Exhibit
99.1


TELECONNECT,
INC.
 MINUTES
OF SPECIAL STOCKHOLDERS MEETING
 
 November
12, 2009
 at
 Oude
Vest 4
 4811
BD Breda
 The
Netherlands
 
 2:00
p.m. (1400 hours local time)
 
 At 1400
hours (2:00 p.m.), as scheduled, Mr. Dirk L. Benschop called the special meeting
of stockholders of Teleconnect Inc to order at the place specified in the Proxy
Statement.
 
 Mr.
Benschop opened: “Good afternoon shareholders, guests, gentlemen. Welcome to the
Teleconnect, Inc. special shareholders’ meeting. I am Dirk Benschop, and I am
the Chief Executive Officer, President and Secretary of Teleconnect. Today, we
will put some historical issues behind us, and we will create a solid foundation
for our future business and possible acquisitions.”
 
 Mr
Benschop then proceeded to introduce certain persons invited to attend the
meeting:
 
 “At this
stage, I would like to introduce four guests who are not directly part of the
Company, but do work closely with us and are here by my invitation. These
persons are:
 
 ·
              Mr.
      Gustavo Gomez, who presently is a consultant to Teleconnect. Gustavo was
      the Chief Executive Officer of Teleconnect from 2002 to 2007 and knows
      well the history of the Company. I have appointed Gustavo to be the
      Recording Secretary for today’s
meeting.
 
 ·
              Mr.
      Stephen A. Zrenda, Jr., our corporate legal counsel in the United States
      since year 2000.
 
 ·
              Mr.
      Edwin van lersel, financial advisor to the Company in
    Holland.
 
 ·
              Mr.
      Jan Hovers, who is providing the company with strategic advice and who’s
      an expert in corporate governance
 
 Also, I
would like to introduce two other guests that are here by my invitation: Mr.
Simon Terpstra, who is present to assist Mr. Leo Geeris in matters,
 
 and Mr.
Otto Hoeberichts who has been assigned by Mr. Lodewijk Vehmeijer to represent
Mr. Vehmeijers interests in this meeting.
  
  Today we
would like to run through the required business as per the Proxy material you
have all received. We will then adjourn the formal portion of the meeting and I
will remain available should any of you have any queries or
remarks.”
 
 Mr.
Benschop continued to mention the following:
 “It has
come to my attention that Mr. Hendrik van den Hombergh would like to read a
statement before we introduce the issues to be voted upon. I would now like to
give Mr. van den Hombergh that opportunity.”
 
 Mr. van
den Hombergh read the following statement:
 
 “My
name is Hendrik van den Hombergh, and I would like to make a statement for the
record at the beginning of this meeting. I am reading this statement on behalf
of the following shareholders:
 
 -
                      Hombergh
      Holdings BV
                      155,964,300
      shares-
                      LGMR
      Geeris
                      156,934,805
      shares-
                      Quick
      Holding BV
                      66,000,000
      shares-
                      Queck
      Holding BV
                      22,360,000
      shares-
                      Quack
      Holding BV
                      22,360,000
      shares-
                      Alfonso
      de Borbon,in
      his own name and forhis
      company
                      4,000,000
      shares-
                      Sciarone
      Interim Sales BV
                      4,000,000
      shares
 
 Representing
431,619,105 shares or 87,13% of total issued and outstanding shares of common
stock in Teleconnect Inc.
 
 We
are very familiar with the history of the company and we wish to express our
appreciation to the Board of Directors of Teleconnect Inc, for a business
transition well initiated one year ago, and successfully executed so
far.
 
 We
would like to highlight the result of some corporate actions:
  -
      The Spanish subsidiaries will now be sold ending that history of cash
      drain
 -
      Most of the debt owed to major stockholders has been converted into
      stock
 -
      The company was in violation of the US federal securities laws for almost
      two years and now is current and up to date with its legal
      obligations
 
 In
one sentence: major problems have been identified and overcome in what we
consider the best possible way, and in the process an ownership environment has
been created that is satisfactory and acceptable to all of us. We therefore
hereby ratify all passed actions of the Board and the Officers of the
corporation.
 
 Teleconnect
is undergoing a change in course that makes sense. We, therefore, want to urge
the Board to proceed with confidence, and with our sincere appreciation and
support.”
 
 Mr.
Benschop replied: “Thank you very much. It is good to know that the vast
majority of ownership supports the Board and its policies”
 
 Mr.
Zrenda requested from Mr. van den Hombergh the statement to be included in the
minutes.
  
  Mr.
Benschop continues and introduces the Recording Secretary; “Let’s begin then,
with the first order of business today, would the Recording Secretary please
present matters pertinent to the meeting.”
 
 Mr. Gomez
continues with the Board Resolution and Affidavit of Mailing
 
 “Thank
you Mr. Benschop. The first two items I wish to present are the “Board
Resolution which calls this Special Meeting” setting the record date for voting
at October 26, 2009, and secondly, the “Affidavit of Mailing” that the proxy
statements were mailed to all shareholders authorized to receive the
same.
 
