CNTI..second LOI..CoConnect, Inc. Signs Letter Of Intent to Acquire Sandstone Publishing Group LLC
- To Add $500,000 to Annual Revenues Beginning in 2005 - SALT LAKE CITY, April 6 /PRNewswire-FirstCall/ CoConnect, Inc. (OTC: CNTI), the developer of ultra high-speed wireless Internet access, VOIP and IPTV/VoD products, is pleased to announce today that it has signed a letter of intent to acquire 100% of the issued and outstanding shares of Sandstone Publishing Group LLC, publisher of Action Zone Magazine and Action Zone Home Buyers Guide. Sandstone Publishing's magazine is a first class monthly travel, leisure and home publication targeted to residents and visitors in the tri-state area of Utah, Nevada and Arizona. As a result of this acquisition, CoConnect expects to add $500,000 to its annual revenues beginning in 2005. Upon the close of the acquisition, Sandstone Publishing will operate as a wholly owned subsidiary of CoConnect. Tim Thayne, CEO of CoConnect stated, "The proposed acquisition of Sandstone Publishing will allow CoConnect to immediately grow our annual revenue base. Sandstone brings to CoConnect advertising and publishing expertise as well as an existing subscriber base to expand the target market for our services. We plan on working closely with Sandstone to launch a comprehensive marketing and promotional campaign in order to drive future sales of our ultra high-speed Internet products and services." Karin Rosquist, Co-Founder and Manager of Sandstone Publishing LLC, stated, "We are excited, every single product complements each other. And what does this mean to everyone: The sky is the limit!" Under the terms of the agreement, CoConnect plans to acquire 100% of Sandstone Publishing in exchange for $50,000 in cash and 250,000 shares of restricted common stock. CoConnect anticipates to close on the acquisition next month. About CoConnect: CoConnect has developed and is deploying a 45Mbps broadband wireless Internet delivery system to deliver Ultra High-Speed Wireless Internet, Voice Over Internet Protocol (VOIP), and IPTV/VoD products and services. CoConnect's bandwidth is up to 30 times faster than today's current T-1 standards of 1.5Mbps. Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements. SOURCE CoConnect, Inc.
Contact Information: Tim Thayne of CoConnect, +1-801-266-9393 or tim@coconnect.com; or Geoffrey Eiten, Investor Relations for CoConnect, +1-781-444-6100 ext. 613, geiten@otcfn.com
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