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INNOTELCO Inc. Announces Letter of Intent to the Value of USD$4.7 Million
TORONTO, Nov 09, 2005 (MARKET WIRE via COMTEX) -- INNOTELCO, Inc. (OTC: ILCO), a marketer and distributor of telecom hardware and network solutions, announces today that it has entered into a Letter of Intent with AB Technics to provide cable products valued at USD$4.7 million over a period of two years.
"We believe that the potential result of entering into this Letter of Intent with AB Technics Company will develop the beginning of a positive discussion for future relations," said Ross Sehovic, CEO.
About AB Technics
AB Technics is a private company that was founded in 1991 under the name "Termostroj" and since 1995 has been operating under the present name of "AB Technics." They specialize in design engineering, turn-key projects and execution of all phases of work. Of the 230 staff members employed by the company technical staff make up one third of their employment force. The Company's head office is located in Sarajevo, along with one branch office and warehouse facility.
AB Technics is a well-known development company in the region that has been part of the EC reconstruction programme in Bosnia and Herzegovina for the last twelve years. This programme was under the European Commission and World Bank auspices, with the support of the European Commission.
"INNOTELCO -- Building Bridges for Communication"
About INNOTELCO, Inc.
INNOTELCO is a telecom hardware supplier, specializing in servicing emerging markets looking to expand their telecommunications networks. INNOTELCO products range from indoor and outdoor coaxial cables and accessories to fibre optics and switching equipment.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the Securities Litigation Improvements Act of 1996. The words "believe," "expect," "estimate," "project" and similar expressions define forward-looking statements, which speak only as of the date the statement was made. INNOTELCO, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Forward-looking statements are currently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated in, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the Company's ability to meet its projected growth, the effects of government regulation, competition and other material risks.
Contact: INNOTELCO, Inc. Ross Sehovic 416-259-8444 Website: www.innotelco.com AB Technics: Mr. Haris Babic General Manager E-mail: adiselma*bih.net.ba Telephone: +387(0)33713360
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