Angel Telecom Announces Acquisition of Assets of Vivaro Corp
BAAR, Switzerland - Saturday, February 23rd 2013 [ME NewsWire]
(BUSINESS WIRE)-- Angel Telecom Corporation (AGLT:OTC Other) (NASDAQ:AGLT) announced today that on February 8, 2013, Next Angel LLC, a joint venture between Angel Telecom (Angel), Next Communications, Inc. and Marcatel Telecommunications, LLC, acquired substantially all of the assets of Vivaro Corporation and certain of its affiliates out of Vivaro’s bankruptcy. Angel owns a 42.5% stake in Next Angel.
Vivaro and six affiliated companies, including STI Prepaid, STi Telecom, and Kare Distribution, filed for Chapter 11 bankruptcy protection in September 2012. Vivaro and its affiliates sold prepaid calling cards mainly to Hispanic customers in the United States. In addition to its voice business to Mexico, Vivaro had a significant market share in telephony traffic to other Latin American countries. Based on a November 30, 2012 filing with the bankruptcy court, Vivaro and its affiliates had approximately $376 million in revenues in 2011 before several unfortunate management decisions led to a cash crisis.
“Our strategic partnership with Next Communications and Marcatel and the acquisition of the Vivaro assets are an important step for the future of our company,” commented Peter Waneck, CEO of Angel. “Our entry into the pre-paid calling card business between the United States and Latin America creates a tremendous growth opportunity and will lead to a substantial traffic increase on our ATTrade trading platform. Well managed, the prepaid Cardbusiness is extremely lucrative. We believe the potential of the prepaid calling Cardbusiness will evolve as new technologies will make prepaid calls more attractive for current and new customer segments. Angel plans to be at the forefront of this development.”
For more information, visit the Company’s website at www.angel-telecom.com
Safe Harbor Statement
This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain factors, risks and uncertainties that may cause actual results, events and performances to differ materially from those referred to in such statements. Factors which could cause actual results to differ from expectations include, among others, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, unknown competitive factors, the need to raise funds for operations and other risks within the regulation of the industry.