Contact Information: Contact: Jack Eversull The Eversull Group 972-378-7917 972-378-7981 (fax) E-mail: Web Site: www.atsi.net
ATSI's Auditors Remove "Going Concern" Opinion
Company's Financial Condition has Consistently Improved
| Source: ATSI Communications
SAN ANTONIO, TX--(Marketwire - June 16, 2008) - ATSI Communications, Inc. (ATSI) (OTCBB : ATSX )
announced today that the Company has achieved a key financial milestone by
removing the "going concern" opinion from its financial statements reported
in its SEC Form 10QSB filed June 13, 2008.
Arthur L. Smith, President and CEO, stated, "Achieving this goal is
extremely important and serves as recognition to our entire team for
consistently meeting performance objectives that led to a dramatic
improvement in our financial condition. We also appreciate the support of
our customers, partners, vendors, and stockholders in meeting this
signficant milestone."
Antonio Estrada, Sr. VP of Finance and Corporate Controller, added, "We are
extremely pleased that our improved financial condition and available cash
from operations enabled us to meet this objective that validates the
successful execution of our business plan."
The auditors had included an advisory regarding the "going concern" opinion
since the Company's re-incorporation in FY 2004. A going concern opinion
indicates that there is uncertainty in the ability of the Company to
continue operations.
ATSI Communications, Inc. operates through its wholly owned subsidiary,
Digerati Networks, Inc. Digerati Networks is a premier global VoIP carrier
serving rapidly expanding markets in Asia, Europe, the Middle East, and
Latin America, with an emphasis on Mexico. Through Digerati's partnerships
with established foreign carriers and network operators, interconnection
and service agreements, and a NextPoint powered VoIP network, ATSI believes
it has clear advantages over its competition. ATSI also owns a minority
interest of a subsidiary in Mexico, ATSI Comunicaciones, S.A. de C.V.,
which operates under a 30-year government issued telecommunications
license.
The information in this news release includes certain forward-looking
statements that are based upon management's expectations and assumptions
about certain risks and uncertainties that can affect future events.
Although management believes these assumptions and expectations to be
reasonable on the date of this news release, these risks and uncertainties
may cause actual events to differ material from managements those contained
in this news release. The risks and uncertainties include, but are not
limited to, continuing as a going concern, availability and cost of our
present vendors and suppliers, and absence of any change in government
regulations or other costs associated with data transmission over the
Internet or termination of transmissions in foreign countries.