SAN DIEGO, May 4, 2005 (PRIMEZONE) -- IPEX, Inc. (OTCBB:IPEX) announced today that on March 17, 2005, Tamarack Ventures acquired all of the outstanding equity stock of Administration for International Credit and Investment, Inc. ("AICI"), through a merger of AICI into a wholly owned subsidiary of Tamarack Ventures. As consideration for the acquisition of AICI, the Company issued 21,875,566 shares of the Company's common stock to the former shareholders of AICI. In addition, certain shareholders of the Company cancelled an aggregate of 3,500,000 outstanding shares of the Company's common stock, and such shares were returned to the Company's treasury stock. In connection with the acquisition of AICI, the Company changed its fiscal year from July 31 to December 31. On March 23, 2005, the Company changed its name to IPEX, Inc. and effective March 29, 2005, the Company's quotation symbol on the OTC Bulletin Board changed from TMKV.OB to IPEX.OB. Further details of the transaction may be found in the Company's current report on Form 8-K, filed with the SEC on March 22, 2005.
IPEX operates a cost efficient and fully automated, software-based, centralized VoIP routing platform that exchanges international telecommunication traffic. IPEX operates and exchanges with superior quality and price and has contracts with more than 120 international carriers. The exchange delivers seamless access through an Internet Protocol (IP) connection which significantly reduces the time to connect to the exchange.
IPEX's exchange operates on a software-based switching platform which monitors and dynamically checks up to 256 different routes for one country code, optimizing margin and quality through real time traffic adjustments. The Company operates a centralized, number mapping database (e164.arpa or ENUM) called IPNUM for routing and termination of VoIP telecom traffic, which allows significantly higher margins due to the absence of payments to international carriers in other countries. IPEX offers its service to international telecom carriers and ISP's. IPEX does not compete in the national telecom market and is positioned to partner to almost every international VoIP company. IPEX believes that the future is in managing and mapping VoIP numbers to interconnect with international VoIP companies. IPEX's goal is to collect VoIP numbers (IP addresses) from national and international VoIP providers in the most cost-effective way.
Wolfgang Grabher, Chief Executive Officer and Chairman of IPEX, Inc. stated: "We believe that we have an excellent, cost-efficient solution for telecommunication companies and large enterprises to enhance their international telecom traffic in respect of quality and price and connect them based on IP. Our goal is to interact with the international VoIP market leaders and connect the VoIP world with the PSTN world in the wired and wireless industry. We believe that the future value of the international VoIP industry is to manage IP mapping and connect different IP systems."
Wolfgang Grabher invented in 1998 the first patent to guarantee the best price for a single call detail record (CDR). From 1994 until 1998 he was founder, owner and CEO/President of EuReCa Holding of three companies which operated a clearing house for processing credit card transactions combined with a bonus program based on an exclusive Joint Venture contract between IBM and Deutsche Telekom. He grew the company from start up to over 250,000 customers in less then three years before he sold part of the Holding in 1998 and retired from the CEO position. From 1998 till 2002 he designed together with Ericsson one of the first SDH backbones for VoIP traffic in Europe and was involved in the acquisition of All Optical Networks with the support of Credit Suisse and APAX Partners. Since 2002, Mr. Grabher served as President, CEO and Chairman of IPEX, Inc.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as IPEX, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. Certain of those risks and uncertainties are discussed in the IPEX filings with the Securities and Exchange Commission, including IPEX annual report on Form 10-K and quarterly reports on Form 10-Q. These forward-looking statements are only made as of the date of this press release and IPEX does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.