WHITE PLAINS, N.Y., Nov. 17, 2003 (PRIMEZONE) -- eLEC Communications Corp. (OTCBB:ELEC), a provider of local and long distance telephone service, today announced it has retained Broadmoor Asset Management as a financial advisor.
Paul Riss, eLEC's CEO, commented, "We are pleased to have attracted Broadmoor as both an advisor and an investor. With the sale of our building and our former Essex subsidiary, we now have a much stronger balance sheet and we plan to move forward with net additions of 500 lines a week. Our strategy is to focus on profitable growth and customer satisfaction without being restricted to any particular network technology. We anticipate Broadmoor will be helpful to us in growing our revenues."
Broadmoor's CEO, Anthony Giordano, stated, "Our funds have been targeting specific telecom ventures, especially opportunities we have identified in China. We believe a company like eLEC offers a valuable local access platform and possesses the industry know-how that is needed for a local exchange carrier to succeed. We look forward to working with eLEC in identifying and developing strategies and financings that create shareholder value. In addition to acting as financial advisor, we are also an active shareholder in eLEC."
eLEC Communications Corp. is a competitive local exchange carrier ("CLEC") that offers small businesses and residential customers an integrated set of telecommunications products and services, including local exchange, local access, domestic and international long distance telephone, and a full suite of features including items such as three-way calling, call waiting and voice mail. eLEC currently serves businesses and residents throughout New York, New Jersey and Pennsylvania. For additional information on products and services, visit the web site of New Rochelle Telephone at www.newroctel.com. Broadmoor Asset Management's web site is located at www.broadmoorfunds.com.
This release contains forward-looking statements that involve risks and uncertainties. eLEC's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, certain risks and uncertainties over which the company may have no control. For further discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the discussions contained in eLEC's Annual Report on Form 10-KSB.