Elephant Talk Announces Receipt of Gross Proceeds of $10.1 Million From Warrant Exercises
(firmenpresse) - SCHIPHOL, THE NETHERLANDS -- (Marketwire) -- 09/06/11 -- Elephant Talk Communications, Inc., (OTCBB: ETAK) (), an international provider of business software and services to the telecommunications and financial services industry, announced today that the Company has received gross proceeds of approximately $10.1 million from the exercise of the warrants issued to investors in 2010. All of the warrants issued with respect to the 2010 Equity Offering have now been exercised.
Elephant Talk Communications called for redemption of the warrants on August 29, 2011 unless they were exercised prior to that date. The Company paid a 5% solicitation fee to the warrant solicitation agent. The net proceeds will be used for the continued expansion of Elephant Talk's high margin mobile service platform and the commercialization of ValidSoft's anti-fraud solution.
"We believe that this capital infusion combined with our recent operational achievements will be helpful to secure a listing on a senior U.S. exchange," stated Steven van der Velden, CEO of Elephant Talk Communications. "The new capital raised from the warrant exercise is extremely positive as our auditors did not include a 'going concern' qualification in our financial statement for the fiscal quarter ended June 30, 2011. Now that we have a board with a majority of independent directors and an improved balance sheet, we will file an application to achieve a listing on a senior exchange."
Elephant Talk Communications, Inc. (OTCBB: ETAK) is an international provider of business software and services to the telecommunications and financial services industry. The company enables both mobile carriers and virtual operators to offer a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investments from clients. Elephant Talk provides global telecommunication companies, mobile network operators, banks, supermarkets, consumer product companies, media firms, and other businesses a full suite of products and services that enable them to fully provide telecom services as part of their business offerings. The company offers various dynamic products that include remote health care, credit card fraud prevention, mobile internet ID security, multi-country discounted phone services, loyalty management services, and a whole range of other emerging customized mobile services. For more information visit .
ValidSoft is a subsidiary of Elephant Talk Communications, Inc. (OTCBB: ETAK) (), and is a market leader in providing solutions to counter electronic fraud relating to card, the Internet, and telephone channels. ValidSoft's solutions are at the cutting edge of the market and are used to verify the authenticity of both parties to a transaction (Mutual Authentication), and the integrity of the transaction itself (Transaction Verification) for the mass market, in a highly cost effective and secure manner, yet easy to use and intuitive. For more information, please visit ().
Elephant Talk Communications, Inc.
Mr. Steven van der Velden
Tel: + 31 20 653 59 16
Alliance Advisors, LLC
Thomas P. Walsh
Tel: + 1 212-398-3486
Emmanuelle Filsjean
Tel: +44 (0)20 3170 8999
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Datum: 06.09.2011 - 12:45 Uhr
Sprache: Deutsch
News-ID 62468
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SCHIPHOL, THE NETHERLANDS
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Hardware
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