Virtutone Announces Record Revenues of $14.9 Million for the Month of May


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TSX.V:VFX
06/02/2014 [ACCESSWIRE]

Sherwood Park, Alberta / ACCESSWIRE / June 2nd , 2014 / Virtutone Networks Inc. ("Virtutone" or the "Company") (TSX Venture: VFX.V) is pleased to announce that the Company has generated over $14.9 million in revenue for the month of May.

"May was an incredible month for us with a growth of 30% over the month of April" said Jason Allen, Chief Executive Officer of Virtutone. "Our team has done an exceptional job in managing this growth over the past year"

We are please to announce the appointment of William (Bill) Woods, Virtuone's new Chief Financial Officer. Bill has over 15 year experience in CFO roles with various TSX and TSXV companies, in both the United States and Canada. "We would like to welcome Bill to the team" said Jason Allen, Chief Executive Officer of Virtutone. "We would also like to thank Sergio Valacco, for stepping in while we searched for our long-term CFO that will help take the company to the next level."

For further information please contact Jason Allen at 780-702-5777.

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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