Mergers, Acquisitions and Financial Results

US-based Amitelo Communications has signed a Letter of Intent to acquire Success Technology, a Moroccan telecommunications solutions company. The terms of the acquisition are for one million shares of common stock, consisting of 800,000 restricted shares and 200,000 free-trading shares. "We are looking to finalize this transaction with Success in the next few weeks as we intend to integrate the company as Amitelo’s African Headquarters," said Amitelo’s CEO, Khaled M. Akid.

The company services national and multinational corporations in Network Design and Administration, VPN Virtual Private Networks, Wireless Networks, VoIP Solutions, Network Security and quality of service and telecommunications consultancy.

Founded in 2001, Success Technology recorded revenues of approximately USD500,000 for 2003 and anticipates revenues of two million dollars for financial year 2004. The company’s client roster that includes Kraft Foods, the Gillette Company, Ernst & Young and many Moroccan ministries and government bodies.

Amitelo is establishing its main African Point of Presence in Casablanca to develop its sales presences in Mauritanea, Mali, Senegal, Guinea, Burkina Faso, Ivory Coast, Ghana, Togo, Benin and others.

Amitelo Communications is an international telecommunications and internet service provider. Its core business is the delivery of voice and Internet services. The company concentrates on providing both Voice over IP (VoIP) services and Broadband DSL via Satellite in regions lacking connectivity. ‹

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