NEWPORT BEACH, Calif., April 4, 2000 (PRIMEZONE) -- Presidents Telecom Inc. (OTCBB:PRTE) is pleased to announce today that it has completed the acquisition of a fully reporting public company.
Presidents Telecom Inc. is focused on the deployment of worldwide digital, voice and data via VoIP, fiber optic, Internet circuit, satellite and public switched telephone networks. Presidents Telecom's strategic vision is to build a leading consortium of the highest quality Voice over Internet Protocol networks and a significant world wide market share of long distance traffic.
VoIP (Voice over Internet Protocol) based networks are lower cost alternatives to the traditional LD calling solutions. The global market for VoIP is predicted to reach $14.7 Billion by 2003, according to "The IP Telephony Report - Driving the Open Communications Revolution," by Edward R. Jackson, senior research analyst at Pipper Jaffrey, a major Investment Bank.
Presidents Telecom Inc. recently announced its entry into Telecommunication and VoIP via two proposed acquisitions - Access Network's Ltd. and International Communication & Equipment Corp. of Seattle, Washington (ICE). ICE is to establish a Russian company with its national partner, Crosna, for the establishment of VoIP services with international termination in Berlin and additional regional services of up to 60 carriers serving the Russian Federation over a landline and satellite network. Major cities being serviced by the Clarent (Nasdaq:CLRN) VoIP system (www.clarent.com) include Moscow and St. Petersburg. In Germany, Mr. Martin (CEO of ICE) has accomplished all necessary market development objectives, and is prepared to activate a pre-approved application for government grants and subsidized financing. ICE intends to build up the technical capacity to handle over 500 million voice minutes annually.
ACCESS's principal officer, Singaporean Mr. Ronald Thim Fook Low, is Resident in Asia to position the company in the huge, growing Asian telecom marketplace. The company is comprised of a team of telecommunications personnel with substantial Asian connections, which is a vital key to establishing new telecom ventures and support of other future network acquisitions.
Presidents Telecom Inc. is to provide ACCESS with working capital and Capital budgeting for marketing and sales development for the Asian region, engaging technical staff in the U.S. and elsewhere and for the purchase of equipment representing technology essential to the development of a VoIP network infrastructure. ACCESS is a high growth telecommunications company that has positioned itself to participate in the fastest growing telecom service sector in the world -- voice over Internet protocol solutions for long distance telecommunications services. These solutions utilize converging and complementary technology including VoIP, digital, voice and data via fiber optic, satellite and Public Switched Telephone networks to provide lower cost long distance services to consumers, businesses and governments. Over the next eighteen months ACCESS intends to build up the technical capacity to handle over 200 million voice minutes annually.
Statements regarding financial matters in this press release other than historical facts are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations including future revenues and earnings, and all other forward looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.