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TORONTO -- (MARKET WIRE) -- 06/12/06 -- INNOTELCO, Inc. (PINKSHEETS: ILCO), a marketer and distributor of telecom hardware and network solutions announces today that the company has signed a contract with Pan Atlantik.
INNOTELCO is pleased to announce that the Letter of Intent (LOI) signed with Pan Atlantik S.A. for factoring finance over a two-year period has now become a contract with advantageous extension options after the first contractual period. The contract calls for Pan Atlantik to assist INNOTELCO with necessary funds for use in their projects. After the first successfully fulfilled contract, the companies will then further negotiate a definitive breakdown of percentages each will yield from upcoming business opportunities.
"INNOTELCO is proud to be working with a company which we believe can stimulate significantly faster fulfillment of our existing contracts," said Radomir Popovic, Innotelco's Vice-President of Sales and Marketing. "Pan Atlantik S.A. has positioned them to become a reliable partner by providing favourable financing conditions, as well as offering a constant source of expansion and development of our business network." Further, "INNOTELCO's negotiating team will be leaving for Europe and Africa to initialize new contract options over the summer."
"We believe that this kind of bilateral cooperation should provide fresh flexible perspective in contracts that INNOTELCO already has. Fulfillment of existing contracts is a matter of previously agreed timelines, which we can significantly speed up by the start of adequate new contracts. Also, we are looking forward to starting fresh perspectives in cooperation with INNOTELCO," said Boris Al. Zlopasa, CEO, Pan Atlantik S.A.
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