TUCSON, Ariz., Dec. 18 /PRNewswire/ -- Wavetech International, Inc.
(Nasdaq: ITEL) announced today that it has effected a one-for-six reverse
split of all issued and outstanding shares of its Common Stock, $.001 par
value per share. The reverse split was approved by the shareholders at a
Special Meeting held earlier this year.
Gerald I. Quinn, President and CEO of Wavetech said, "This reverse split
is necessary to consummate our pending merger with DCI Telecommunications and
fulfill our requirements to continue listing on The Nasdaq SmallCap Market.
Our focus now is to conclude our DCI merger without delay and build the proper
foundation that will provide long-term value to our shareholders."
Shareholders holding certificates representing Wavetech Common Stock will
receive instructions for the reissue of new certificates representing the
change in the number of shares held. Those shareholders who do not hold
certificates, but hold shares by their broker, have automatically had their
number of shares held adjusted to reflect the reverse stock split.
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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