 The third
item to be made of record is the filing of my “Oath as the Inspector” for this
meeting.
 
 I also
wish to outline the items of business for this meeting which are as
follows:
 
 1.
                The
      first item for approval is a one-for-100 (1-for-100) reverse split of the
      currently issued and outstanding Common Stock of Teleconnect;
      and
 2.
              The
      second item for approval is the approval and ratification of the sale of
      two wholly owned operating telephone subsidiaries of Teleconnect to Mr.
      Alfonso de Borbon, an officer and a stockholder of Teleconnect, and his
      associates;
 
 I also
wish to present to you an alphabetical list of the shareholders of Teleconnect,
Inc. showing those shares owned as of the record dale for this meeting. I also
wish to present to you this report, signed by me as your inspector, and
indicating there are 469,067,705 shares represented here out of 495,361,707
outstanding voting shares of Common Stock on the record date, this being 94.69%
percent of the total outstanding shares being present. I declare there is
sufficient quorum present to hold this meeting.
 
 The
shareholders present or represented by proxies are:
 ·Hombergh Holding BV
                    
                    155,964,300shares·   L.G.M.R. Geeris
                    
                    
                    156,934,805·   Quick Holding BV
                    
                    
                    66,000,000·   Quack Holding BV
                    
                    
                    22,360,000·   Queck Holding BV
                    
                    
                    22,360,000·   DLB Finance and Consultancy BV
                    
                    
                    29,118,000·   Volim Holding BV
                    
                    
                    5,976,864·   Mr. Lodewijk Vehmeijer
                    
                    
                    56,393·   Sciarone Interim Sales
                    
                    
                    4,000,000·   Alfonso de Borbón & Cobrasky
                    
                    
                    4,000,000·   Mr. José Maria García Fraile
                    
                    
                    9,707·   Producciones Monjos SL
                    
                    
                    430,000·   Multimedia Sport SL
                    
                    
                    286,771·   Fersamar SL
                    
                    
                    260,000· Mr.
      Alvaro Lopez
                    
                    
                    100,526·   Mr. Luis Carlos Perez
                    
                    
                    106,619·   Ms. Alejandra de Borbon
                    
                    
                    52,406·   Ms. Clara Tasssara Hoffmeyer
                    
                    
                    50,000·   Ms. Barbara Ocana
                    
                    
                    1,314
  
  Resulting
in a total of469,067,705 or 94.69% ofthe total issued and
outstanding common stock of the company.”
 The
Inspector placed the stockholders’ list, his report and the ballots and proxies
toward the front of his table to signify filing the same with the
Secretary.
 
 Mr Gomez
continued: “Since the regular and due notice of this meeting has been given and
a quorum is present, we shall begin. Proceeding now with the order of business,
we need to act upon the proposal to approve and ratify the sale of two
subsidiaries of Teleconnect that have been engaged in the telephone business in
Spain, specifically, Teleconnect Comunicaciones SA and Teleconnect Telecom SL to
Mr. Alfonso de Borbon and his associates”;
 
 Mr.
Zrenda stated: “I move that the sale of these subsidiaries of Teleconnect be
approved and ratified as proposed”
 
 Mr Dirk
Benschop seconds the motion and asked the inspector to receive the vote and
report. The Inspector collected those ballots filled in at the meeting,
completed the tabulation and handed his report to Mr. Benschop.
 
 Gustavo
Gomez reported that 469,067,705 shares of those voting, representing 94.69%
percent of the outstanding shares were in favor of and approved Teleconnet’s
sale of its two telephone subsidiaries.
 
 Proceeding
to the next order of business, Mr. Gomez proposed to act upon the proposal to
approve a one-for-100 (1-for-100) reverse split of the currently issued and
outstanding Common Stock of Teleconnect.
 
 Mr.
Zrenda moved to approve the reverse stock split of the common stock of
Teleconnect and Mr. Benschop seconded the motion and asked the inspector to
receive the vote and report.
 
 Mr. Gomez
reported that 469,067,705 shares of those voting, representing 94.69% percent of
the outstanding shares were in favor of and approved Teleconnect’s 1-for-100
reverse stock split of its outstanding common stock.
 
 Mr Gómez added that
with respect to point three of the Agenda, no other business had been duly
proposed for this special stockholders meeting and as such requested to have a
motion to adjourn the meeting. Mr. Benschop moved to adjourn and Mr. Zrenda
second the motion. With this result Mr. Benschop announced that the official
business was now complete and the special shareholders’ meeting was declared
ended.
 
 Mr.
Benschop stood up and individually thanked each person for
coming.
  
 
 The above
minutes and record of the special meeting of stockholders of Teleconnect, Inc.
is a true and correct statement of the minutes of the meeting held on November
12, 2009, at Breda, The Netherlands.
 
 /s/
      Dirk L. BenschopDirk
      L. Benschop,Chairman
      of the Board, Chief Executive Officer, President and
      Secretary.