SOURCE: Matrix Management, Inc.

March 27, 2007 21:05 ET

Zcom Networks, Inc. Announces Share Exchange Agreement With Matrix Management, Inc.

SALT LAKE CITY, UT -- (MARKET WIRE) -- March 27, 2007 -- Zcom Networks, Inc. (PINKSHEETS: ZCMN) is pleased to announce today that it has completed a share exchange agreement with Matrix Management, Inc., a Utah corporation. One of the most significant terms of the Agreement called for the acquisition of 100% of the issued and outstanding shares of Matrix by Zcom Networks.

Alex Parsinia, CEO of Matrix, stated: "I have been looking forward to the completion and closure of the share exchange agreement. These are exciting times for all of us. The completion of the share exchange agreement brings a new level of momentum to our company."

Prior to Zcom Networks acquisition of Matrix, on June 22, 2005, a custodian was appointed by the Ninth Judicial District Court of The State of Nevada in and for the County of Douglas, Case No. 05-CV-159. The Order appointing Zcom Networks' (formerly known as Group Seven Communications) custodian was pursuant to Nevada Revised Statues §78.347, et seq. and ordered the custodian to "take all reasonably prudent actions necessary to continue the business of [the company]" and "call a meeting of the stockholders for the sole purpose of electing directors of the company." On February 16, 2007, Zcom Networks' Board of Directors unanimously consented, and a majority of the Company's stockholder voted, to release the custodian. On March 5, 2007, Zcom Networks, through its legal counsel in Nevada, notified the court in Douglas County and the custodian of the custodian's release by the Company.

About Matrix: Matrix is a leading telecommunication company providing products and services, including domestic and international long distance services, pre-paid calling cards, pre-paid wireless, wholesale long distance, Point of Sale Activation (PoSA), toll free numbers and switch leasing. Matrix locates its switching equipment in the Quimby Building adjacent to the One Wilshire Building located in Los Angeles, CA. This facility was built especially for telecom. The area is home to virtually all of the market leaders in the telecommunications industry. Matrix's Corporate Headquarters is a high-tech facility located in Salt Lake City, Utah with sales and network offices also in Los Angeles, California and Miami, Florida.

Contact Information

  • Contact Info:
    Alex Parsinia
    1890 S 3850 W
    Salt Lake City, UT 84104
    (801) 990-0327