MONTREAL, June 30, 2005 (PRIMEZONE) -- TelePlus Enterprises, Inc. (OTCBB:TLPE)(http://www.teleplus.ca), a vertically integrated provider of wireless and landline communications products and services across North America, announced today that its subsidiary TelePlus Retail Services, Inc. ("TelePlus Retail") expects to realize $607,000 (US) in annualized cost reductions through recent consolidations of certain stores and scheduling optimizations as part of its focus on driving increased profitability within the retail operation.
Kelly McLaren, President and COO of TelePlus Enterprises, stated "Over the last 90 days, TelePlus Retail has reduced is net operating costs by $607,000 (US) on an annualized basis, excluding one-time costs. These savings have been realized through the closure of specific under-performing locations and scheduling optimization across all stores. The store consolidations reduce our leaseholds by 26%, produce free cash flow and allow management efforts to be focused on a significantly stronger retail footprint." Ms. McLaren continued, "In regards to TelePlus Retail's growth plans, Ms. McLaren was clear: "We absolutely intend to continue growing TelePlus Retail, and are eying several key Canadian malls which we will be pursuing given the right location and timing opportunities. We are continuing to focus our efforts on additional operational cost reductions even while we are preparing to introduce new products and launch customer loyalty programs aimed directly at generating additional revenue."
Ms McLaren also commented on the ongoing acquisitions of TelePlus Enterprises: "Our cost reduction efforts within TelePlus Retail reflect our commitment to our shareholders and our recent acquisitions within TelePlus Connect reinforce this commitment to long-term, sustainable profitability within each of our core businesses."
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This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/teleplus. Alternatively, investors are asked to e-mail all questions and correspondence to TLPE@agoracom.com where they can also request addition to the TelePlus investor e-mail list to receive all future press releases and updates directly.
About TelePlus http://www.teleplus.ca
TelePlus Enterprises, Inc. ("TelePlus") is a vertically integrated provider of wireless and landline products and services across North America. The Company's retail division - TelePlus Retail Services, Inc. - owns and operates a national chain of TelePlus branded stores in major shopping malls, selling a comprehensive line of wireless and portable communication devices. TelePlus Wireless, Corp. operates a virtual wireless network selling cellular network access to distributors in the United States. TelePlus Connect, Corp. is a reseller of landline and long distance services including internet services.
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development and acquisition of new product lines and services, government approval processes, the impact of competitive products or pricing a technological changes, the effect of economic conditions and other uncertainties, and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Teleplus Enterprises, Inc. takes no obligation to update or correct forward-looking statements.