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The Titan Corporation Announces Agreement with SAKON to Provide Telephone, Internet and Rural Telephony Products, Systems Integration and Services Strategic Relationship Includes Titan Taking 19 Percent Ownership Position in an Emerging International Telecommunications Service Provider |
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San Diego (October 20, 1998) --
The Titan Corporation (NYSE:TTN) announced today that it has entered
into an agreement with SAKON, an international telephone service
provider and communications company which provides "Next Generation"
telephone and Internet services. Together, Titan and SAKON will provide
carrier, direct dial rural telephony and enhanced communication
services, including international fax, conference calling, voice over
IP, virtual communication centers and virtual-private network services
to the developing countries of Africa, Latin America, the Middle East
and Southeast Asia. While only two years old, SAKON is currently
providing telecommunication services to ten countries internationally.
The strategic agreement reached between Titan and SAKON calls for Titan
to obtain an initial 19 percent equity stake in SAKON, with an option to
increase the ownership to greater than 50 percent.
Commenting on the announcement, Titan's President and Chief Executive Officer, Gene W. Ray stated, "The relationship we are entering into with SAKON is a significant event for The Titan Corporation and our commercial satellite communications business. We believe there are several immediate opportunities where Titan's expertise in the development and integration of satellite based rural telephony technology and communication systems, coupled with SAKON's state of the art communication service capability, can come to fruition." Dr. Ray went on to say that, "The agreement with SAKON also provides the opportunity for Titan to leverage its proven telephony products and integration business into the rapidly growing international communication service provider area." Andrew Goorno, SAKON's Chief Executive Officer stated, "Titan is one of the best kept secrets in the international communications arena. With a SAKON/Titan alliance, we are now able to offer a full-suite of cost-effective telecommunication services in many of the fastest growing emerging cities, as well as deliver the first dial-tone to millions of people in remote towns and villages around the world." SAKON is a U.S. based company specializing in providing telecommunications and Internet services in developing countries of Africa, Latin America, Southeast Asia, and other areas where fiber is excessively expensive or non-existent. The Titan Corporation, headquartered in San Diego, CA is a leading provider and integrator of state-of-the-art information technology and satellite communications systems and services. Press releases and other Titan information are available on the Company's Web site at http://www2002.titan.com/home.html. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, dependence on continued funding of U.S. Department of Defense programs, government contract procurement and termination risks, and other risks described in the Company's Securities and Exchange Commission filings. |
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