SOURCE: IPtimize, Inc.

July 09, 2007 09:45 ET

IPtimize Announces Results of a Special Meeting of Stockholders

DENVER, CO--(Marketwire - July 9, 2007) - IPtimize, Inc. (PINKSHEETS: IPZE) ("IPtimize or the "Company"), a VoIP provider of composite applications of data, voice and wireless components for business communications, today announced that on June 22, 2007 the Company held a Special Meeting of Stockholders (the "Meeting") where the following matters were approved by a requisite majority of the Company's voting stock:

--  The ratification of: (i) the Company's 2005 Amended Agreement and Plan
    of Merger, and subsequent merger with Simmetech, Inc., including a 1-for-50
    reverse split of the common stock of Simmetech's predecessor; and (ii) the
    2005 increase in the authorized capital stock to 100,000,000 shares,
    including 70 million shares of common stock and 30 million shares of
    preferred stock;
    
--  The reincorporation of the Company from the State of Minnesota to the
    State of Delaware;
    
--  The adoption of the Company's 2007 Equity Incentive Plan, wherein an
    aggregate of two million shares of IPtimize Common Stock was reserved for
    issuance thereunder; and
    
--  Granting the Company's Board of Directors the authority to effectuate
    a reverse stock split on an up to 1-for-12 basis.
    
Commenting on the actions taken at the Meeting, Clinton J. Wilson, the Company's President, said, "Now we have laid the groundwork for proceeding with our plans to reorganize the Company and implement the financing necessary to move ahead with the Company's acquisition and growth strategy."

About IPtimize

Founded in 2003, IPtimize is headquartered in Denver, Colorado and serves clients around the world. IPtimize is a managed VoIP Solutions Provider and possesses a portfolio of VoIP-based communications solutions -- including Hosted VoIP (Voice Pilot(SM)), Telephone Line Replacement (VoIP Connect(SM)) and VoIP business communication systems -- that help customers improve productivity, reduce costs and minimize risks. Please visit: www.iptimize.com .

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statements, including statements that include the words "believes," "expects," "anticipate," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Factors that may affect these forward-looking statements include, among others, our ability to raise capital, the decisions of third parties over which we have no control, the state of the telecommunications industry, technological changes and other factors set forth from time to time in our public statements. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date of this news release.

Contact Information

  • Contact:

    Financial and Investor Relations
    McCloud Communications
    Marty Tullio
    949.553.9748
    Email Contact

    IPtimize
    Clint Wilson
    President and CEO
    303.268.3600
    Email Contact