Houston, Texas, October 3, 2002 - (PRNewswire)
Nextgen Communications Corp. (OTC BB: NXGC) announced that the Company is launching a new strategic effort within the Residential Services industry. Under this strategy, Nextgen intends to rename the Company, subject to shareholder approval. Armed with a strong business model, the Company plans to close acquisitions currently under negotiation, as well as to implement an internal growth strategy that will focus the Company’s efforts on residential services such as: airborne contaminate removal, HVAC, interior air-duct cleaning, carpet cleaning, residential restoration services, and other residential related opportunities.
Commenting on the new strategy, Chairman and CEO Frank J. Fradella stated, “Given the continued upheaval in the telecommunications industry, the Company has decided to abort its efforts in the tower ownership business. The Company has found a favorable growth opportunity in the $10 billion Residential Services field. This industry, in part fueled by the robust home improvement sector, is dominated by fragmented providers, creating an opportunity for the Company to build a scalable, multi-regional provider of residential services. Given management’s background in service related businesses, the Company should enhance its opportunity to raise the additional investment capital required to meet these objectives. Your management team is steadfastly pursuing the development of a Residential Services platform upon which to build revenue growth, improve profitability, and enhance shareholder value.”
In addition, Nextgen announced it is currently seeking strategic alternatives for its investment in the communications towers industry.
Statements included in this update that are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements’’ for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including “anticipate,’’ “believe,’’ “intends,’’ “estimates,’’ “expect,’’ and similar expressions. The Company cautions readers that forward-looking statements including, without limitation, those relating to the Company’s future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to factors such as those relating to economic, governmental, technological, and other risks and factors identified from time to time in the Company’s reports filed with the SEC.
