News text:
Green Mountain Capital Executes Agreement to Acquire Telecommunications PLC, A Provider of Telecommunications Services Based in the UK; Stock Symbol Changed to GMOC.OB
Business Wire - January 17, 2006 11:01
MIAMI, Jan 17, 2006 (BUSINESS WIRE) -- Green Mountain Capital Inc. (OTC Bulletin Board:GMOC), has reversed split its common shares, effective January 12, 2006, on the basis of 1000 old shares for 1 new share. The common shares currently outstanding as a result of the reverse split is 899,089. The company has also changed its symbol from GMCI to GMOC.
In addition, the Company has executed an agreement to acquire London based Internet Telecommunications PLC, ("IT") a private company, for 23,500,000 common shares and 3.2 million warrants, exercisable at $1.00 per share, expiring January 10, 2011. As a condition to the acquisition, $3,000,000 will have been raised. The total shares outstanding after completion of the acquisition will be 45,899,089 common shares and 5.3 million warrants. The outstanding preferred shares will be retired as part of the acquisition and recapitalization. The closing will occur when GAAP audited financial statements of IT and other closing documents are delivered to Green Mountain.
Based solely on information provided to Green Mountain from IT. Internet Telecommunications, PLC (ITPLC) is a provider of low cost line rental and airtime services including voice and data as well as offering value-added services such as SMS, voice-over-internet Protocol (VolP) and mobile telephony. ITPLC estimates in excess of $19,000,000 in revenues in 2005 (its first full year in operation) and has over 10,000 customers, including residential as well as corporate clients some with 30 channel ISDN lines.
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.
