|Spantel Revenues and Profits Rise, Khashoggi Resigns from Board|
Thursday June 10, 2004 3:52 pm ET
FUENGIROLA, Spain, June 10, 2004 (PRIMEZONE) -- Spantel Communications Inc. (OTC BB:SPAL.OB - News), 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 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 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.
Spantel Communications Inc.
Mr. Robert Carlin
Source: Spantel Communications Inc.