BOCA RATON, Fla., June 27, 2002 (PRIMEZONE) -- Converge Global Inc. (OTCBB:CVRG) and its wholly owned subsidiary TeleWrx Inc. revise their "Launch Week" revenue projections and clarify their projections for the first week of operations. In the press release of Monday June 24, 2002, first week revenue projections were based on estimates from its distributors and an extrapolation of actual sales of distributor packages. By clarification, as of the close of business on June 26, 2002, there were 408 distributors fully processed and activated in the company's distributor system, which would produce gross sales of only $160,000 before expenses and overhead and not the over $1 million as inaccurately stated in Monday's release.
Mr. Michael Brown, President and CEO of Converge Global and TeleWrx, Inc. stated that: "The estimates for the opening week were incorrect and misleading. The corrected sales figure of $160,000 are gross sales only and are not indicative of profits, if any, that may be earned."
Mr. Brown added that: "We stated that there were close to 1,000 distributors signed up through the weekend launch. By way of correction and verification, our internal information shows that as of June 26th we had just over 400 distributor applications fully processed. It is our goal to keep our distributors and our shareholders informed and updated on our operational progress as we continue to develop our business activities. It will be our policy to provide an indication of our sales activities after our own internal sources have verified the figures. Additionally, we only recognize sales of our communications services at the end of each billing cycle when the revenue has been fully earned."
For more information, please visit the TeleWrx Web site at www.telewrx.com or contact Richard Kaiser at Yes International for Investor Relations at 800/631-8127 or by e-mail at yes@yesinternational.com
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains.
Actual results of the company's operations generally may differ materially from what is projected in such forward-looking statements.