Gores Technology Group, LLC to Acquire Global Tel*Link Corporation from Schlumberger Technologies, Inc.
July 21, 2004
Los Angeles, CA, July 21, 2004, – Gores Technology Group, LLC (“Gores”), a leading privately held investment firm, announced today that, through an affiliate, it has signed a definitive agreement to acquire Global Tel*Link Corporation (“GTL”), a specialized telecommunications company, from a subsidiary of Schlumberger Limited. The price was not disclosed.
GTL’s distinctive inmate telephone system, LazerPhone, is the hallmark of their product offering. LazerPhone was designed and developed by GTL in association with various law enforcement personnel and agencies throughout the US. Combined with state-of-the-art digital voice recording, LazerPhone gives correctional facilities the most comprehensive, easy-to-operate system available. Craig Ferguson, President of GTL, stated, “We are pleased to join the Gores portfolio of companies. We believe the combined resources of Gores and GTL will allow us continued growth and expansion, maintaining our position as the provider of the market’s most technologically advanced telephone platform, along with the preeminent support our customers have come to expect.” "Global Tel Link is an ideal acquisition for Gores because of its first-class product offerings, employees and customer base. It is an outstanding addition to our strategic initiative in the telecom sector," said James R. Bailey, Gores’ Group President of Operations. "We look forward to their continued success as a Gores operating company.”
In the late 1980’s, GTL, based in Mobile, AL, entered the telecommunications market with the introduction of an advanced “smart” store and forward public payphone system. With the success of this public payphone system in several states across the country, GTL applied the technology to inmate telephone systems. GTL’s unique product provides the correctional facilities a convenient and secure phone system which requires less administrative supervision while decreasing inmate phone-use fraud. Over 50% of all Departments of Corrections inmates in the United States communicate through GTL’s LazerPhone systems, as well as hundreds of County prisons and jails throughout the country. (www.gtl.us)
About Gores Technology Group, LLC
Gores Technology Group, LLC (“Gores”) is a private investment firm focused on the technology and telecommunications sectors. Since 1987, Gores has amassed an enviable track record of successful investments within these sectors. The firm combines the seasoned M & A team of a traditional financial buyer with the operational expertise and detailed due diligence capabilities of a strategic buyer. Gores has a long standing record of creating sustainable value in its portfolio companies by focusing on customers and employees, supporting management with operational expertise and News Release providing the capital required for growth. Headquartered in Los Angeles, California, Gores maintains offices in Boulder, Colorado; New York; London; and Zürich. (www.gores.com)
For additional information, please contact :
For Gores Technology Group:
Gores Technology Group
Sitrick And Company
For Global Tel*Link Corporation:
Global Tel*Link Corporation