C2 Global Technologies Inc.
OTC Bulletin Board : COBT

C2 Global Technologies Inc.

March 11, 2008 16:50 ET

C2 Global Technologies Inc. Reports Fiscal Year 2007 Results

TORONTO, ONTARIO--(Marketwire - March 11, 2008) - C2 Global Technologies Inc. ("C2" or the "Company") (OTCBB:COBT) today reported its financial results for the year ended December 31, 2007. All amounts are stated in US dollars.

For the year ended December 31, 2007, the Company had a net loss of $0.6 million or $0.03 per common share, basic and diluted, compared to a net loss of $7.7 million or $0.40 per common share, basic and diluted, for the year ended December 31, 2006. The Company had a loss from continuing operations of $0.6 million for the year ended December 31, 2007 compared to a loss of $12.0 million for the year ended December 31, 2006.

The following significant events occurred during the year ended December 31, 2007:

- In March, the European Patent Office published its decision to grant C2 a European patent that is equivalent to its U.S. Patent No. 6,243,373.

- In April, a trial scheduling conference was held with respect to the Company's patent infringement lawsuit against AT&T, Inc., Verizon Communications, Inc., Qwest Communications International, Inc., Bellsouth Corporation, Sprint Nextel Corporation, Global Crossing Limited, and Level 3 Communications, Inc. August 4, 2008 was set as the trial date. In June, the complaint against Bellsouth Corporation was dismissed without prejudice. Subsequent to December 31, 2007, in February 2008 the Company settled its patent litigation against AT&T, Inc. and Verizon Communications, Inc. by entering into settlement and license agreements.

- In May, the Company was granted U.S. Patent No. 7,215,663 for its patent entitled "Private IP Communication Network Architecture", effective through June 12, 2017. It relates generally to multimedia communications networks and, more particularly, to an improved Voice over Internet Protocol ("VoIP") network that provides for increased data stream throughput for video/voice/data via a private Internet Protocol communications network with associated communications components.

- In August, the Company began investing in Internet-based e-commerce businesses and acquired minority positions in MyTrade.com, Inc., Buddy Media, Inc., LIMOS.com LLC and Knight's Bridge Capital Partners Internet Fund No. 1 GP LLC. The investment in MyTrade.com, Inc. was sold in December 2007 for a gain of $75,000, representing a 100% return on its investment in four months.

"We are very pleased with the progress made by C2 in 2007" said Allan Silber, C2's Chairman & CEO. Mr. Silber continued "We are encouraged by C2's success in negotiating licenses with AT&T and Verizon for its patents, as well as C2's investment in the Internet-based e-commerce sector."

Please see the Company's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the SEC on March 11, 2008, for further information.

About C2 Global Technologies Inc.

C2's business is focused on licensing its patents, which include two foundational patents in VoIP technology. C2 plans to realize value from its intellectual property by offering licenses to service providers, equipment companies and end-users that are deploying VoIP networks for phone-to-phone communications. C2 also invests in Internet-based e-commerce businesses. For further information, please visit C2's website at www.c-2technologies.com.

Forward-Looking Statements

This release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended, that are based on management's exercise of business judgment as well as assumptions made by, and information currently available to, management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend", and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as noted in our securities and other regulatory filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.



C2 GLOBAL TECHNOLOGIES INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(audited)

December 31, December 31,
(In thousands, except share and per share amounts) 2007 2006
-------------------------

ASSETS

Current assets:
Cash and cash equivalents $ 67 $ 3
Deferred income tax asset 1,000 -
Other current assets 17 70
-------------------------
Total current assets 1,084 73
Other assets:
Intangible assets, net 20 40
Goodwill 173 173
Investments 519 1,100
-------------------------
Total assets $ 1,796 $ 1,386
-------------------------
-------------------------

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
Accounts payable and accrued liabilities $ 402 $ 550
Convertible note payable, net of unamortized
discount - 1,299
Notes payable to a related party 2,335 6
-------------------------
Total liabilities 2,737 1,855
-------------------------

Stockholders' deficit:
Preferred stock, $10.00 par value, authorized
10,000,000 shares; issued and outstanding
607 shares, liquidation preference of $607 at
December 31, 2007; issued and outstanding
611 shares, liquidation preference of $611 at
December 31, 2006 6 6
Common stock, $0.01 par value, authorized
300,000,000 shares; issued and outstanding
23,095,010 shares at December 31, 2007 and
23,084,850 shares at December 31, 2006 231 231
Additional paid-in capital 274,672 274,499
Accumulated deficit (275,850) (275,205)
-------------------------
Total stockholders' deficit (941) (469)
-------------------------
Total liabilities and stockholders' deficit $ 1,796 $ 1,386
-------------------------
-------------------------

The notes contained in our Annual Report on Form 10-K are an integral part
of these condensed consolidated financial statements



C2 GLOBAL TECHNOLOGIES INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(audited)

Year Ended
December 31,
------------------------
(In thousands, except per share amounts) 2007 2006
------------------------
Revenue $ - $ -
------------------------

Operating costs and expenses:
Selling, general and administrative 1,216 1,281
Depreciation and amortization 20 20
------------------------
Total operating costs and expenses 1,236 1,301
------------------------
Operating loss (1,236) (1,301)
------------------------
Other income (expense):
Interest expense (196) (10,900)
Interest and other income (207) 155
------------------------
Total other income (expense) (403) (10,745)
------------------------
Loss from continuing operations before income taxes (1,639) (12,046)
Income tax expense (recovery) (1,000) -
------------------------
Loss from continuing operations (639) (12,046)
Income (loss) from discontinued operations (net of
$0 tax) (6) 4,370
------------------------
Net loss $ (645) $ (7,676)
------------------------
------------------------

Basic and diluted weighted average shares
outstanding 23,095 19,258

Net loss per common share - basic and diluted:
Loss from continuing operations $ (0.03) $ (0.63)
Earnings (loss) from discontinued operations - 0.23
------------------------
Net loss per common share $ (0.03) $ (0.40)
------------------------
------------------------

The notes contained in our Annual Report on Form 10-K are an integral part
of these condensed consolidated financial statements


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