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Published on: 4/11/2001
Last Visited: 7/9/2001
``We have done everything we could do to complete this transaction , '' stated Walt Anderson , a Director of Capsule. ``This merger has consumed time , effort , energy and capital that could have otherwise been directed towards the Company's growth.Although most of those resources can be redirected going forward , Capsule has every intention of recouping from Startec its costs and expenses incurred in connection with this merger.
''Continues Anderson , fund manager for Gold & Appel Transfer , S.A. , the largest shareholder of Capsule , ``Gold & Appel has agreed to provide financing to Capsule to allow the company to continue full operations.''.
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Walt Anderson to Succeed James Rossi as Chairman of the Board ; 15 , 471 , 301 Gold & Appel Transfer , S.A. Shares Acquired by Henry Luken
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BENSALEM , Pa. , March 30 /PRNewswire/ -- Capsule Communications , Inc. ( OTC Bulletin Board : CAPS - news ) announced today that one of its current Directors , Walt Anderson , has been appointed as its new Chairman.Mr. Anderson is the Attorney in Fact for Gold & Appel Transfer , S.A. , a venture capital company , which today announced that it sold its controlling interest in the Company to Henry Luken.
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Mr. Anderson will retain a beneficial ownership interest in the Company through the 2 , 189 , 433 shares ( 9.74 % ) currently owned by the Foundation for the International Non-governmental Development of Space , a non-profit organization of which Mr. Anderson is President and Director.
( Photo : http : //www.newscom.com/cgi-bin/prnh/20000503/PHW003 )Upon his appointment , Mr. Anderson expressed his confidence in the abilities of Capsule's current management team , and stated that with Mr. Luken's involvement and guidance , the Company would continue to operate the business as efficiently and profitably as possible while continuing to actively pursue potential business combinations and strategic alliance alternatives.
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Mr. Anderson's and Mr. Luken's past successes in the telecommunications industry will be an invaluable resource for the Company's continued success.``.
Other than historical information contained herein , certain statements in this release are ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1994.Forward-looking statements in this release include statements regarding the efficient and profitable operation and growth of the Company , and involve a number of risks and uncertainties , including , but not limited to , changes in market conditions and government regulation.These risk factors , among others , are discussed in further detail in the Company's SEC filings.
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