XFONE Completes Acquisition of Equitalk.co.uk Limited
06 Juli 2006 - 6:11PM
PR Newswire (US)
LONDON, July 6 /PRNewswire-FirstCall/ -- XFONE, Inc. (AMEX:XFN), an
international diversified communications services company, today
announced that it has successfully closed on the acquisition of
Equitalk.co.uk Limited, a privately held telephone company based in
the United Kingdom, in a restricted stock and warrant transaction
valued at $1.65 million. Operating under the auspice of Swiftnet,
Equitalk will operate as a wholly-owned subsidiary of XFONE, Inc.
"We are very pleased to finalize this transaction and officially
welcome Equitalk to XFONE's growing global enterprise," stated Guy
Nissenson, President & Chief Executive Officer of XFONE, Inc.
"I'm also delighted to confirm that John Mark Burton has assumed
the post of Managing Director of Swiftnet and is wasting little
time in executing planned strategies to move Equitalk and Swiftnet
forward. In keeping with our universal branding strategy, the
Swiftnet brand will be renamed to XFONE U.K." Founded in December
1999 by John Mark Burton and James Ruane, Equitalk, a VC-financed
company, was the U.K.'s first fully automated e-telco. It provides
both residential and business customers with low-cost IDA and CPS
voice services, broadband and teleconferencing. Anyone with a
British Telecom (BT) line can use Equitalk to cut their BT phone
bill. Customers simply register online, and are not required to
switch from BT for line rental. Serving thousands of customers each
day, Equitalk achieved approximately $2.1 million in revenues in
2005. About XFONE, Inc. A U.S.-domiciled corporation, XFONE, Inc.
is a voice, video and data communications services provider with
operations in the United Kingdom, the United States and Israel that
offers a wide range of services, which include: local, long
distance and international telephone services; prepaid and postpaid
calling cards; cellular services; reselling opportunities; and
email and fax broadcasting services. The Company serves customers
across Europe, Asia, North America, South America, Australia and
Africa. This press release contains forward-looking statements. The
words or phrases "should," "would be," "will allow," "intends to,"
"will likely result," "are expected to," "will continue," "is
anticipated," "estimate," "project," or similar expressions are
intended to identify "forward-looking statements." The Company's
financial results reflected above should not be construed by any
means as representative of the current or future value of its
common stock. All information set forth in this press release,
except historical and factual information, represents
forward-looking statements. This includes all statements about the
company's plans, beliefs, estimates and expectations. These
statements are based on current estimates and projections, which
involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. These risks and uncertainties include issues related to
rapidly changing technology and evolving standards in the
industries in which the Company and its subsidiaries operate; the
ability to obtain sufficient funding to continue operations,
maintain adequate cash flow, profitably exploit new business, and
license and sign new agreements; the unpredictable nature of
consumer preferences; and other factors set forth in the Company's
most recently filed annual report and registration statement.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis
only as of the date hereof. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof. Readers should
carefully review the risks and uncertainties described in other
documents that the Company files from time to time with the
Securities and Exchange Commission. For More Information, Please
Contact: At XFONE, Inc. Alon Mualem, Chief Financial Officer,
011-972-39254446 or via email at Or Elite Financial Communications
Group Dodi Handy, 407-585-1080 or via email at DATASOURCE: XFONE,
Inc. CONTACT: Alon Mualem, Chief Financial Officer of XFONE, Inc.,
011-972-39254446, or ; or Dodi Handy of Elite Financial
Communications Group, +1-407-585-1080, or Web site:
http://www.xfone.com/
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