MicroHoldings US, Inc. Completes Acquisition of XChangeTel, Provider of International Carrier Services
Monday March 19, 10:43 am ET
SAN DIEGO--(BUSINESS WIRE)--MicroHoldings US, Inc. (Pink Sheets:MHUS - News) today announced that it has signed an agreement to acquire XChangeTel, Inc. (XTEL), a privately held company that provides international carrier services. The Agreement calls for MHUS to exchange 500,000 shares of Preferred Stock for 100% of the Common Stock of XChangeTel. Each share of this Preferred Stock is eligible for conversion in two years time to $1.00 worth of Common Stock. MHUS also agreed to provide XTEL with $54,000 a month to manage and grow its operations.
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Stated Jeffrey Flannery, CEO of MicroHoldings US, Inc., "This is a great step forward for MicroHoldings US. XChangeTel, which owns the contracts previously held by Global Vision Telecom, is an aggressive, innovative, and growing company. Joe Putegnat, the founder of XChangeTel, is a dynamic, visionary leader and a proven success in the telecom world for the last two decades. I have no doubt Joe will guide XChangeTel to exciting heights."
XChangeTel is a provider of commercial and retail telecommunications services and products utilizing the newest technology in Voice-Over-Internet-Protocol telephony. XChangeTel currently hosts about 80 customers on its network services platform and bills more than 5 million minutes a month.
XChangeTel was founded by Joseph Putegnat, an experienced telecom industry entrepreneur and pioneer in the development of VoIP wholesale carrier sales. Mr. Putegnat was previously the founder and President of LDExchange which he built into an $80 million company and then sold to MicroGeneral in 1998 for $40 million. Mr. Putegnat was also the founder and CEO of Jupiter Telecom.
Added Flannery, "While we await a more thorough review of XChangeTel\'s financials that I will include with MHUS financial statements, I am confident enough to state that the Company has been grossing in excess of $200,000 a month, a number we all believe will increase dramatically. MHUS is committed to supporting the XTEL operations at a little over $50,000 a month, but this is only until the Company becomes profitable, a goal we have set internally for six to nine months from now. I believe XTEL is a company that will allow us to begin the process of getting back to the Bulletin Board or other exchange."
More information on the MicroHoldings US, Inc. can be found at www.microholdings-us.com.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of MHUS are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"
. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to Future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future MHUS actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and MHUS has no specific intention to update these statements.Contact:
MicroHoldings US, Inc.
Jeffrey Flannery, 619-342-8096
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Source: MicroHoldings US, Inc.