TUCSON, Ariz., March 2 /PRNewswire/ -- Wavetech International,
Inc.(Nasdaq: ITEL) announced today that its Board of Directors has approved
the exchange of 568,846 shares of its common stock, equating to approximately
19.9% of its existing shares outstanding, for 576,047 common shares of DCI
Telecommunications, Inc. (OTC Bulletin Board: DCTC) that represents
approximately 2% of its current outstanding shares.
Gerald I. Quinn, President & CEO of Wavetech said, "we are doing this in
advance of completing the previously announced merger between Wavetech and
DCI, to take advantage of certain synergistic business opportunities and in
order to reaffirm our commitment to increasing value to shareholders of both
companies." Completion of the merger itself is subject to, among other
conditions, approval of both companies' shareholders and The Nasdaq Stock
Market, Inc.
As part of the stock swap, DCI and Wavetech will each have the right to
designate one member to the Board of Directors of the other company.
The companies are also in the planning stages of a number of other joint
initiatives, including deployment of DCI resources to "jump start" the
operation and distribution of Wavetech's existing and new products.
DCI Telecommunications is a global provider of telecommunications
services, including long distance, prepaid phone cards and Internet services.
It has an extensive distribution network throughout North America, Europe and
the Far East. The Company owns and operates switching facilities in Canada,
the United Kingdom, Spain and Denmark, with facilities planned for the United
States in the near future. There are currently 10 operating facilities
worldwide, serving customers in eight countries. DCI recently reported sales
of $28.1 million for the nine months ended December 31, 1998 versus $8 million
in the comparable prior-year period. DCI recently announced it will begin
operating as a Competitive Local Exchange Carrier (CLEC) throughout Spain due
to an agreement with Madrid based Retevision, the national cable television
service provider.
Wavetech International, Inc. is a facilities based telecommunication
company. It is the developer and the distributor of Interpretel calling card
products and is engaged in the resale of international long distance minutes.
The Company's advanced computer/telephony network provides subscribers a
single point of access to a broad range of communications and information
services. Wavetech markets its services in the United States and Canada under
the Interpretel(TM) name and through other customized or co-branded
initiatives with other organizations.
This press release contains certain forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. This information may involve risks and uncertainties that
could cause actual results to differ materially from such forward-looking
statements. Factors that would cause or contribute to such differences
include, but are not limited to the uncertainty of the Company's ability to
satisfy the conditions to the continued listing of its Common Stock on The
Nasdaq SmallCap Market, the consummation and results of its merger with DCI,
and other factors detailed by Wavetech in its filings with the Securities and
Exchange Commission.
SOURCE Wavetech International, Inc.
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Related links:
http://www.interpretel.com
Company News On-Call:
http://www.prnewswire.com/comp/111429.html or fax,
800-758-5804, ext. 111429
CONTACT:
Richard Freeman, Investor Relations for
Wavetech International, Inc., 520-750-9093 ext. 203,
rfreeman@interpretel.com
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