iTalk, an innovative and disruptive mobile communications company that offers consumers a high-quality cellular alternative at a significant discount to all major national carriers, announced today that it has completed the acquisition of RocketVoIP, a reputable residential and business broadband VoIP (Voice Over Internet Protocol) phone service provider that was established 10 years ago.
“The completion of the RocketVoIP deal is the first of several potential complimentary technology acquisitions that we have identified that would allow iTalk to immediately expand its product offerings, customer base, and backend process capabilities, in this particular case, in the exploding VoIP services marketplace,” commented David F. Levy, Chief Executive Officer of iTalk Inc. “Over the next few weeks, we will work with RocketVoIP to fully integrate their products and technologies into the iTalk mobile systems platform and will continue to pursue additional acquisitions that will further strengthen the iTalk brand.”
VoIP has a rapidly swelling user base as a technology that allows telephone calls to be made over the Internet or any other similar computer networks. VoIP and mobile VoIP are priced well under typical thresholds for traditional long distance telephone calls, delivering massive cost savings to VoIP adopters. An extremely positive outlook for the future of mobile VoIP technologies and services has been validated through independent, third-party research. For example, a recent report published by Infiniti Research Ltd. predicted an annual growth rate of 64.6% for the global mobile VoIP solutions market over the period of 2011-15. Furthermore, research analysts at mobile telecom specialists Juniper Research Ltd. are exceedingly optimistic about the future of mobile VoIP. Specifically, they released a report predicting the mobile VoIP user base would grow to over 1 billion by 2017.
Under terms of the definitive acquisition agreement, as consideration for the purchase of RocketVoIP, iTalk has agreed to issue 500,000 restricted common shares of TALK to shareholders of RocketVoIP. In addition, iTalk will make two separate onetime payments of Twenty Five Thousand Dollars ($25,000), with the first payment being due within 10 days of LOI execution and the second payment being due 30 days thereafter. No free trading shares were issued as part of this transaction.
For further information, please visit www.italkmobility.com
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