ITOS has entered into a definitive merger agreement to acquire 100 percent of the shares in Satellite Phone Source. All interim officers and directors of ITOS will resign immediately and Stan F. Wilson Jr. will be appointed chairman, president and CEO, while Marc J. Caparrelli is to be appointed secretary/treasurer.
"We are extremely excited about this transaction," stated Wilson. "Our company is in a high growth stage and in an industry that is highly fragmented. This merger with ITOS will enable us to roll-up several competitors that provide synergy to our current structure."
"With our aggressive strategy, we believe we can become one of, if not the largest independent players in North America." It is expected that the merger will close within the next two weeks.
In other news, ITOS announced that it has retired 100 percent of the debt left behind by previous management. Loans were made to IT Outsource Inc. and at the time of dissolution, the company was left with these liabilities.
"In fairness to new management," stated a company spokesperson, "we felt that the company needed a fresh start. It is unfortunate that the situation had to arise in the first place, but now we can all move ahead. Satellite Phone Source gives us a tremendous opportunity to grow this company quickly through acquisitions."
