DENVER, Oct. 28, 2004 (PRIMEZONE) -- Accesstel, Inc. (OTCBB:ASTI) is pleased to announce they have completed the acquisition of Global Invest Holdings, Inc., a U.S. based company engaged in the production and marketing of textile products.
Pursuant to acquisition, a name change to Global Invest, Inc. and symbol change is pending.
About Global Invest
Global Invest is the umbrella under which the manufacture and marketing arms operate. The business has grown over the past eight years from a unique idea to generating profitable revenues.
Their unique concept has made them the largest employer in the country of Lebanon. Their two main products are hosiery and cotton undergarments which are marketed through their U.S. division. Their revenues, which will be between 8 and 9 million dollars in this year, are only constrained by their ability to buy equipment and service existing debt.
By implementing their "virtual factory" and unique marketing technique, Global Invest, Inc. is poised to attain $48 million in revenues annually with in the next 18 months and project 22% net profit to the bottom line.
The Industry
According to OTEXA Trade Data, member of the Committee of Implantation of Textile Agreements, as of August 2004, the world textile apparel market is approximately $58,232,000,000. The world textile markets growth is approximately 6% annually. Apparel products constitute over 75% of the total worldwide production. Lebanon factories alone have seen over 111% growth in cotton apparel manufacturing since 2003.
On behalf of the Board Kevin Marion, President Accesstel, Inc.
Forward-Looking Statement
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.