Monday, January 24, 2005 2:19:56 PM
Friday January 21, 9:00 am ET
HONG KONG, Jan. 21 /Xinhua-PRNewswire/ -- Telecom Communications, Inc. (OTC Bulletin Board: TCOM - News) today announces that the Company's management is unaware of any material change in the Company's operations that would account for the recent decline in share price.
Dear Shareholders and Investors,
We have recently disclosed the following positive developments which we firmly believe will have a positive impact on share value throughout 2005: (i) A Letter to Shareholders on Market Cap Growth in 2005 with an Updated Revenue Forecast; (ii) The company has filed a PRE 14A Preliminary Proxy Statement for an Annual Meeting of Stockholders; (iii) TCOM's Alpha Century Signs LOI to Acquire Macau Duplicate Plays Limited.
We would like to confirm that there are no negotiations or agreements relating to intended acquisitions or realizations -- that can be disclosed. Neither is the board of directors of the Company ("Board") aware of any matter, which can be disclosed, which is or may be of a price-sensitive nature.
EXPLANATION OF (PROPOSED) REVERSE SPLIT and INCREASE IN AUTHORIZED SHARES
We would like to explain our proposals in the proxy statement: the increase in "authorized shares" does not mean that dilution has or will occur. It merely gives the company the ability and authority to issue stock for acquisitions and financings we believe are in the best interest of our shareholders. By voting on such a resolution at the AGM, you are putting your trust in our management and board to make timely decisions. Many acquisitions and financings are dependent upon timely execution and this resolution provides us with the flexibility to act in the best interest of our shareholders throughout the year (without calling special shareholders meetings which are timely and costly). We hope you will agree that over the past 6 months, our management team has executed numerous agreements and joint ventures, which have added substantial value to your company. This proposal provides us the flexibility to continue our plans for aggressive growth and capitalize on those opportunities which we believe will increase shareholder value. The purpose of the reverse split on a 2:1 basis of the issued and outstanding shares of common stock, is to have a more manageable number of shares and to increase the price per share. A reverse split would immediately increase our share price but only artificially at first. Through both internal and external growth, we plan on increasing our shareholder value and share price by executing on our business plan and capitalizing on the rapid growth in China. We have signed some tremendous contracts recently and believe this will only get better as we move into 2005. With a stronger share price and continued growth in our business model, we believe we can attract the attention of brokerage analysts, institutional investors, and large investment bankers. There is strong demand for investment in China and we believe Telecom Communications, with the right business model and share structure, can attract tremendous local and foreign investment. Our ultimate goal will be to meet the listing requirements of NASDAQ and we believe the proposals recently put before you, are the first step in achieving that goal.
By Order of the Board of Directors,
For and on behalf of Telecom Communications, Inc.
Shanhe YangChief Executive Officer21 January 2005.
About Telecom Communications, Inc.
Telecom Communications, Inc. is a Total Solutions Provider that offers Integrated Communications Network Solutions and Internet Content Service in universal voice, video, data web and mobile communications for interactive media applications, technology and content leaders in interactive multimedia communications. It develops, markets and sells a universal media software solution for enterprise-wide deployment of integrated voice, video, data web and mobile communications and media applications.
Telecom Communications, Inc. does business in Asia via its wholly owned subsidiaries, Alpha Century Holdings Limited, Huiri Electric (PY) Limited, Arran Services Limited and IC Star MMS, Limited ( http://www.ICStarMMS.com ). This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the company's limited operating history, the limited financial resources, domestic limited management infrastructure or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, uncertainty that this or any other acquisition can be completed and conditions of equity markets. More information about the potential factors that could affect the company's business and financial results are included in the Company's filings, available via the United States Securities & Exchange Commission.
For more information, please contact:
Mr. Benny Huang
Telecom Communications, Inc.
Tel: +852-2782-0983
Email: pr@tcom8266.com
Source: Telecom Communications, Inc
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