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Telecom Industry News
Recent News Stories from PRnetwire.com >> News Article

Edited by Christopher Simmons, senior news editor


DATAWORLD SOLUTIONS, INC. ANNOUNCES FAVORABLE STRATEGIC RESTRUCTURING

HAUPPAUGE, NY - Sept 8, 2003 (Send2Press Newswire) -- DataWorld Solutions, Inc. (Pink Sheets: DWLD) today announced an aggressive and favorable turn-around plan designed to strengthen its capital base, increase shareholder value, provide liquidity and allow the company to assume its place as a leader in the telecom industry.

The company's Board has approved the ambitious six step plan to:

  • Successfully negotiate short term financing
  • Begin discussions with secured creditors to reposition debt
  • Re-approach former partners and major shareholders to secure stock
  • Secure new product lines
  • Formation of an advisory board to assist management
  • Re-invent the company's image due to the meltdown in the telecom industry

Daniel McPhee, CEO of DataWorld commented, "The first objective in our restructuring will be to quickly conclude a negotiation for bridge financing, so that we can successfully bring our filings up to date. Once DataWorld becomes current with its filings, this bridge will also allow for a re-application to the OTC Bulletin Board, where we can build liquidity for our shareholders and investors. I am pleased to announce that our initial efforts in these areas are being met with some success."

Mr. McPhee continued, "DataWorld is also negotiating with secured creditors, former partners and major shareholders in order to re-organize its balance sheet by repositioning debt and restructuring equity. There has been conditional but favorable movement. Thus, we are confident that once our financial statements become more balanced, shareholder value will reflect these changes. Concurrently we are also negotiating to acquire new product lines and business venues to quickly and strategically reposition the company so that it may emerge sooner than many of its competitors from the major recession in the telecom industry."

About DataWorld Solutions:

DataWorld Solutions, Inc. is a multi-regional manufacturer of electronic cable assemblies used in providing connectivity solutions, which includes systems integration, for customers operating a wide range of data systems. This includes linking or connecting standard or proprietary electronic devices and peripheral components from different vendors to provide solutions for various customer requirements. DataWorld adds value by providing connectivity solutions, which may include distributed sales for passive components such as electronic connectors, electronic wire and cable, cabinets and racks and patch panels, and active components, including hubs, bridges, routers, gateways and modem.

Except for historical matter, the matters in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflect assumptions, and involve risks and uncertainties, which might affect DataWorld's business and prospects and cause actual results to differ materially from these forward-looking statements, which are detailed in DataWorld's public filings with the SEC.


Company Website: www.dataworlddirect.com
Source of News: DataWorld Solutions, Inc.

Stock Info on Yahoo!® Finance Pink Sheets: DWLD

New York Business Newswire / Telecom Industry Newswire
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