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Virtutone Announces Update on Wholesale Operations



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By Josh_Kier

Posted: Wednesday Aug 1 1:35:21PM 2012

August 1, 2012
Virtutone Announces Update on Wholesale Operations
SHERWOOD PARK, ALBERTA--(Marketwire - Aug. 1, 2012) - Virtutone Networks Inc.,("Virtutone") (TSX VENTURE:VFX) is pleased to announce that it has secured additional contracts for an estimated 26.3 million minutes per month of wholesale long distance. This results in a total of approximately 44 million minutes per month since the inception of the wholesale division.

"We are pleased to see higher than expected results from our new wholesale division " said Jason Allen, Virtutone's President and Chief Executive Officer. "In addition to our domestic voice traffic, which is growing at a steady pace, we are getting a lot of interest in our international destinations. These routes generally come with higher per minute rates and will result in greater revenue growth than with our domestic routes."

Virtutone is also pleased to announce that the retail division has won a new contract with a large oil and gas company to provide managed line services. The initial order is for 300 lines and has the potential for significant growth. "While we are excited by the prospects for our wholesale division, the retail side of our business, continues to grow," said Mr. Allen.

About Virtutone Networks Inc.

Virtutone Networks Inc. is a technology company based in Sherwood Park and is listed on the TSX Venture Exchange in Canada. The company is a leading supplier of managed telecommunication services, including: VoIP, Fax over IP services, Hosted PBX services, DSL & T1 data circuits, wireless solutions for mobile work forces and SCADA networks, and network management and IT-related products. Additional information can be found on the company's website at www.virtutone.com.

This document may contain certain forward-looking information or statements ("Forward-looking statements") as defined under applicable securities legislation that involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include, without limitation, risks related to: the termination, non-renewal of or default under of any wholesale contracts; changes in the global economy; a failure to negotiate new customer contracts from the above noted wholesale division. Forward-looking statements are any statements other than statements of historical fact. The use of any "plan" "expect " "project" "believe" "should" "anticipate" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. In particular, forward-looking statements included in the press release include, without limitation, statements regarding: Virtutone's wholesale services division and the benefits therefrom; and negotiations relating to potential new customers. The forward-looking-statements contained herein are based on certain assumptions including, without limitation, assumptions regarding: global economic conditions; changes in laws and regulations; the impact of Virtutone's new wholesale infrastructure; the market for wholesale telephony services. Although management believes the expectations reflected in the forward-looking statements contained herein are reasonable, no assurances can be given that any of the events anticipated in forward-looking statements will occur, or, if they do, what benefits Virtutone will derive therefrom. As such readers are cautioned not to place undue reliance on forward-looking statements, which are effective only as of the date of this document or as of the date otherwise specifically indicated herein. Virtutone assumes no obligation to update forward-looking statements, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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