VoIP Inc. Complete Sale of Assets Owned by its Dallas Division
VoIP, Inc. announced today
that it has completed the sale of certain assets owned by its Dallas
division for $400,000 plus a percentage of the division’s continuing
revenue over the next three years. The division had revenue for the
period ended March 31, 2007 of $1,392,009 and a loss of $29,098. The sale
to WQN, Inc., a Texas corporation, includes EasyTalk and RocketVoIp, two
of the division’s communications brands, but excludes the
intellectual property owned by the division.
“This transaction supports our continuing restructuring efforts to divest the Company of unprofitable units or businesses that are not part of our strategic focus,” said Anthony J. Cataldo, VoIP, Inc.’s Chairman and CEO. “The sale will allow us to strengthen our balance sheet, improve operating results and enhance management’s ability to focus on expanding our Network and increasing utilization.”
The Company expects to take a non-cash charge during the second quarter to reflect the sale of the business.
“This transaction supports our continuing restructuring efforts to divest the Company of unprofitable units or businesses that are not part of our strategic focus,” said Anthony J. Cataldo, VoIP, Inc.’s Chairman and CEO. “The sale will allow us to strengthen our balance sheet, improve operating results and enhance management’s ability to focus on expanding our Network and increasing utilization.”
The Company expects to take a non-cash charge during the second quarter to reflect the sale of the business.
posted by Solomon at 9:15 PM PERMALINK
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