<PAGE> 1
Exhibit 99.1
EAGLETECH COMMUNICATIONS INC. ANNOUNCES $2.1 MILLION PRIVATE PLACEMENT;
COMPANY COMPLETES FIRST ROUND OF FINANCING
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 19, 2000--Eagletech Communications,
Inc. (OTCBB:EATC), a telecommunications solutions provider, announced today that
it has completed a $2.1 million private placement of convertible preferred
shares. The investor group was represented by Trinity Technology Management Inc.
and The Paradigm Group. The proceeds will be used for the purchase of equipment,
marketing and working capital according to Robert J.Dobbs, Jr., Chief Executive
Officer of Eagletech Communications, Inc.
"The capital raised through this initial private placement will help us execute
our business plan as we embark on the aggressive roll-out of our revolutionary
patent approved EagleOne personal communications system," said Dobbs. "This
funding enables the company to roll-out its proprietary service in a minimum of
ten targeted markets located in the Southeastern United States. We feel that
there is a huge need in the marketplace for our virtual receptionist
communications platform that offers a suite of services, unbeatable quality and
a low flat monthly price of $24.95."
Sheldon Drobny, Chairman of The Paradigm Group, said, "The Paradigm Group is
pleased to have been awarded an investment allocation in such a fine
up-and-coming company. We are also anxious to assist Eagletech Communications in
launching its marketing campaign, identifying several potential strategic
alliances."
The funds are in escrow account pending state approval which is expected within
24 hours, of the newly authorized preferred securities.
About Eagletech Communications Inc.:
Eagletech Communications Inc. (www.eagletech1.com), based in Ft. Lauderdale, FL,
is a leader in raising the standard and lowering the cost of business
telecommunications. Eagletech provides a local access, One-Number Follow Me
service called EagleOne which unites a mobile professional's phone numbers -
home, cellular, pager and fax - under a single number which follows the
professional. EagleOne is offered for a flat monthly rate of $24.95 with
unlimited phone calls.
Eagletech was founded in 1996 by a team of Computer Telephony developers,
Telecommunications Industry product developers, and entrepreneurs with real
world experience in the challenges presented by service organizations, sales
organizations, and mobile professionals.
This press release contains forward-looking statements. The words "estimate",
"possible" and "seeking" and similar expressions identify forward-looking
statements, which speak only as to the date of the statement was made. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether because of new information, future events,
or otherwise. Forward-looking statements are inherently
<PAGE> 2
subject to risks and uncertainties, some of which cannot be predicted, or
quantified. Future events and actual results could differ materially from those
set forth in, contemplated by, or underlying the forward-looking statements. The
risks and uncertainties to which forward-looking statements are subject include,
but are not limited to, the effect of government regulation, competition and
other material risks.
CONTACT: Noble House of Boston, Casselberrry, Fla.
Media Inquiries:
David Donlin, 888/217-2553 ext. 223, [email protected]
or
Other Inquiries:
Rob Karbowsky, 888/217-2553 ext. 225, [email protected]
