Spantel Revenues and Profits Rise, Khashoggi Resigns from Board
June 10 2004 - 3:58PM
PR Newswire (US)
Spantel Revenues and Profits Rise, Khashoggi Resigns from Board
FUENGIROLA, Spain, June 10 /PRNewswire-FirstCall/ -- Spantel
Communications, Inc. (OTC:SPAL) (BULLETIN BOARD: SPAL) , a provider
of telecommunications services within Spain, announced today that
revenues for April increased to $1,699,265 from $1,309,131 and had
gross profits of $173,013 versus a loss of $17,100 compared to
April 2003. The 27.5% increase in revenues and change from a loss
to a profit is largely attributable to improved efficiency in the
company's telemarketing division and the increased traffic from the
agreements entered into earlier this year. The company also
announced today the resignation of Mohamed A. Khashoggi from the
Board of Directors that will become effective on July 12, 2004.
According to Spantel's president, Jose Ramon Basterra, "Mohamed has
been with the company since inception and was instrumental in
negotiating many of the major agreements we have made, as well as
helping us attain our carrier license." Mr. Basterra continued,
"His many other business interests have made it difficult for him
to devote the time he feels is necessary to properly serve on the
board and therefore, he felt it was in the best interest of Spantel
and our shareholders that he resign." Spantel has formed an
executive committee to appoint a replacement to finish Mr.
Khashoggi's term on the board and expects this to be completed
prior to July 12th, 2004. Spantel Communications, Inc. is a
provider of telecommunications services throughout Spain. To learn
more about Spantel, visit the Company's website at
http://www.spantel.es/. Except for historical information contained
herein, the statements in this release are forward-looking and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause the
Company's actual results in future periods to differ materially
from forecasted results. Those risks include, among other things,
the competitive environment in the telecommunications industry in
general and in the Company's specific market areas, inflation,
changes in costs of goods and services and economic conditions in
general. Those and other risks are more fully described in the
Company's filings with the Securities and Exchange Commission.
Contact: Spantel Communications, Inc. Mr. Robert Carlin
+34.607.514.906 or 34.952.66.93.29 This release was issued through
eReleases(TM). For more information, visit
http://www.ereleases.com/. DATASOURCE: Spantel Communications, Inc.
CONTACT: Mr. Robert Carlin, Spantel Communications, +34-607-514-906
or +34-952-66-93-29, Web site: http://www.spantel.es/
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