Proshares Ultrashort Telecommunications (AMEX:TLL)
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Teletouch Communications, Inc. (AMEX:TLL) announced
today that it has ended its Answering Service and related Help Desk
Services businesses, effective April 5th. In preparation for the
completion of the previously announced sale of Teletouch's paging
assets, the Company executed an asset exchange agreement with OnCall,
a Tennessee-based paging and answering services company, to exchange
all of Teletouch's answering service accounts for all of OnCall's
paging assets and customer base. The asset exchange agreement became
effective upon the completion of the telecommunications cutover from
the current call center to OnCall. In addition, Teletouch agreed to
cancel the remaining two years of its previously announced three-year
call-center and help-desk services agreement with Pontiac,
Michigan-based GPSi, a leading provider of Guidepoint(TM) consumer
vehicle theft recovery services and commercial fleet management
solutions. The financial impact of both operations on those of the
Company was immaterial, and there would be no expected service impact
on existing answering service clients or GPSi customers who have
purchased vehicle tracking services through Teletouch or its
affiliates.
Notwithstanding the above, Teletouch will continue to work with
GPSi as a dealer and distributor of the Michigan firm's GPS technology
and related services. In July 2005, Teletouch announced a
comprehensive dealer agreement aimed at providing cost-effective
fleet-management solutions for small- to mid-sized businesses and
government vehicle fleets. Guidepoint provides Teletouch with a
private-label fleet management solution, originally sold under the
V100(TM): Powered by Guidepoint(TM) brand. GPSi products can also
operate on Teletouch's own GeoFleet branded location based services
application software.
"The answering business and related call center businesses were
primarily eliminated under our continuing efforts to cut non-core
business expenses," said T.A. "Kip" Hyde, CEO of Teletouch. "We are
pleased to have assisted in Guidepoint's growth over the past few
years, the opening of its new call and distribution center and look
forward to continuing our relationship with GPSi, as a core
distributor of its products and services to fleet operators, school
districts, 12-volt retailers."
About Teletouch Communications, Inc.
Teletouch offers a comprehensive suite of telecommunications
services to enterprise users, including cellular, two-way radio
communications, GPS-telemetry and wireless messaging services
throughout the United States. TLL acquires, bills and supports a
large, primarily business and government base of subscribers, under
its own network of FCC licensed spectrum in Texas, Louisiana,
Arkansas, Oklahoma, Alabama, Missouri, Mississippi, Tennessee, and
Florida. Teletouch's common stock is traded on the American Stock
Exchange under stock symbol: TLL. Additional information about
Teletouch can be found at: www.teletouch.com.
All statements in this news release that are not based on
historical fact are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 and the
provisions of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
(which Sections were adopted as part of the Private Securities
Litigation Reform Act of 1995). While management has based any
forward-looking statements contained herein on its current
expectations, the information on which such expectations were based
may change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties, and other factors, many of which are outside of
our control, that could cause actual results to materially differ from
such statements. Such risks, uncertainties, and other factors include,
but are not necessarily limited to, those set forth under the caption
"Additional Factors That May Affect Our Business" in the Company's
most recent Form 10-K and 10-Q filings, and amendments thereto. In
addition, we operate in a highly competitive and rapidly changing
environment, and new risks may arise. Accordingly, investors should
not place any reliance on forward-looking statements as a prediction
of actual results. We disclaim any intention to, and undertake no
obligation to, update or revise any forward-looking statement.