Affordable Telecommunications Finalizes Merger With 7123000.com and Anticipates First Year Revenues to Exceed $6 Million Affordable Telecommunications Technology Corp. (OTC: ATCT - News; www.atct.us) announced today that the Merger Agreement between ATCT and its Asian subsidiary 7123000.com (www.7123000.com), encompassing all assets and properties of 7123000.com and Khewl Solutions (a Manila based IT firm), is now complete.
ATCT's central administration for Asia will be located in Bank of China Tower, Hong Kong; the Information Technology group will be located in both Thailand and the Philippines. Houston, Texas will remain as the headquarters for all operations in North America.
The merger of both operations is expected to generate revenues that could exceed $6 Million with solid expectation for future growth. The Board of Directors feels that the company's shares are currently undervalued and have decided to announce plans to begin a stock buy back program at $.07 per share in the open market. This offer will be available to anyone who wishes to sell their shares at this level. The details on how the company will buy back the stock will be available at a future date.
ATCT would like to further clarify that the Board of Directors and management have no plans to neither forward nor reverse split the stock, acknowledging that the current share structure is optimal for future growth.
In the interests of a smooth transition the Board of Directors and management will change over the next 30 days.
Safe Harbor Statement
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.
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it takes a while to get filled, thats why its moving slow, but when it does get filled this thing moves. it will keep going for a wile
Posts: 2329 | From: MD | Registered: Jul 2005
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I think it wil get to a least .06. alot of people dont chcck news after hour. so many dont know about it
Posts: 5120 | Registered: Jun 2004
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I don't understand the buyback program. Suppose this stock will stay around 0.080 the next periods. Why would anyone sell at 0.070 then? Am I missing something?
By the way, I'm in at .042.
Posts: 1364 | From: Somebody from Europe | Registered: Sep 2005
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I know Kywee. I just bought at 0.042. What I meant was suppose the pps goes above 0.070 in the next week. Then what with their buyback program of 0.07?
Posts: 1364 | From: Somebody from Europe | Registered: Sep 2005
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Anyway, it doesn't matter because it's been at 0.042 for the last half an hour.
Posts: 1364 | From: Somebody from Europe | Registered: Sep 2005
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ATCT Launches Buzz and Announces Agreement With InterEdge to Form Global Wireless Communications Company Wednesday October 12, 4:09 pm ET
BANGKOK, Thailand, Oct. 12 /PRNewswire-FirstCall/ -- Affordable Telecommunications (OTC Pink Sheets: ATCT - News) announces it has reached an agreement with InterEdge www.inter-edge.com to form a global Wireless Communications and services company. The new partnership's initial target markets will be Thailand, Malaysia, China, and the United States. ADVERTISEMENT
ATCT plans to launch the service under its Buzz Brand, taking advantage of the over supply of ISP services globally. The company will secure time with these ISPs and re-supply that time as a wireless ISP service, by establishing Hot Spots in strategic locations across Asia.
The company plans to target Hotels and Property developers to secure accounts that can generate revenues for 10 to 15 years before any upgrades are required. Services that will be provided by fixed points will include ISP, VoIP, Video over IP, and Digital Television. ATCT currently has contracts to install services to over 30,000 homes in Thailand and has signed strategic agreements with Hotels and 2 Companies in the Property Development project Management Area.
ATCT's Buzz Brand will be releasing to market a Video and VoIP router within the next 30 days and will be working with InterEdge to develop a product that can deliver wireless, VoIP, Video over IP, and digital TV from a single unit, this is our Smartpoint project.
Rafael Zambrano CEO of Inter Edge www.inter-edge.com said, "This is a great opportunity for both companies to take some real marketshare in the next 6 months. Our products and solutions we feel are the best on the market and we are very pleased with what we have seen in our joint venture partner, this will go a long way towards assisting us listing in the USA later this year. The Buzz brand has already made great progress with its deal with www.eyeball.com and their approach of retrospective billing for services will be hard to compete with anywhere in Asia especially China and India."
Sutida Suwunnavid added, "InterEdge is a perfect partner for us on this venture. They are a young dynamic company with very capable engineers and a real drive to remain market leaders in their field. What they bring to the table in terms of hardware and software is really quite astounding. Our competitor's are corporate giants. The best way for us to tackle the marketshare issue is to team up with motivated individuals who are as dedicated to their task as we are, hence our choice of Eyeball and InterEdge."
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