BALLASALLA, Isle of Man, Nov. 8, 2006 (PRIMEZONE) -- Effective October 18, 2006, CallKey (Pink Sheets:CKYI) acquired GlobalFon, Inc. as a wholly owned subsidiary. Based in Herndon, Virginia, GlobalFon provides a portfolio of telecom services catering to a diverse customer base worldwide.
Niles Helmboldt, CEO of CallKey when the acquisition occurred, commented, "This acquisition is strategic for CallKey for several reasons: First, the demographic profile of GlobalFon's established base of worldwide customers is ideally suited for CallKey's products. Second, GlobalFon's seasoned channel management team meshes extremely well with our own and many happen to be located in parts of the world which are big market opportunities for us. This customer channel, along with the supporting infrastructure and experience, will augment CallKey's growth, and together, we will have a stronger globally diversified business."
GlobalFon was acquired with a combination of a cash payment of $500,000 and issuance of 1.1 million shares and warrants to purchase 500,000 shares at $1.00 per share.
As part of the GlobalFon acquisition, GlobalFon's CEO, Kevin Mulcahy, was hired as CallKey's new CEO, replacing interim CEO Niles Helmboldt. "I am pleased that Kevin will serve as CallKey's new CEO. His experience in the industry is extensive, and the acquisition of GlobalFon will provide added distribution and distributor support capabilities for CallKey's products. I'm confident that Kevin is the right person for us and will serve the company and its shareholders well," said Mr. Helmboldt.
Kevin Mulcahy, CEO elect of CallKey, said, "I've followed CallKey with great interest since the launch of their mobile services earlier this year. This is a proven innovative company, with an impressive technology and vision in the global mobile market. As a distributor of the CallKey product, I can say GlobalFon's customers and staff think very highly of the service. This move is right for both organizations, and together, we will be positioned to become a focused operator in the global MVNO space."
About CallKey
CallKey International, Inc. (Pink Sheets:CKYI), through its subsidiary, CallKey Group Ltd., is an early leader in the emerging Global MVNO ("Mobile Virtual Network Operator") telecom sector. CallKey's expanding portfolio of services is specifically targeted to providing greater flexibility and telecom cost savings to the international traveler. CallKey enables its international network of telecom resellers and distributors to offer their customers a branded, reliable and cost competitive mobile phone service while they travel abroad. CallKey's distributors can deliver substantial savings to their customers on international mobile roaming costs when making calls from over 80 countries worldwide. More information is available about CallKey at www.callkey.com.
About GlobalFon
GlobalFon Inc. is a privately-held reseller of telecom services, headquartered in Herndon, Virginia, USA. Offering a portfolio of telecom services for the global traveler, GlobalFon has built a customer base of business travelers and international students from around the world. Product portfolio includes postpaid calling card, mobile phone services, and audio conferencing. GlobalFon has implemented a carrier grade state-of-the-art back office billing, invoicing and reporting system that provides the flexibility to bill multiple services from multiple providers on one invoice, while maintaining and managing multiple rate plans. More information is available about GlobalFon at www.globalcalling.com.
Safe Harbor Statement
Statements in this news release about CallKey's future expectations, including: the advantages of our products and services, anticipated competitive advantages and all other statements in this release, other than historical facts, are forward-looking statements. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as new technologies developed by other companies, market share garnered by competitors, ability to maintain vendor relationships, potential volume limitations of our system and the potential for increased regulation.