HOUSTON, March 8, 2006 (PRIMEZONE) -- Texxon Inc. (OTCBB:TXXN) ("Texxon") announced today an update on recent developments.
Texxon has been primarily focused on the company's growth through acquisition mandate, having had discussions and negotiations with several merger and acquisition candidates to identify opportunities that would increase shareholder value. Key candidates are those which may generate operational synergies through mutual networks and technologies, geographical coverage, management, and complimentary suites of products and services, as well as those which could generate reductions in operating expenses through improved efficiencies.
Texxon has been working on its acquisition, originally announced June 15, 2005, of the TelePlus Group Inc. ("TelePlus"), a niche market international telecommunications company. After months of effort to make the transaction mutually beneficial, Texxon will now move forward with the TelePlus transaction that includes a corporate reorganization between the two companies in exchange for shares of stock. The transaction is subject to certain pre-closing conditions and both companies anticipate closing within a one month timeframe.
TelePlus is a global Mobile Virtual Network Operator (MVNO reseller and direct). Teleplus has seamlessly integrated a highly specialized telephone service that bundles reliable low cost international long distance with a wide variety of proprietary, in-language, services for the mainstream international traveler.
The key service differentiator, "content in-language," is delivered through a proprietary leading-edge technology (patent applied) cognitive intelligence and telecom system combination that allows the company to independently operate all of its mobile phone numbers, without having to intervene in the account of the partnered wireless carriers worldwide. The service has been successfully beta-tested with Japanese travelers. The Company is also testing the service with Skype's international VOIP user base. Product deployment is underway in the U.S. and European market.
For more information please visit www.1tc.com.
Texxon was, simultaneously, working on the execution of an Acquisition and Share Exchange Agreement with V3 Global, Inc., (Pink Sheets:VGBL) ("V3Global"). V3 Global and Texxon entered into a Rescission Agreement whereby the parties confirm that the Share Exchange Agreement was never closed, on the grounds that V3 Global was unable to provide audited financial statements, a condition precedent to closing the contemplated share exchange. Sameer Mohan has, concurrently, resigned as a Director of Texxon.
About TelePlus Group
TelePlus Inc., DBA TelePlus Group, is a pioneer in the field of international telecommunications, linking wireless technology to provide international travelers with tools to break language barriers. The Company and its international corporate leadership, based in Los Angeles, are dedicated to helping people around the world travel with confidence and security by offering its proprietary services. TelePlus focuses primarily on offering a communications technology which delivers the highest level of customer service at user friendly rates and enables people throughout the world to connect with one another around the clock in their own language. TelePlus Group through its services helps facilitate the expansion of the user's global experiences through business and recreation.
For more information, please contact us or visit www.1tc.com.
Safe Harbor
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services and pricing, general market trends and conditions, and other risks detailed in the Company's SEC reports.