Virtutone Networks Inc.
TSX VENTURE : VFX

March 11, 2010 16:05 ET

Virtutone to Provide Cash Store Financial Private Voice and Fax Network

FORT SASKATCHEWAN, ALBERTA--(Marketwire - March 11, 2010) - Virtutone Networks Inc. ("Virtutone" or the "Company") (TSX VENTURE:VFX), a leading supplier of Internet-based voice and fax solutions, announced today that the Company has been awarded a contract from The Cash Store Financial Services Inc., The Cash Store Australia Holdings Inc., and The Cash Store Financial Limited (UK) ("Cash Store") to provide a private network interconnecting their head office and over 500 retail branches in three countries with voice over IP ("VOIP") and fax over IP ("FOIP") services.

Virtutone will initially provide a fully managed, private network supporting VOIP and FOIP lines in three continents to Cash Store head office, current and future branch locations. There is a minimum commitment to Virtutone over the term of the contract for the Voice and Fax line services to the 469 existing locations in Canada and 40 existing locations in Australia. Cash Store has agreed to install Virtutone VOIP and FOIP lines in all new branches over the next the 3 years. Based on those growth projections this will add approximately 400 plus branch locations to the contract, bringing the total number to almost 900 branches world wide. The private network will eliminate all intercompany long distance charges and allows four-digit dialing between branches and head office. Virtutone's proprietary FOIP solution solves the traditional problems associated with routing traffic from fax machines over an Internet connection.

"Cash Store is a rapidly growing company and Virtutone is pleased to have been chosen to provide a fully managed VOIP and FOIP network to meet the communication needs of The Cash Store Financial Services Inc.; we potentially have been able to save Cash Store over 50% of their telephony costs by using our technology", said Jason Allen, Virtutone's President and CEO.

"It is great to be partnering with an Alberta based company. Virtutone provides not only a cost effective solution for our voice needs, they also have a very good fax solution which layers well over our existing IT infrastructure. Virtutone's VOIP and FOIP technology solutions will offer Cash Store an estimated savings of approximately $1 million dollars per year," said Gordon J. Reykdal, Chairman and CEO, Cash Store Financial Services Inc.

About Virtutone Networks Inc.

Virtutone Networks Inc (www.virtutone.com) is a publicly owned technology company based in Fort Saskatchewan and is listed on the TSX Venture Exchange. The Company is a leading supplier of FOIP and VOIP solutions. The Company's products work over terrestrial, wireless, and satellite connections.

About Cash Store

The Cash Store Financial Services Inc. is the only broker of short-term advances and other financial services in Canada publicly traded on the Toronto Stock Exchange (TSX: CSF). Cash Store Financial operates 469 branches across Canada under the banners: The Cash Store and Instaloans.

The Cash Store and Instaloans act as brokers to facilitate short-term advances and other financial services to income-earning consumers who may not be able to obtain them from traditional banks. Cash Store Financial provides a private-label debit card and a prepaid MasterCard, as well as, other financial services.

Cautionary Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the value of The Cash Store Financial Services Inc. contract, the number of locations to be serviced and the services to be provided. Readers are cautioned not to place undue reliance on forward looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, risks that the value of the services to be provided may be less than currently estimated and that the number of locations to be serviced may be less than currently estimated. The statements in this news release are made as of the date of this release. We undertake no obligation to update such forward-looking information except as required by applicable securities laws.

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Virtutone Networks Inc.
    Jason Allen
    President and CEO
    (780) 702-5777
    www.virtutone.com
    or
    The Cash Store Financial Services Inc.
    Gord J. Reykdal
    Chairman and CEO
    (780) 408-5118
    or
    The Cash Store Financial Services Inc.
    Nancy Bland
    CFO
    (780) 732-5683