International Telecommunications Limited

cancelled

Formed in January of 2000, International Telecommunications Ltd. (INTELCO) is a telecommunications company that was given a licence for telephone (fixed, long distance, and mobile) in Belize. Following the Telecom Act 2002, the telecommunications market previously dominated by Belize Telecommunications Limited was open to competition. Intelco expected to offer cellular, internet, international long distance, local long distance, local voice, and video services through a nation-wide wireless local loop telecom network covering all municipalities in Belize. As of 2003, the company was offering mobile services.Intelco contracted with Alcatel to construct a nationwide GSM/GPRS 1900MHz network to be initiated in 2003. Intelco also has the exclusive 15-year contract, signed in 2003, to supply the government of Belize with all telecommunications services. Financing for Intelco's mobile operations was achieved primarily through debt financing with 5 percent of financing deriving from shareholder contributions. The Royal Bank of Trinidad and Tobago reportedly provided $25 million as a fixed rate in March, 2003. The loan was given with an 11% interest rate under a 5-year agreement. In 2004 the project was canceled after Intelco filed for bankruptcy. Operations ceased and and thus mobile services in Belize returned to monopoly control under Belize Telecommunications Limited (BTL). In early 2005 the assets of Intelco were to be sold to BTL for an estimated US$10 million. MORE INFORMATION COMING FROM MGOMEZ@INTELCO.BZ, TEL: 501-225-4130, None