September 5th, 2013 - Sherwood Park, Alberta - Virtutone Networks Inc. ("Virtutone" or the "Company") (TSX Venture: VFX.V) is pleased to announce the sale of its retail division to ComCanada Communications Inc. ("ComCanada").
The effective date of the sale is September 1, 2013. ComCanada is a private telecommunications company based in Vancouver, British Columbia. Over the next 90 days, Virtutone will work with ComCanada to transition its retail client base, with no interruption to service.
"With the rapid growth of our wholesale division, we have decided to put all of our focus there" said Jason Allen, Chief Executive Officer of Virtutone. "ComCanada is a very solid and reputable carrier who specializes in hosted PBX for business. They have also been a supplier of ours for several years. This sale will allow us to reduce overhead and costs, further streamlining our business."
"We are excited to welcome Virtutone's retail clients on to our network and are looking forward to working with them for many years to come. Hosted PBX is our primary focus, which makes this acquisition a perfect fit for us." said Rick Orford, Chief Executive Officer of ComCanada.
For further information please contact Jason Allen at 780-702-5777.
About ComCanada Communications Inc.
ComCanada Communications Inc. (http://www.comcanada.ca) was formed nearly a decade ago and is privately held in Vancouver, BC, Canada. ComCanada aims to provide affordable communications solutions to businesses in Canada and the USA. ComCanada's feature-rich Hosted PBX phone service allows users to make and receive phone calls using any SIP compatible device. These include ordinary phones, IP phones, soft phones and SIP enabled PBX's. ComCanada also offers some of the highest quality calling plans available, including unlimited calling plans for local and long-distance calls.
About Virtutone Networks Inc.
Virtutone Networks Inc. is a technology company based in Sherwood Park and is listed on the TSX Venture Exchange in Canada. The company is a leading supplier of managed telecommunication services, including: Voice over IP services, Fax over IP services, Hosted PBX services, DSL & T1 data circuits, wireless solutions for mobile work forces and SCADA networks, and network management and IT-related products. Additional information can be found on the company's website at www.virtutone.com.
This document may contain certain forward-looking information or statements ("Forward-looking statements") as defined under applicable securities legislation that involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include, without limitation, risks related to: the termination, non-renewal of or default under of any current or new wholesale contracts; changes in the global economy; a failure to negotiate new customer contracts; changes in legislation or the interpretation thereof, particularly in the telecommunications industry. Forward-looking statements are any statements other than statements of historical fact. The use of any "plan" "expect " "project" "believe" "should" "anticipate" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. In particular, forward-looking statements included in the press release include, without limitation, statements regarding: the impact of the new voice traffic contracts; timing and completion of the transition of new voice traffic; the sustainability of the new revenue stream; increased leverage with suppliers; additional deals currently being worked on and the impact thereof; and negotiations relating to potential new customers. The forward-looking-statements contained herein are based on certain assumptions including, without limitation, assumptions regarding: global economic conditions; changes in laws and regulations; the impact of Virtutone's new contracts; the market for wholesale telephony services; the maintenance of new and current wholesale contracts; and the ability to add new wholesale clients. Although management believes the expectations reflected in the forward-looking statements contained herein are reasonable, no assurances can be given that any of the events anticipated in forward-looking statements will occur, or, if they do, what benefits Virtutone will derive therefrom. As such readers are cautioned not to place undue reliance on forward-looking statements, which are effective only as of the date of this document or as of the date otherwise specifically indicated herein. Virtutone assumes no obligation to update forward-looking statements, except as required by applicable law. The historical revenue numbers for the new wholesale contracts do not represent estimates of future revenues to be received by the Company. As these contracts do not contain any minimum traffic requirements, revenue generated on such contracts will vary from month to month, and such variations may be material. The Company cannot provide any assurances as to the revenues to be generated by such contracts once the transition is complete.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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