Press Release
Green Mountain Capital Provides Progress Report on Proposed Acquisition of Internet Telecommunications PLC
Thursday March 16, 8:15 am ET
US GAAP Audit in Progress and Positive Developments Discussed
MIAMI--(BUSINESS WIRE)--March 16, 2006--Green Mountain Capital Inc. (OTC Bulletin Board: GMOC - News) had previously announced on January 17, 2006 that it had executed an agreement to acquire London based Internet Telecommunications PLC ("IT"). Internet Telecommunications PLC is a provider of low cost line rental and airtime services including voice and data as well as offering value-added services such as Voice-over-Internet Protocol (VoIP) and mobile telephony.
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As a condition of the acquisition, the closing was conditioned on the delivery to Green Mountain Capital of GAAP audited financial statements of IT and other closing documents.
Green Mountain Capital has been notified by IT that the completion of the GAAP statements and closing of the acquisition is now anticipated prior to the end of April, 2006. The GAAP audit is currently being conducted by the U.S. firm of Marcum & Kliegman LLP.
Green Mountain Capital has decided that with IT's year-end falling on December 31, 2005, it would await the completion of the 2005 US GAAP audited financial statements for IT prior to submitting the required 8-K filing with respect to the closing of the Green Mountain Capital-IT combination.
Green Mountain Capital has already advanced funds in excess of $2,000,000 to IT. These funds have been used by IT has acquire a Nokia switch, which is currently undergoing commissioning and is expected to be fully in service by early fall.
In addition, IT has commenced marketing its wholesale line rental and airtime offerings, and has already signed nine major new service providers to its portfolio since January, thereby adding to IT's growth in revenues.
Based solely on information provided to Green Mountain Capital Inc. by IT, over the next 12 months period, Internet Telecommunications PLC expects to achieve the previously estimated 2006 revenue targets, with continuing profitability.
Information included in this news release contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995 (Reform Act). Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results and performance of the Company to differ materially from any expected future results or performance, expressed or implied, by the forward-looking statements. In connection with the safe harbor provisions of the Reform Act, the Company has identified important factors that could cause actual results to differ materially from such expectations, including the possibility that the proposed transaction will not close, operating uncertainties, uncertainties relating to economic issues and competition. Reference is made to all the Company's SEC filings, including the Company's Reports on Forms 10KSB, 10QSB and other periodic reports.
