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Elephant Talk Communications Corp To Acquire Assets Of U.S. Based Telnicity LLC


Wednesday, 9 Jan 2013 09:00am EST 

Elephant Talk Communications Corp announced plans to acquire 100% of the assets of Telnicity LLC, a U.S. enabler company headquartered in Oklahoma City, Oklahoma in an all-equity transaction. According to the acquisition agreement between Elephant Talk and Telnicity, which is subject to certain closing conditions and based on the closing price of Elephant Talk stock on January 8, 2013, the transaction value is approximately $1 million, with Elephant Talk issuing 1 million shares of common stock at closing. The shares will be subject to a lock-up agreement restricting sale or disposition of the shares for 18 months. The terms of the acquisition agreement also provides for a bonus arrangement applicable when revenue minus cost of sales is in excess of $1.00 per customer per month and payable once the cash flow from the Telnicity business is sufficient to cover the payments. The transaction is expected to close on or before March 8, 2013. According to the terms of the acquisition agreement, Elephant Talk will acquire all of the assets of Telnicity, LLC, a U.S. MVNE/MVNO enabler company including the Company's existing customer contracts, carrier agreements, and access to telSPACE and mCASH, Telnicity's propriety turnkey back office infrastructure and billing systems. Telnicity's 6 full-time equivalent employees will remain in their current positions. 

Company Quote

0.9858
0.0057 +0.58%
21 Oct 2014