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TELCO TECH INC. (fka TTXI) RSS Feed

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TTXI latest news release: TELCO TECHNOLOGY INC (U-TTXI) - News Release Telco Technology, Inc. Announces Progress In Efforts to Merge with Chinese Media Company CLOSTER, N.J., Sept. 26 /PRNewswire-FirstCall/ -- Telco Technology, Inc. (BULLETIN BOARD: TTXI) (the "Company" or "TTXI") announced today that the transaction with the Chinese based media company continues to progress toward the proposed merger. The Company previously announced that it had signed a Letter of Intent to merge with the acquisition candidate. From September 13 through September 17, 2003, Don McKelvey, Chairman of the Company, visited Beijing and reviewed the business opportunities with such company. It is contemplated that a second China-based company may be included in the merger. Total combined revenues are expected to be in the $20 Million range with profits in the $2.5 Million range. The second company is in the media industry as well, which represents large significant opportunities within the Chinese market. "I was impressed with the attractive climate for investment in growing technology companies in these markets. We are working diligently to implement a plan for success, and believe that these Chinese markets continue to expand and are a natural fit for long-term shareholder value," said Don McKelvey, Chairman. The Company anticipates that the parties will soon begin to work on a definitive agreement and Mr. McKelvey plans to return to Beijing in October to continue the talks to complete the transaction. The Company reported that a New York investment banking firm, which has expressed an interest in providing financing, will also be on the trip. TTXI further indicated that it believes that the Chinese media markets are huge and content providers represent the future of these markets. This transaction is intended to include TV content, production and distribution according to the Company. Although the Company is hopeful the transaction can be completed over the next several months, there can be no assurance that an agreement will be signed or that said transaction will ultimately be consummated. Telco-Technology, Inc. currently has no business operations; however, the Company seeks to acquire a privately held company within the telecommunications and/or internet industries. TTXI, which is a fully reporting company with the SEC, is current in all of its filings. Safe Harbor Statement Under the Private Securities Litigation Act of 1995, with the exception of historical information, the matters discussed in this release are forward- looking statements that involve a number of risks and uncertainties. The actual future results of TTXI could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to the ability of TTXI to find and complete an acquisition or merger. For more complete discussions of risks, see the information contained in the "Uncertainties and Risk Factors" Section of the Company's From 10-KSB for the year ended December 31, 2002. FOR MORE INFORMATION CONTACT: Wall Street Communications, Inc. Howard A. Scala, President 800 338-9338 Telco Technology, Inc. Don McKelvey, Chairman 201 768-2310 CONTACT: Howard A. Scala, President of Wall Street Communications, Inc., +1-800-338-9338; or Don McKelvey, Chairman of Telco Technology, Inc., +1-201-768-2310, Mckelveydon@hotmail.com Website: http://www.ttxi.com Quote: http://finance.yahoo.com/q?s=ttxi.ob
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