FAIRFIELD, N.J., Dec. 6, 2004 (PRIMEZONE) -- Accesstel, Inc. (OTCBB:ASTI) today announced that it has signed definitive documents for a planned equity private placement of $8 million with DAG Enterprise Inc., a private investment firm. The financing is targeted to occur during the next 12 months, although there is no assurance as to the extent that the financing will be completed in this period.
Accesstel, Inc. intends to use the net proceeds from the financing for working capital and the purchase of a new textile knitting and dyeing plant.
Accesstel announced on October 28th, 2004 that it had completed the acquisition of Global Invest Holdings, Inc., a U.S.-based company engaged in the production and marketing of textile products. Pursuant to this acquisition, a name change to Global Invest, Inc. and symbol change is pending.
Accesstel has developed this unique and global "virtual manufacturing" concept, integrating social and economic development while delivering profits. For more details, visit our website www.globalinvestholdings.com.
On behalf of the Board Ralph Sayad, Chief Executive Officer Accesstel, Inc.
This news release includes "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact are statements that could be deemed forward-looking statements and are often characterized by the use of words such as "believes," "expects," "estimates," "projects," "may," "will," "intends," "plans," or "anticipates," or by discussions of strategy, plans or intentions. In this news release, forward-looking information includes statements relating to the conversion of securities, future sales of securities, future registration of securities and similar matters. All forward-looking statements in this news release are made based on management's current expectations and estimates, which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements.