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ITOS Inc. (fka ITSZ)

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ITOS Inc. (fka ITSZ)

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Truman321 Free
08/05/04 7:35 PM
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ITOS Inc. (fka ITSZ) RSS Feed

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ITOS Inc. Signs Definitive Merger Agreement with Satellite Phone Source NEWPORT BEACH, Calif. Pegasus Capital Inc. for ITOS Inc. Raymond J. McNamee, 949-706-0141 ITOS Inc. (Pink Sheets:ITSZ) has entered into a definitive merger agreement to acquire 100 percent of the shares in Satellite Phone Source. All interim officers and directors of ITOS will resign immediately and Stan F. Wilson Jr. will be appointed chairman, president and CEO, while Marc J. Caparrelli is to be appointed secretary/treasurer. "We are extremely excited about this transaction," stated Wilson. "Our company is in a high growth stage and in an industry that is highly fragmented. This merger with ITOS will enable us to roll-up several competitors that provide synergy to our current structure. With our aggressive strategy, we believe we can become one of, if not the largest independent players in North America." It is expected that the merger will close within the next two weeks. Satellite Phone Source is a leader in satellite phone sales and rentals. The company has provided phones to Fortune 500 companies, the U.S. military and small businesses and consumers throughout North America. A complete list of their products and services can be found at www.satellitephonesource.com. In other news, ITOS announced that it has retired 100 percent of the debt left behind by previous management. Loans were made to IT Outsource Inc. and at the time of dissolution, the company was left with these liabilities. "In fairness to new management," stated a company spokesperson, "we felt that the company needed a fresh start. It is unfortunate that the situation had to arise in the first place, but now we can all move ahead. Satellite Phone Source gives us a tremendous opportunity to grow this company quickly through acquisitions." Disclaimer: The company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements. Copyright © 2004 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission. News Copyright © 2004 Interest!ALERT All rights reserved.
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