LOS ANGELES, Calif., July 7, 2004 (PRIMEZONE) -- FoneFriend, Inc. (OTCBB:FFRD) is pleased to announce that the Company has successfully closed its acquisition of 50,000 Voice over Internet Protocol (VoIP) customers from InfiniCom Networks, Inc.
The closing of this transaction provides FoneFriend with an initial base of 50,000 customers generating monthly recurring revenues of $750,000.
Under the terms of FoneFriend's agreement with InfiniCom, each customer is warranted for a period of 52 weeks, thereby assuring a powerful, ongoing revenue stream to the company.
FoneFriend Chairman Gary Rasmussen stated, "This initial transaction establishes our company as a premier provider of VoIP telecommunications services, with a significant base of 50,000 customers, and growing. In securing this annual revenue base of $9,000,000, FoneFriend has created an immediate footprint into this exciting growth industry."
About FoneFriend, Inc.
FoneFriend is a rapidly emerging company in the fast growing VoIP industry. The company provides its customers with access to extremely low cost, long-distance calling via the Internet, using only a standard telephone handset or their personal computer.
About Equity Capital Market Information Systems, Inc. (EMIS)
FoneFriend has contracted with EMIS to organize and manage an investor awareness program. Further information, including a Corporate Profile on FoneFriend, can be viewed at www.serioustraders.com.
Forward Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of wireless networks or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.