October 21, 2008
Newport Global to Acquire LaSilkee Virtual Connections
US-based telecommunications company Newport Global Technologies has signed a definitive agreement to acquire for cash and stock LaSilkee Virtual Connections, a Jordanian telecommunications company operating under a license granted by the Hashemite Kingdom of Jordan. The specific terms of the transaction were not disclosed.
Rounsevelle Schaum, chairman of Newport Global Technologies, said: "This is a strategic acquisition for our company because it will become the satellite-fiber-optic gateway for our expansion in the Middle East and Africa."The LVC (LaSilkee Virtual Connections) facilities will be expanded to include a satellite ground station which will permit us to bring to operational status our previously announced joint venture agreement with Kirkuk Telecom to provide broadband telecommunication services to Kirkuk, the cities of the Kurdistan Autonomous Region, and other Iraqi provinces. The LVC facility will also provide satellite connectivity to our present facilities in Guinea and will be the gateway for our pending developments in other African countries."