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Article: GS Telecom, Limited To Sell UK Subsidiaries.
- Article from:
- Business Wire
- Article date:
- December 16, 1999
CopyrightCOPYRIGHT 1999 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON--(BUSINESS WIRE)--Dec. 15, 1999--
In a move to strengthen the financial position of the company, GS Telecom, Limited (OTCBB:GARD)(www.gs-tele.com), enablers of e-commerce enterprises, today announced that it has accepted an offer on November 17, 1999 to sell its UK subsidiaries. The sale would reduce the company's net liabilities by approximately $800,000 and relieve it from any debt associated with subsidiaries.
"This transaction is part of our overall strategy to focus on electronic commerce ventures," said Colin Gervaise-Brazier, GS Telecom, Limited's chief executive officer. "Because these subsidiaries are not associated with electronic ...