NEWS !!!!!!!! Tuesday September 25, 9:34 am Eastern Time
Press Release
SOURCE: Staruni Corp.
Staruni Corp. to Acquire Elephant Talk Ltd.
LOS ANGELES--(BUSINESS WIRE)--Sept. 25, 2001--Staruni Corp. (OTCBB:SRUN - news), an Internet Service Provider and Web Developer of e-commerce sites and solutions and e-service Internet companies, today announced it has signed an agreement evidencing its intent to acquire all of the outstanding shares of Elephant Talk Ltd., a telecommunications company based in China.
In contemplation of the change in its business plan through the acquisition of Elephant Talk, the company has formally withdrawn its application to register shares of SRUN on Form SB-2, previously filed with the U.S. Securities and Exchange Commission. Its notification of the withdrawal was filed by Staruni with the SEC on Friday, Sept. 21, 2001.
Elephant Talk Ltd. has its principal office in Hong Kong, an affiliated office in Boston, and several points of presence (POPs) in various cities in the People's Republic of China and Southeast Asia. Its activities involve selling wholesale telephone service to such customers as AT&T, MCI and Global Crossing, as well as providing phone cards to those who wish to call China and around the globe. The company was founded in 1994 and did over 15 million in revenues for each of the past two years.
The total transaction shall involve a reverse stock split, a combination of both the ET and Staruni Boards of Directors, and a shareholders' meeting to approve the entire transaction. The date for such meeting has not been set; however, the entire transaction is due to be finalized prior to the end of the calendar year. The details of these transactions will be disclosed in a Form 8-K to be filed in the next 15 days.
The statements made in this news release that are not historical facts contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other facts may result from business risks and uncertainties including, without limitation, the companies dependent on third parties, market conditions, technical factors, the availability of outside capital and receipt of revenues, and other facts, many of which are beyond the control of the companies mentioned in this release. Each company disclaims any obligation to update information contained in this news release, and readers are cautioned not to place undue reliance on any forward-looking statement.
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Contact:
Staruni Corp.
Bruce D. Stuart, 310/470-9358, 310/470-9127 (Fax)
webmaster@staruni.com
www.cyberhotline.com
www.staruni.com
