SOURCE: iTalk, Inc

iTalk, Inc

January 07, 2015 08:00 ET

ITalk, Inc. Diversifies Into Oil and Gas Industry

FT LAUDERDALE, FL--(Marketwired - Jan 7, 2015) - ITalk, Inc. ("TALK") today announced that its recently formed subsidiary, Limestone Energy Holdings, Inc. ("Limestone"), has issued a Purchase and Sale Agreement to acquire all of the members interest in Hilliard Bender Energy, LLC, an oil and gas operator that currently owns the mineral rights to two leases in Montgomery County, Texas. With proven, undeveloped drilling locations, each capable of producing 100-150 BOPD (Barrels of Oil Per Day) and approximately 450 MCFPD (Millions Cubic Feet Per Day) with 400 acres of land under lease.

Limestone was formed by TALK in late 2014 to develop a diversification strategy for TALK outside of the communications industry. With the dramatic recent drop in world oil and gas prices, management of TALK, along with their advisors, realized a unique window to enter the lucrative energy sector. David Levy, CEO of Talk stated, "we are fortunate to have surrounded ourselves with some expert advisors and future potential partners who are very familiar with the international oil and gas industry, and are assisting us in entering this market. Much like the recent boom in US real estate when the market is low, that is the time to buy, not at its peak."

Tripp Camper of Hilliard Bender Energy has 30 years of Executive Management experience in banking, energy, financial services, and telecommunication companies. His businesses have raised substantial amounts of capital, while leading the creation of initial and secondary public offerings, venture capital, joint venture and private equity financing. He has been the Managing Partner in the Oil and Gas properties in Texas to include Hilliard Bender Energy and Coyanosa Resources. He is the former CEO and President of InZon Corporation, a mobile cellular services company. Mr. Camper was creator and founder of Elandia, Inc and served as its Chief Executive Officer and President through initial public offering. He served on the Boards of Directors of seven Elandia subsidiaries of the DaTec Group of companies in the Pacific Island Nations. Previously, he was the CEO and President of the Morgan-Dos Development Company, a telecommunications tower infrastructure company which sold to Mastec Corporation, a NYSE company, where he joined the Executive Management Team. Mr. Camper was also a partner in TowerCom, a company that builds, develops and owns cellular towers. He is actively involved in the Broward Sheriffs Advisory Council.

As part of this diversification strategy TALK has begun exploring strategic options to either partner its communications business with other similar entities or divest this portion of the business if the oil and gas business of TALK becomes significant, so that management will ultimately focus on one business segment.

About: - ITalk, Inc
iTalk, Inc. (OTCQB: TALK) is a publicly traded global provider of advanced communications and mobile broadband services. The Company utilizes innovative and disruptive technologies, including Voice-over-IP (VoIP), nationwide 3G/4G mobile broadband networks, smartphones, and mobile applications ("apps") to offer consumers the highest-quality low-cost no-contract alternatives to voice, data, and mobile services from major national carriers. For further information, visit www.italkmobility.com.

Disclaimer/Safe Harbor: Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic.

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