FINANCIAL CONTACT FINANCIAL RELATIONS
Karin-Joyce Tjon Cameron Associates Inc.
Executive Vice President Kevin McGrath
212.319.9160 212.245.4577
E-mail: [email protected] [email protected]
Webpage: www.amtec-inc.com
AMTEC AND TERREMARK ANNOUNCE CLOSING ON TERREMARK CENTRE SALE
PAVING WAY FOR COMPLETION OF MERGER
New York, NY - April 24, 2000 - AmTec, Inc. (Amex: ATC), an international
telecommunications and Internet services company, and Terremark Holdings,
Inc. (Terremark) a privately held, full-service real estate and development
company, today announced the closing of the sale of the Terremark Centre on
April 21, 2000, for $58.8 million. The sale was a condition to the closing
of the pending merger of Terremark and AmTec, and related stock sale to
Vistagreen, and will provide the combined company with more than $27
million in cash for future growth and expansion.
Terremark Centre is an office-residential complex which contains
approximately 294,000 rentable square feet of office space, 16 residential
units and a multi-level parking garage, located at 2601 South Bayshore
Drive, Coconut Grove, in Miami-Dade County, Florida. The newly merged
company, which will be known as Terremark Worldwide, Inc., will maintain
its corporate headquarters at Terremark Centre and Terremark Management
Services will continue to manage the complex.
AmTec, Inc. is an international telecommunications services company that
provides voice, data and Internet telephony services through IP.com, a
partnership with Fusion Telecommunications International, and provides IP
fax and related services in Asia through IXS.NET.
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NOTE: Forward-looking statements in this press release are
necessarily subject to risks and uncertainties that may affect the accuracy
of such statement. Such risks may include any political instability in
China, any delays in construction of networks, and market acceptance of and
demand for the Company's products. For a discussion of such risks, please
refer to the Company's Form 10(K) files with the Securities and Exchange
Commission for the fiscal year ending March 31, 1999. The Company
undertakes no obligation to update such factors or to publicly announce the
results of any revisions to the forward-looking statements contained
herein. Investors and security holders of AmTec, Inc. are advised to read
the proxy statement regarding the AmTec and Terremark merger and related
transactions referenced in the foregoing information because it contains
important information. Such proxy statement has been filed with the
Securities and Exchange Commission by AmTec, Inc. Investors and security
holders may obtain a free copy of the proxy statement and other documents
filed by AmTec, Inc. at the Securities and Exchange Commission's website
http://www.sec.gov The proxy statement and such other documents may also be
obtained from AmTec, Inc. by directing such request to; Karin-Joyce Tjon,
Corporate Secretary, AmTec, Inc. 599 Lexington Avenue, 44th Floor, New
York, NY 10022, tel.: 212-319-9160.
