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March 22, 2004 08:03 AM US Eastern Timezone
Emerging VoIP Leader i2Telecom International Announces Completion of $2.0 Million Round of Financing and Addition of Vice President of Finance to Executive Team
BOCA RATON, Fla.--(BUSINESS WIRE)--March 22, 2004--i2Telecom International, Inc. (OTCBB:ITUI), a provider of voice data communications technology for the Internet, announced today that it recently completed a $2 million round of financing. The proceeds will be used by i2Telecom International to increase the manufacturing of the company's Voice over Internet Protocol (VoIP) products to meet market demand and to continue the expansion of i2Telecom International's global Network Operating Centers in North America and Asia.
i2Telecom also announced David Burns has joined the Company's executive management team as Vice President of Finance. Mr. Burns has more than twenty years of experience in the telecom and accounting industry with such firms as Goldman Sachs, SBA Communications and Ernst & Young.
"We are proud to welcome David Burns on board as our new Vice President of Finance," stated Paul Arena, Chairman and Chief Executive Officer of i2Telecom International, Inc. "As a rapidly growing company, his financial and accounting experience will further strengthen our Company as we move into an accelerating growth mode."
"I am very enthusiastic about the opportunity to join i2Telecom International at such an exciting time in the company's history," said David Burns, new VP of Finance. "I look forward to my role in financial management as i2 Telecom International pursues its strategic objectives as a leader in the VoIP industry on a global scale. It is also a true privilege to be a member of i2Telecom International's dynamic and talented management team."
Mr. Burns brings more than 20 years of finance, accounting and corporate finance experience to i2Telecom International's newly created management position. Before joining i2Telecom International, Mr. Burns spent the last seven years in the wireless infrastructure industry holding executive level positions with SBA Communications and Tego Communications, Inc., including Director of Merger and Acquisitions, Co-Founder and Chief Financial Officer. While at SBA Communications, he was involved in numerous transactions valued at over $400 million dollars. While at Goldman Sachs, Mr. Burns was involved in transactions in a wide variety of industries, and dealt with both public and private companies that needed Wall Street expertise in capital formation, IPO's and cash management. Mr. Burns has been the founder of three companies, two of which were in the telecommunications industry. Mr. Burns started his career with Ernst & Young.
Details of Financing
The Company also announced the details of the round of financing - a completed private placement of securities for an aggregate purchase price of $2.0 million. The transaction was completed prior to the merger of a wholly-owned subsidiary of i2Telecom International with and into i2Telecom International, Inc., a Delaware corporation ("i2Telecom Delaware"), whereby i2Telecom Delaware became a wholly-owned subsidiary of i2Telecom International effective February 26, 2004. The securities sold by i2Telecom Delaware in the private placement were converted into the right to receive securities of i2Telecom International in accordance with terms of the Merger Agreement dated January 30, 2004, among i2Telecom International, i2Telecom Delaware and a wholly-owned subsidiary of i2Telecom International.
About i2Telecom International, Inc.
i2Telecom International, Inc. (OTCBB:ITUI) is a low-cost telecommunications service provider employing next generation VoIP technology with operations based in Boca Raton, Florida; Atlanta, Georgia; Redwood City, California; Malaysia and China. i2Telecom International controls its own proprietary technology and outsources its production and service functions to strategic partners. i2Telecom International provides micro gateway adapters (InternetTalker(TM),EVoIP-4000(TM)), VoIP long distance and other enhanced communication services to subscribers, and its proprietary technology platform is built to the Session Initiation Protocol ("SIP") standard. i2Telecom International's revenue model is multi-faceted and includes prepaid revenue from the sale of its InternetTalker(TM) integrated access devices, recurring monthly subscriptions, call minute termination fees and original equipment manufacturer royalties. For additional information visit www.i2telecom.com.
SAFE HARBOR Statement Under the Private Securities Litigation Reform Act. With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or in the aggregate impact the matters herein described, including, but not limited to, product acceptance, economic conditions, competition, governmental impact, results of litigation, technological and/or other factors which are outside the control of the company. Actual results and developments may differ materially from those contemplated by these statements depending on such factors as changes in general economic conditions and financial or equity markets, technological changes, and other business risk factors. i2Telecom International does not assume, and expressly disclaims, any obligation to update these forward-looking statements.
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