SOURCE: Nettel Holdings, Inc.

May 31, 2005 02:50 ET

Nettel Holdings Terminates the Standby Equity Distribution Agreement With Cornell Capital Partners, L.P.

PORTLAND, OR -- (MARKET WIRE) -- May 31, 2005 -- Nettel Holdings, Inc. (OTC BB: NTTL), Berlin and Frankfurt Stock Exchanges (NT7, WKN 727487), announced today that the company has terminated the Standby Equity Distribution Agreement with Cornell Capital Partners, L.P., dated September 28, 2004.

The decision that the Company made to terminate the standby equity distribution agreement was for the best interest of both Nettel and its shareholders.

Safe Harbor:

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.

Contact Information

  • Contact:
    Sam Brewer
    Telephone: 503-222-6018