PERTH AMBOY,N.J., Aug. 24, 2006 (PRIMEZONE) -- U.S. Starcom (Pink Sheets:USTA) announced today that it has signed a Letter of Intent to acquire Bel Latino, a provider of money wiring and telecom services to the Hispanic community. Bel Latino, currently doing approximately $2 million monthly in revenues, will be acquired for a combination of cash and restricted stock. The acquisition is expected to be closed by the end of the 3rd quarter.
"This deal will mark a milestone in the history of this company," said John DiDomenico, President of U.S. Starcom. "We plan on tripling the number of stores over the next 12 months, while significantly adding higher margin inventory and services to each store. We plan on Hispanic consumers using our stores instead of a bank. They can wire money, call home, buy music or pre-paid products, while having a variety of other services that we will disclose at a later time," said Mr. DiDomenico.
"With this concept, we will also get two seasoned operators, Mike Burns, who will run Bel Latino, and Joe Betro, who will become COO of U.S. Starcom," said Mr DiDomenico. "With our Datawave project now invoicing a major carrier each week, and with our 2 other major projects shipping the next few weeks, we expect to see an exponential growth in our revenues from this point forward."
About U.S. Starcom: A leader in providing value added prepaid services and solutions to enhance communications and entertainment. With a sales distribution network extending to thousands of urban locations, U.S. Starcom will continue its rapid expansion into the distribution of alternative communication products and services, including international long distance, prepaid phone cards, wireless dial around applications, stored value services and money debit cards, and internet service enhancements. U.S. Starcom is committed to providing affordable access to the latest entertainment offerings from the recording industry through strategic alliances and joint distribution campaigns. The company can provide product development, distribution, and system installation through its two independent subsidiaries, Sky Distribution and U.S. Starcom Technologies, formerly known as Infinite Technology, Inc.
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