VFX.v +.05 to C$.175
Posted: Friday Mar 8 12:38:32PM 2013
This is very positive for VFX. This person has specialized in the wholesale arena and should be able to bring new customers to VFX with their big capacity and low rates.
SHERWOOD PARK, ALBERTA--(Marketwire - Mar 8, 2013) - Virtutone Networks Inc. ("Virtutone" or the "Company") (TSX VENTURE:VFX) is pleased to announce that Louis Acevedo has been appointed as the Company''s new Vice President of Wholesale, subject to exchange approval. Mr. Acevedo has over 25 years experience in the wholesale VoIP industry. Prior to his new role with Virtutone, Mr. Acevedo served as Senior Vice President of Business Development with RenuTel Inc., a supplier of wholesale VoIP termination services.
"We''re very excited to have Louis on board," said Colin Campbell, Virtutone''s Chief Financial Officer. "Louis brings the experience and vision needed to transform Virtutone into a major player in the wholesale market. Louis will be focused on creating new business, and with the vast industry contact list he has generated over his long career, we believe he will quickly expand our wholesale customer base."
The Company also announces that it has granted aggregate of 330,000 options to certain employees and consultants of the Company at an exercise price of $0.20. The options granted will vest at the rate of one-third per year commencing on the first anniversary of the grant date and will expire five years from the grant date.
For further information please contact Colin Campbell at 780-702-5777.
Posted: Monday Mar 4 12:07:50PM 2013
Virtutone has increased for several days. Obviously somebody knew this PR was coming out. So apparently the new contracts have averaged 850K at their current carrier. We need more info in terms of rates charged and gross margins but this is very good news.
SHERWOOD PARK, ALBERTA--(Marketwire - Mar 4, 2013) -Virtutone Networks Inc. ("Virtutone" or the "Company") (TSX VENTURE:VFX) is pleased to announce that it has secured additional contracts for wholesale voice traffic. Gross revenue from this traffic has averaged approximately $850,000 per month over the past 3 months, and reached a high of over $1,300,000 for the month of February. Transition of this traffic to Virtutone is expected to start immediately and be complete by mid-March.
"This new block of business is a positive development for our wholesale division, and reflects the hard work and dedication of our team," said Colin Campbell, Chief Financial Officer of Virtutone. "Traffic from these customers has grown substantially in a short amount of time with the previous carrier. We believe that this revenue is sustainable and will continue to grow. This increase in voice traffic will also give us more leverage with our suppliers, which should result in lower costs and higher margins. Our sales team continues to bring on new customers, and is currently working on several other deals which could have a significant positive impact on the Company''s revenues."
The Company looks forward to providing updates on future developments with new and existing business.