Stockwire.com: (OTCBB:ITUI) i2 Telecom International, Inc. just
released some important news.
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(OTCBB:ITUI) i2 Telecom International, Inc. - Prominent Kuwaiti
Businessman To Fund $9 Million Joint Venture For International Launch
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(OTCBB:ITUI) i2 Telecom International, Inc.
Monday July 21, 8:00 am ET Company to Expand Global Operations into
Additional International Countries
ATLANTA-i2Telecom International, Inc. , a developer of award-winning
patented and innovative high-quality Voice-over-Internet Protocol
products and services, recently announced that it has executed a
Memorandum of Understanding for a strategic joint venture with Raed
A.H. Rajab , a prominent businessman in Kuwait, to expand the Companys
operations into a number of international markets by the end of this
year. Through established sales channels, the Investor will provide $9
million in funding for operating and marketing expenses (the Capital
Commitment) incurred by the joint venture during the next twelve months
involving the launch of i2Telecoms award-winning MyGlobalTalk and other
telecom offerings into these markets.
The joint venture will establish wholly-owned subsidiaries in each
country and transfer exclusive rights to the Company?s technology to
that country in exchange for the Capital Commitment. The Company will
consolidate the operating results of the joint venture in its financial
results beginning with the third quarter. Revenue from the joint
venture is not included in i2Telecom?s previously announced guidance.
Upon execution of a definitive agreement subject to customary closing
conditions and receipt of a $1 million initial capital contribution,
the Company will issue to Mr. Rajab one million restricted shares of
i2Telecom common stock as an equity incentive. The Company may, at its
discretion, issue additional shares of i2Telecom restricted stock in
lieu of distribution of 20% of the joint venture?s profit. Such shares
will be issued at 95% of market value of the Company?s shares on a
quarterly basis as profits are earned. i2Telecom will retain 100%
equity ownership and an 80% profit participation in each wholly-owned
subsidiary that is established by the joint venture.
MyGlobalTalk?, which recently won Internet Telephony Magazine's and
Unified Communications Magazine?s "Product of the Year 2007" awards,
places Internet telephony in the hands of every cell phone user,
independent of wireless carrier technology, handset manufacturer or the
type of wireless carrier voice/data plan involved.
?We are very pleased to have been selected by Raed A.H. Rajab as his
telecommunications partner in this rapidly developing region of the
world,? stated Paul Arena, Chief Executive Officer of i2Telecom
International, Inc. ?We believe that our ongoing success in the
international marketplace reflects not only the fundamental economic
benefits of mobile VoIP, but also the added value of our intellectual
property. Working with such successful businessmen as Mr. Rajab in
these growing markets, we will provide significant cost savings and
improved communications capabilities to the customers and employees of
organizations around the world.?
The joint venture benefits i2Telecom shareholders by providing $9
million to finance operating and marketing expenses that will enable
the Company to expand its international infrastructure and establish
scale in these growing foreign markets.
i2Telecom?s proprietary platform can easily be integrated within a
combination of hardware, software and cellular phones for
next-generation global telecommunications solutions. The platform
consists of a new architecture for the Company?s VoiceStick ,
MyGlobalTalk?, Digital Portal communications and microgateway products,
innovative applications built to Session Initiation Protocol standards,
global VoIP network, global Public Switched Telephone Network
interconnect network, and geographically dispersed Network Operation
We selected i2Telecom because of its advanced features and technology,
the Company?s ability to provide unparalleled service in remote areas
of the countries we are targeting, and its excellent reputation for
supporting global partners,? stated Raed A.H. Rajab. ?We see this as an
opportunity to make an investment in mobile VoIP technology that can
provide an above average return on our capital. i2Telecoms products are
very easy to deploy and an ideal complement to SMEs, Internet Cafes and
Hotels in numerous countries in the Middle East, Asia and elsewhere. We
believe i2Telecom is positioned to emerge as one of the leaders in this
region of the world, and we intend to put our full effort behind the
joint venture with i2Telecom to make this happen.
Businesses and consumers can substantially reduce long-distance and
international telecommunications costs by utilizing i2Telecom?s
easy-to-deploy VoIP solutions that seamlessly interface with existing
mobile phone connections without having to change wireless carriers or
voice/data plans currently in place.
Profile for i2 Telecom International, Inc.
i2 Telecom International, Inc. provides telecommunications services
employing voice over Internet protocol (VoIP) technology. Its products
include VoiceStick, that allows the user to make domestic and
international long distance calls via the Internet, with the use of an
included headphone and a phone number; and portable micro gateway that
enables worldwide phone calls over the Internet. The company was
founded in 2002 and is headquartered in Atlanta, Georgia.
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