SOURCE: Summus Works, Inc.

December 01, 2006 06:30 ET

Summus Works, Inc. Announces Executed Letter of Intent to Acquire Salt Lake City-Based Telecommunications Company Matrix Management, Inc.

Acquisition Expected to Add More Than $6 Million in Annual Revenue

SALT LAKE CITY, UT -- (MARKET WIRE) -- December 1, 2006 -- Summus Works, Inc. (PINKSHEETS: SMMW) announced it has executed a Letter of Intent to acquire the Salt Lake City-based telecommunications company Matrix Management, Inc., owner and operator of Network Management Incorporated (NMI) and Matrix Telecom. The acquisition will expand and diversify Summus' interests into the $2.7 trillion global telecommunications industry. The acquisition is expected to add more than $6 million in annual revenue.

NMI is a full-service telecommunications company that specializes in retail and enterprise telecom products and services including domestic and international long distance services, voice over internet protocol (VOIP), pre-paid phone cards, pre-paid wireless, wholesale long distance, residential home services, point of sale activation (POSA), prepaid Visa debit cards, toll free numbers and switch leasing.

Matrix corporate headquarters is a high-tech 60,000 sq. ft. facility located in Salt Lake City, Utah with additional sales and network offices in Los Angeles, California and Miami, Florida. Matrix also manages an OC-48 network employing NACT switching, with a least cost routing (LCR) network and VOIP technology. It houses its switching equipment in the Quinby Building in Los Angeles. For more information, visit www.nmitel.com or call 801-990-0327.

Dr. Alex Parsinia, Matrix co-founder, President & CEO, has an extensive background in senior level management, mergers and acquisitions and more than fifteen years of executive experience in the telecommunications industry.

Management stated that it expects to close the acquisition within the next twenty-one days.

Summus Works, Inc. (PINKSHEETS: SMMW) is a multi-media holding company with interests in outdoor sports, retail, e-tail, print, web, television and film. For more information on the company or its outdoor sports and media subsidiaries, visit www.summusworks.com.

This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

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