Information  X 
Enter a valid email address

Future Integrated (FUR)

  Print      Mail a friend

Monday 08 October, 2001

Future Integrated


Future Integrated Telephony PLC
8 October 2001


Progress on reverse acquisition of Eurotel Systems Limited ('Eurotel')

The Company announced on 3 August 2001 that it was in discussions with Eurotel
that may or may not lead to an offer by Future for the acquisition of Eurotel
that would constitute a reverse takeover. As a result of a breach of
commercial confidentiality, the Company requested the suspension of trading in
its shares from the London Stock Exchange pending clarification of the terms
of any such offer.

As part of the ongoing negotiations on the structure of the reverse takeover
of Eurotel, the Company has now reached agreement, subject to contract, to
sell certain of the Company's operations to Eurotel. Future has agreed to sell
the assets, maintenance, Least Cost Routing ('LCR') and Mobile Airtime
contracts relating to the Company's PABX customer base, to Eurotel, for a cash
consideration of £850,000, conditional upon certain performance criteria.
Approximately 45 of Future's employees will transfer to Eurotel upon
completion. The agreement also facilitates the collection of the outstanding
debtors relating to the business being sold by Eurotel on behalf of the

Following completion of this transaction and whilst progressing the
acquisition of Eurotel, Future will continue to focus on its core business of
sales of LCR, Mobile and related Data Services, both through its Dealers and
Affinity Channels, such as the Federation of Small Businesses ('FSB').

The above transaction is an integral part of the negotiations and structure
for the proposed acquisition of Eurotel and for this reason the trading in the
Company's shares will remain suspended pending announcement of further



a d v e r t i s e m e n t