PrimeLink to accept $100 million in telecom service contracts, credit facility
Aug. 28, 2001--PrimeLink Systems, Inc. announced it has signed a Letter of Intent with DUCT Utility Construction Technologies, Inc. to accept a package of telecommunications service contracts with sales estimated in excess of $100 million.
PrimeLink Systems, Inc. (OTCBB: PMLK) announced it has signed a Letter of Intent with DUCT Utility Construction Technologies, Inc. (OTCBB: DUCT) to accept a package of telecommunications service contracts with sales estimated in excess of $100 million, together with certain commitments for a working capital credit facility of approximately $15 million in exchange for an amount of restricted common stock which represents a controlling interest in the Company.
The contracts are for placement of both fiber optic and television cable systems scheduled to be completed over the next 12 to 18 months. The transaction is subject to the final approval of both companies, and is expected to occur on or before September 15, 2001, with work operations under these contracts commencing immediately upon closing.
About DUCT Utility Construction Technologies, Inc.:
DUCT is a telecommunications and utility infrastructure construction and technologies holding company.
For more information, visit www.primelinksystems.com.