Away We Go...
News release on major acquisition. Looks positive for PHII.
Prime Holdings Acquires European Telecommunication Assets
PRNewswire via COMTEX
Oct 1, 2001 7:30:00 PM
LAS VEGAS, Oct 1, 2001 /PRNewswire via COMTEX/ -- Prime Holdings and Investments Inc., (OTC Bulletin Board: PHII), announced today that it has acquired S.I.T.I. S.p.A., a profitable telecommunications holding company based in Milan, Italy. SITI owns a controlling interest in several established telecommunications-related firms, which, combined, have an estimated value of $40 million.
As a result of this acquisition, Prime will immediately generate sufficient revenue to sustain business growth, with a three-year objective of reaching $100 million.
Among the operating businesses that now become assets of Prime include: -- Datico, SpA of Milan, Italy-a leading provider of network systems, data storage, and a long-term manufacturer of modems and other telecommunications equipment. Selected customers include Alcatel, Banca D'Italia, Deutsche Bank, Mercedes Benz, and government institutions. -- Mondelli, SRL of Milan, Italy-a commercial engineering and general contracting services firm specializing in cable and fiber optic networks, bridges, and highways. -- S.C.A. SRL, of Tuscany, Italy-a rapidly-growing electrical and telecommunications installation business and manufacturer of switching equipment.
'We are excited to enter this next phase of our company life cycle-that of a publicly-traded U.S. firm,' said Domenico Sommariva, Chairman of S.I.T.I. 'Our public status through Prime will open new doors and business opportunities to us. The Company's strategic focus is to establish a global network of telecommunication businesses through an acquisition plan that spans Europe, North America and Asia Pacific regions.'
Prime plans to appoint additional management executives as it implements this strategy.
Pergarex SA, a Swiss holding company and large shareholder of Prime, will arrange future acquisition financings.
NOTE: This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by Prime Holdings and Investments Inc., with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including potential fluctuations in financial results, dependence on new product development, rapid technological and market change, failure to complete the manufacture of equipment on schedule and on budget, financial risk management and future growth subject to risks, and adverse changes in the regulatory or legislative environment. Prime Holdings and Investments Inc. undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
/CONTACT: Investor Relations of Prime Holdings and Investments Inc., +1-866-922-5535/