• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Franklin Telecom Announces Merger With Leading Edge Cell Phone Company

Posted on: Thursday, 14 August 2003, 06:00 CDT

Franklin Telecommunications Corp. ("Company") (OTC: FKLT), a manufacturer of high speed VoIP (Voice over Internet Protocol) telephony equipment, today announced that it has signed a Letter of Intent to merge with Accetio Inc. of San Diego, a California Corporation with strong Korean backing. The letter of intent to merge Accetio into Franklin was signed on June 5, 2003, and the Final Agreement on July 30, 2003.

Accetio Inc. is a designer and marketer of cell phones in the wireless sector. These are high resolution color and grayscale display GSM/GPRS phones. Accetio is focused on Engineering and Technology as opposed to manufacturing anything from the ground up, in keeping with today's trend for major companies to use contract manufacturing. There are 4 major components to the cell phone; all are designed by Accetio and built by Solectron, a billion-dollar, third-party manufacturing company.

The documents for merger are now complete. Accetio will now be a wholly owned subsidiary of Franklin. Franklin has filed the merger document with the state of California. The merger is contingent on the State of California approving the documentation.

Franklin Executive Chairman & CEO Frank Peters stated, "Franklin is now in a good position to move forward on a significant merger after 3 years of severe financial difficulties brought on by slowing sales, stock market conditions and the general economy."

Peters continued, "Accetio/Franklin growth prospects are mainly geared to specialized corporate, government and institutional customers. This should allow us to capitalize on the expanding need of these customers for high-end wireless applications while avoiding direct competition with the 'big guns' (Motorola, Nokia, Panasonic & Ericsson) of standard consumer cell phone products. This agreement presents us a long-awaited chance to see our revenues move forward again."

O.C. Kim, President of Accetio, said, "We are extremely pleased to join with Franklin to carry our dream to reality as a public company. Also, this business combination will greatly increase our ability to bring in 'off shore' engineering and hardware distribution projects to increase revenue. We have also, as part of the merger, changed the name of the corporation to FRANKLIN WIRELESS Corp."

About Accetio Inc.

Accetio (www.accetio.com) has developed a broad line of cell phones and software products sold to telecommunications OEM manufacturing companies and system integrators, demanding advanced product performance and reliability. Accetio's hardware and software products are the "technology building blocks" used by ODM customers to develop, manufacture and sell cell phones. Accetio products offer the performance required for use in rapidly developing worldwide communications markets. These markets include voice and fax over Internet, wireless and cellular infrastructure, competitive local exchange, network carrier and call systems. The Company's products are unique in their level of integration and "on-board" computational power, accelerating deployment of next generation products for the processing intensive convergent voice and data markets.

About Franklin Telecom

Franklin Telecommunications Corp. (www.ftel.com) is a maker of high-speed VoIP telephony equipment, which enables high-quality transmissions of data, voice, fax and email over the Internet.

Certain statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.

For additional information about the Company, go to www.fklt.com.

 FRANKLIN TELECOMMUNICATIONS CORP.  733 LAKEFIELD ROAD, WESTLAKE VILLAGE, CA 91361  

More News in this Category