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Technology Stocks : eLec Communications Corp. (ELEC) -- Ignore unavailable to you. Want to Upgrade?

To: WISDOM MILES who wrote (128)	4/21/1999 9:58:00 AM
From: GARY P GROBBEL	Read Replies (1) \| Respond to of 330

Stock moving on this release today...presently at 2 3/16: (COMTEX) B: ACCESS ONE PURCHASES SIGNIFICANT PORTION OF E.SPIRE OFF-N B: ACCESS ONE PURCHASES SIGNIFICANT PORTION OF E.SPIRE OFF-NET CUSTOMER BASE STAMFORD, Conn., April 21 /PRNewswire/ -- Sirco International Corp. (Nasdaq: SIRC) announced today the signing of a definitive asset purchase agreement between its affiliate, Access One Communications, and e.spire Communications (Nasdaq: ESPI). The Agreement calls for the acquisition by Access One of a significant portion of e.spire's off-net customer base in the BellSouth (NYSE: BLS) territory. The parties estimated the acquisition to encompass approximately 15,000 customer access lines. Ken Baritz, Access One's CEO, stated, "The value of our BellSouth region-wide leased network agreement can be clearly demonstrated with this transaction. These are high-quality accounts. By converting them from resale to our leased facilities network, we can generate a profit while continuing to provide the end user with the same quality of service and the same discounted price." Mr. Baritz continued, "With this transaction, we will have over 32,000 access lines in service and annualized local telecommunications revenue of over $20 million. We expect to complete the conversion from resale to our leased network by the end of May for both our existing customers and this newly acquired customer base. Upon conversion, we expect the combined customer base to generate positive EBITDA. We are currently investigating UNE-P arrangements with additional RBOCs, so that we may expand our leased network strategy nationwide. In addition, we intend to continue to aggressively grow our customer base both organically and through acquisition." Access One Communications is a Florida-based competitive local exchange carrier that provides an integrated suite of telecommunications and Internet services to small- and medium-sized businesses in the Southeastern United States. Access One is currently converting its existing customer base from resale to a virtual local services network through the only region-wide UNE-P agreement with a Regional Bell Operating Company. Sirco International Corp. is a diversified publicly traded company with operations organized into three divisions. Sirco's telecommunications division focuses on developing integrated local and long distance telephone and Internet services in the converging communications industry. With an approximately 40% ownership interest, Sirco is the single-largest shareholder of Access One. This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, availability of management; availability, terms and deployment of capital; the Company's ability to successfully market its services to current and new customers; generate customer demand for its product and services in the geographical areas in which the Company can operate; access new markets; negotiate and maintain suitable reseller and interconnection agreements with the incumbent local exchange carriers and negotiate and maintain suitable vendor relationships, all in a timely manner, at reasonable cost and on satisfactory terms and conditions, as well as regulatory, legislative and judicial developments that could cause actual results to vary in such forward-looking statements. SOURCE Access One Communications -0- 04/21/99 /CONTACT: Ken Baritz, CEO of Access One Communications, 954-714-0000, or e-mail, kbaritz@accessone.org/ /Web site: accessone.org (SIRC ESPI BLS) CO: Access One Communications; Sirco International Corp.; e.spire Communications ST: Florida, Connecticut IN: TLS SU: TNM * end of story *