News out today !
28/08/07
Convergence Technologies Group Inc. UK Subsidiary Completes 2 new multi-site contracts worth $162,000
Convergence Technologies Group Inc. UK Subsidiary
Completes 2 new multi-site contracts worth $162,000
(CNVG.pk)
Voice 2 Voice Limited, the UK subsidiary of Convergence Technologies Group Inc. (CNVG.pk) today announces completion of new multi-site contracts in England and Wales.
The Company has delivered Converged Communications systems for Hambleside Danelaw, part of the Hambleside International Group. In addition, Voice 2 Voice Limited has supplied systems to multi-franchise luxury car specialists Rybrook Group.
Installation at the new, state of the art Daventry Hambleside Danelaw facility was completed this week with the Inverness and Waterlooville sites scheduled in the next three weeks. Hambleside Danelaw received the 2006 Queens Award.
The Hambleside Danelaw contract delivers revenue of $54,000 to Convergence Technologies Group.
Rybrook Group engaged Voice 2 Voice to design and install systems for three prestige car sales sites throughout the UK. From the initial BMW dealership in the Midlands, Voice 2 Voice’s contract has been extended to cover the Bentley dealership situated in South Wales and the Jaguar/Volvo site in Warrington. Total contract value for the three sites delivered is $108,000.
Convergence Technologies Group Inc CEO Warren Stroud comments “These two new contracts demonstrate that we are committed to delivering excellence, and that our sales pipeline forecasts real and deliverable business and revenue. Due to the quality of service and equipment that the Company supplies we are enjoying rapid growth and remain on target to deliver our 2007/2008 forecasts.”
Voice 2 Voice summary:
• Designs, supplies, installs, maintains and consults on specialist Converged communications systems for voice, date, mobile, video and line of business applications.
• Profitable every year from inception.
• Voice 2 Voice turnover forecast to grow 58% July 2007 – September 2007, further 89% growth October 2007 – December 2007.
• Negligible debt, total of $35,833.56.
• Sales pipeline now valued in excess of $2M.
• IDC Western European VOIP Applications forecast for Western European VOIP Market Value will be $2.25 billion by 2011.
A full corporate overview including current financial and sales pipeline information is available on the Investor Relations page at www.convergencetechnologygroup.com
For more information please visit
www.convergencetechnologygroup.com
To contact the company, please use the online contact form.
ENDS
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbour" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of Convergence Technologies Group Inc. see "Risk Factors" in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
