Virtutone Networks Inc.
TSX VENTURE : VFX

Virtutone Networks Inc.

October 28, 2011 17:30 ET

Virtutone Networks Inc. Announces Acquisition of Assets from Transcendent Global Networks LLC

FORT SASKATCHEWAN, ALBERTA--(Marketwire - Oct. 28, 2011) - Virtutone Networks Inc (TSX VENTURE:VFX) (Virtutone), is pleased to announce that it has acquired certain assets of Transcendent Global Networks LLC.(TGN). TGN is Virtutone's US distributor of telecommunication products and services.

Virtutone acquired certain assets of TGN for an aggregate consideration of 600,000 common shares of Virtutone, having a deemed issue price of $0.13 per share.

"We are pleased to announce the acquisition of TGN's assets. TGN has played an important role in Virtutone's success over the last four years, significantly increasing our penetration into the Energy and Maritime Industries. It became apparent that bringing TGN's assets in-house and having Greg as a more integral part of our team would be more valuable for all parties. We look forward to even greater success in the marketplace with our new structure," said Jason Allen, Virtutone's President and Chief Executive Officer.

"Our decision to merge with Virtutone was an easy one. The management of both companies have worked closely together over the last few years and it became apparent that we can achieve even greater success if we joined forces. We are very excited about the transaction," said Greg Berlocher, President of Transcendent. Subject to exchange approval, Greg Berlocher will assume the position of Vice President of Sales & Marketing at Virtutone.

About Virtutone Networks, Inc.

Virtutone Networks Inc is a publicly owned technology company based in Fort Saskatchewan and is listed on the TSX Venture Exchange in Canada. The company is a leading supplier of managed telecommunication services, including: Voice over IP (VOIP) solutions, Fax over IP services, Hosted PBX services, DSL & T1 data circuits, wireless solutions for mobile work forces and SCADA networks, and network management and IT-related products. Additional information can be found on the company's company's website at www.virtutone.com.

This document may contain certain forward-looking statements that involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include, without limitation, risks related to the failure to achieve anticipated benefits from the above noted acquisition. Forward-looking statements are any statements other than statements of historical fact. Forward- looking statements contained in this press release include, without limitation, statements regarding the benefits of the acquisition and the appointment of Mr. Berlocher as Vice President, Sales & Marketing. Readers are cautioned not to place undue reliance on forward-looking statements, which are effective only as of the date of this document or as of the date otherwise specifically indicated herein.

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

Contact Information

  • Virtutone Networks Inc
    Jason Allen
    President & CEO
    780-235-4100