FAIRFIELD, N.J., Dec. 15, 2004 (PRIMEZONE) -- Accesstel, Inc. (OTCBB:ASTI) announced today clarifications to press releases issued on October 28, November 29 and December 6, 2004. The first two press releases stated that Accesstel was poised to attain certain revenue and net profit levels in the next 18 months. These revenue and net profit levels projected in these press releases were based, in part, on the assumption that Accesstel would be able to raise additional equity capital, and on assumptions based on, among other things, the Company's operating and financial performance over recent years and its expectations about its business for the current and future fiscal years.
Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Such statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, (a) the ability of the Company to generate revenues sufficient to pay its expenses (b) prevailing economic conditions which may significantly deteriorate, thereby reducing the demand for the Company's products, (c) regulatory or legal changes affecting the Company's business or (d) ability to secure necessary capital for general operating or expansion purposes. Should one or more of these or any other risks or uncertainties materialize or develop in a manner adverse to the Company, or should the Company's underlying assumptions prove incorrect, actual results of operations, cash flows or the Company's financial condition may vary materially from those anticipated, estimated or expected.
The December 6 press release did identify that Accesstel had a planned $8 million equity financing. We would clarify that this financing is on a best efforts basis. In addition, there is no assurance of our raising additional equity capital, as equity capital financings are dependent on prevailing economic conditions, the receptivity of the capital markets to equity investments in companies such as Accesstel and our own financial performance.
On behalf of the Board Ralph Sayad, Chief Executive Officer Accesstel, Inc.
The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements by their nature involve substantial risks and uncertainties. Actual results may differ materially depending on a variety of factors, including, but not limited to the following: changes in worldwide general economic conditions, worldwide competition, and our ability to raise capital to finance the expansion of our business.