EuroTelecom Comm - Acquisition of Interest, etc.
15 5월 2000 - 4:00PM
UK Regulatory
RNS Number:5443K
EuroTelecom Communications Inc
15 May 2000
EuroTelecom Communications, Inc.
INVESTMENT AND CO-OPERATIVE VENTURE WITH Q.TON,
AND CONTRACT AWARD
BOARD APPOINTMENT
EuroTelecom Communications, Inc. ("EuroTelecom" - UK stock
code ETMA), the AIM quoted company whose 'application linking'
technology is used to create the communications backbone for
intelligent buildings, has acquired 49% of Q.ton Limited
("Q.ton"). EuroTelecom has been awarded a significant
contract by Q.ton and will work closely with Q.ton on future
intelligent building projects.
Q.ton has developed Q.ton Forum, an intelligent business
complex, in a joint venture with Trinity College, Cambridge.
The first site chosen is the Cambridge Science Park ("CSP").
The high technology environment that the Q.ton Forum provides
is ideally suited to the combination of academia and blue chip
businesses that are an established feature of Cambridge and
which is much in evidence at CSP. In addition to the complete
business and technology backbone, conference suites, broadband
telecommunications, IT and videoconferencing systems it will
also provide a social infrastructure through high quality
restaurants, shops, bar, catering services and health and
fitness club. In addition, the project which is intended to be
the first in a series of high technology complexes includes
the provision of incubator facilities for new business start
ups. The contract to supply and install the high technology
backbone with comprehensive facilities valued at approximately
#900,000 over three months has been awarded by Q.ton to
EuroTelecom. In addition, EuroTelecom has been awarded a
facilities management contract for Q.ton Forum.
Under the terms of the transaction, EuroTelecom purchased 29%
of Q.ton from Amanda Staveley, Q.ton's Chief Executive and
sole shareholder, in exchange for 794,000 Class A Common
Shares in EuroTelecom. EuroTelecom's UK subsidiary,
EuroTelecom Corporation Limited ("EuroTelecom Corporation")
also subscribed for new shares in Q.ton equivalent to 20% of
Q.ton for #750,000. Upon completion of these transactions,
EuroTelecom, together with EuroTelecom Corporation, acquired
49% of the shares of Q.ton. The proceeds of the subscription
by EuroTelecom Corporation will be applied to substantially
repay outstanding loans owed by Q.ton to Amanda Staveley and
Amanda Staveley Limited.
Following completion of the transaction, Amanda Staveley
transferred 40,000 Class A Common Shares to Andrew Burchall,
who recently joined Q.ton as Finance Director. Amanda
Staveley and Andrew Burchall have entered into lock-in
agreements with EuroTelecom restricting the disposal of their
Class A Common Shares until the earlier of the publication of
the preliminary results of EuroTelecom for the year ending 30
June 2001 or 30 September 2001. After giving effect to these
transactions, Amanda Staveley holds 2.56% of EuroTelecom's
enlarged share capital and 51% of the enlarged share capital
of Q.ton.
Amanda Staveley is Chief Executive of Q.Ton and has been
invited to join the board of EuroTelecom as a non-executive
director on terms substantially similar to the existing non-
executive directors. Philip Derry, Chief Executive of
EuroTelecom and David Linell, Finance Director of EuroTelecom
will join the board of Q.ton.
Application for listing has been made for the consideration
shares and dealings are expected to commence on 19 May 2000.
Phil Derry, EuroTelecom's Chief Executive said :
"Q.ton Forum on the Cambridge Science Park is a very high
profile project which will showcase EuroTelecom's 'application
linking' technology. Our investment in Q.ton will cement a
relationship which will lead to the development of a network
of intelligent buildings suited to high technology growth
companies. We welcome Amanda Staveley to our board."
Amanda Staveley, Q.ton's Chief Executive commented :
"EuroTelecom's 'application linking' technology with its
broadband fibre optic communications backbone and facilities
management skills are vital elements in developing a suitable
environment for incubator and high growth companies. I am
greatly excited by the opportunities afforded by the link now
being forged between Q.ton Limited and EuroTelecom which will
create a unique and powerful blend of technology and skills.
Together they will be in a position to provide the wide range
of facilities that established companies and business start
ups need to draw on if they are to make the most of their
exciting growth opportunities."
This press release contains forward-looking statements. Such
statements are based on the current expectations and beliefs
of the management of EuroTelecom and are subject to a number
of factors and uncertainties that could cause actual results
to differ materially from those described in the forward-
looking statements.
For further information, please contact :
EuroTelecom Phil Derry, Chief Executive 01709-590899
Q.ton Amanda Staveley, Chief Executive01223-813264
Buchanan Communications
Steve Liebmann / Kirsty Robeson 020-7466-5000
END
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