Verb Exchange Inc.

Verb Exchange Inc.

March 22, 2010 17:19 ET

Verb Provides Business Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2010) - Verb Exchange Inc. (TSX VENTURE:VEI) announces that it has successfully completed the development of its reseller module for Tabrio, which allows its distribution partners to efficiently add new customers, providing advanced features to enable customers to be serviced more effectively. The completion of these upgrades enable Tabrio's reseller partners and direct marketing customers to increase their customer volumes significantly. With the completion of these product enhancements the Board of Directors has made the strategic decision to forgo further development and direct marketing efforts for the Tabrio suite of products. Verb is currently seeking a strategic acquirer or joint venture partner to pursue the further commercialization of Tabrio.

Verb also reports that its revenues from its carrier services division, Eurotel Inc., are down to approximately $2.1 million for the two month period ended February 28, 2010, from approximately $3.4 million for the same period in 2009. This decrease of $1.3 million is directly related to business failures of US companies, which has caused the Company's largest customer to significantly reduce their traffic to Eurotel. While both companies are working diligently to recover lost revenues, today's business climate is making it very challenging. 

With the decision to pursue a strategic transaction for Tabrio, Verb will continue to focus its efforts on stabilizing and growing its carrier services division.

In connection with its ongoing restructuring initiatives, Verb has entered into a Credit Facility with a merchant bank associated with two directors of the Company. Verb has been extended a secured line of credit for $500,000 to assist in the funding of its ongoing working capital requirements. Subject to the approval of the TSX Venture Exchange, Verb has agreed to issue 1,800,000 common shares as consideration for the provision of the Credit Facility. The terms of the Credit Facility were reviewed and approved by the independent member of Verb's Board of Directors.


Verb Exchange (TSX VENTURE:VEI) is a digital communications and media company delivering high quality, low-cost, talk and text around the world. Through its two wholly owned subsidiaries, Eurotel and Tabrio, the Company services tens of millions minutes of calling connections each month and provides voice over IP connectivity to various telecommunication companies worldwide.

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Copyright ©2009 – Verb Exchange Inc. All rights reserved. All literary references to articles, statistics, and products or services are properties or registered trademarks of their respective owners. No endorsements from such references have been made whether expressed or implied. 

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.

Neither TSX Venture Exchange nor its Regulation Services 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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