and paste form this one computer I'm on....But here's some SINC news. Tuesday March 23, 11:25 am Eastern Time Company Press Release SOURCE: Southland Financial, Inc. Southland nears contract completion with Welcome Engineering Company Limited, Hong Kong HONG KONG, March 23 /CNW-PRN/ - Southland Financial, Inc.(''The Company'') OTC BB trading symbol: SINC The Company is pleased to announce that it has moved into the final stages of its contractual negotiations with Welcome Engineering Company Limited and its wholly owned subsidiary, Top Express Engineering Limited (TEEL), with the receipt of the final due diligence report from Deloitte & Touche. ''While the report highlighted some minor administrative areas that needed addressing, there were certainly no surprises,'' stated Willie Lo, Southland Director and Chairman of its Hong Kong subsidiary, United Telecom International Limited. ''It confirmed to us the unique relationship TEEL enjoys in the industry and what a fine, professional organisation they are.'' ''We have come to mutually beneficial terms regarding all major commercial, financial and technical aspects of the agreement and we remain confident of completing the contract shortly,'' stated Southland Chairman, David A. Turik. ''Tony Corel, of Squire, Saunders & Dempsey has provided excellent counsel throughout our complex negotiations. The Squire, Saunders & Dempsey focus on global telecommunications will be very beneficial to us. The practice has been retained to continue providing counsel concerning local carriers and OFTA, the regulatory body,'' stated Turik. ''Deloitte & Touche have done a great job with the due diligence and the initial business case and have been retained to finalise the formal strategic business plan.'' Southland Financial, Inc. through its joint venture partners and subsidiary companies aims to be the premier, independent communications ''carrier's carrier'' in South East Asia. Southland intends to provide cost effective, high quality, value added, ''last mile'' solutions to its customers. David A. Turik Chairman This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1996. Forward looking statements concerning, plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic conditions. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. SOURCE: Southland Financial, Inc. ------------------------------------------------------------------------ More Quotes and News:Southland Financial Inc (OTC BB:SINC - news)Related News Categories: ba