Global Resources Group, Inc.
"On the leading edge of what will repeat itself worldwide!"
111 Second Avenue NE
Suite 1600
St. Petersburg, FL 33701
(727) 550-2442
[email protected]/www.globalresourcesnetwork.com
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PRESS RELEASE
For Immediate Release
For more information contact:
Mr. Scotty Miller
727.550.2442
Global Resources Group, Inc. Discloses Intention to
Merge With Pensat International Communications, Inc.
St. Petersburg Florida, - June 21, 2000 - Global Resources Group, Inc. (Global
Resources, GRGI on OTC Pink Sheets) Chairman Howard Davidsmeyer today announced
that the Board of Directors has approved a letter of intent providing for a
merger with Pensat International Communications, Inc. (Pensat). The transaction,
when consummated, will merge Pensat, an international, facilities-based,
integrated communications provider (ICP) focused on the Hispanic population
centers in the U.S., Latin America and Spain, with Global Resources Group, Inc.,
a licensed international provider of ATM services in the U.S. and Mexico. The
closing of the transaction is subject to completion of due diligence, execution
of a definitive agreement and approval by shareholders.
In announcing the merger, Davidsmeyer said, "the complementary network and
market positions of these two companies provide synergies which we expect will
significantly enhance our presence in our common target markets." Commenting
further on the merger, Philip A. Verruto, Pensat Chairman and CEO stated "this
merger combines highly compatible ATM network assets and market positions which
address the worldwide Hispanic populations in important ways. By leveraging
these synergies, we expect to improve revenue and operating margins as well as
reduce costs and capital expenditures. The merger will also serve to accelerate
our penetration of the global Hispanic community further enhancing the early
mover position we enjoy in many of these newly deregulated markets."
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Pensat International Communications, Inc. (www.pensat.com), headquartered in
Washington, D.C., is an international integrated communications provider with
licensed operations in the USA, Spain, Brazil and Syria and provides a wide
array of telecommunications and network services, including CLEC operations,
long distance, data, Internet, prepaid calling cards, carrier wholesale and
international private line. Additionally, Pensat has developed a Global
Consortium Network (GCN), comprised of strategic alliances and interconnect with
carriers in Venezuela, Chile, Korea, The Netherlands Antilles and Peru. Pensat
maintains offices and operations in Omaha, NYC and San Francisco, where it
operates a national ATM network. Pensat also has international offices and
network operations in Madrid and Barcelona, Spain; Sao Paolo, Rio de Janeiro,
Belo Horizonte and Manaus, Brazil; Damascus, Aleppo and Lattakia, Syria,
Global Resources Group, Inc. (www.globalresourcesnetwork.com), is headquartered
in St. Petersburg, FL. GRGI is a licensed international provider of digital
communications solutions offering seamless, end-to-end, international high
speed, large volume applications for multimedia services. Our ATM backbone, the
"Global Resources Network", provides state-of-the-art bandwidth on demand
services for voice, data, video and Internet applications. GRGI has offices in
St. Petersburg and Mexico City. The Company maintains ATM network switching
nodes in San Antonio, Los Angeles, Miami and New York.
For additional information contact: Scotty Miller @ (727) 550-2442
Except for factual statements made herein, the information contained in this
press release consists of forward-looking statements that involve risks and
uncertainties. The Company's actual results could differ materially from those
contained in such statements. Factors that could cause or contribute to such
differences include unexpected shortages of critical components, rescheduling or
cancellation of customer orders, the timing and market acceptance of new product
introductions by the Company and its competitors, and general competition and
price pressures in the marketplace. Reference is also made to other factors set
forth in the Company's filings with the Securities and Exchange Commission.
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