LONDON, April 25, 2007 (PRIME NEWSWIRE) -- IT Group Holdings Inc. (OTCBB:ITGL) announced today that its UK subsidiary Internet Telecommunications Plc (IT) has recently signed four more new contracts with active Resellers (Service Providers) in the UK for its wholesale line rental and telephone call minutes.
These contracts consist of a mixed base of revenues from small and medium sized enterprises (SME's) and from residential consumers. The largest of these companies are taking on VoIP (Voice over Internet Protocol) and IVR (Interactive Voice Response) based products from IT's portfolio to target corporate businesses and at the same time reselling these new products into their own customer base.
All new previously mentioned Resellers have now gone live thanks to our automated provisioning systems which are now in place with British Telecom Plc (BT). We expect all future new Resellers, coming on board with IT, will now be processed and promptly activated onto IT's telecommunications TDM switch and to IT's Wholesale Line Rental (WLR) network. In addition, Resellers are also fully integrated onto our automated billing system.
Charlie Yiasemis, CEO commented, "This demonstrates that Resellers are now taking up our proposition at an ever increasing rate and that IT is now delivering excellent value with its new switched network in operation. We estimate that these contracts once fully operational could generate over $4,000,000 in revenues on an annualized basis. IT is now seeing the benefit of its investment in its switched network infrastructure and we will continue to work hard to make constant inroads into the UK Reseller market in line with our business expectations."
This brings the number of new Reseller contracts signed so far in 2007 into double figures. When fully deployed, the 10 new contracts signed in 2007 can expect to generate about $8-10m in new annualized revenues for IT, and these are additional to the revenues already generated from IT's existing customer base.
To listen to a RedChip radio interview with Chairman Fred Verkroost, click here: http://www.redchip.com/visibility/investor.asp?symbol=ITGL&daily=20070419&from=itgl_ipage. To read the RedChip research report click here: http://www.redchip.com/loadExternal.asp?extPageEnc=4676A6DM743073M6564696A7153M7170737574304AL484D4A6F6A756A626D53M717073752F716567.
About IT Group Holdings Inc.
IT Group Holdings, Inc. (formerly Green Mountain Capital, Inc.) trades through its wholly owned UK subsidiary Internet Telecommunications Plc (IT). IT is fast becoming a leading global provider of telecommunications services. In 2006, IT achieved $22.7m in revenues (up 14.7% over 2005) and $1.35m in gross profits (up 18% over 2005) through its successful and seasoned management team. IT Group Holdings is now established as a fast expanding wholesale carrier-operator supplying service providers and businesses with low cost telecommunications lines as well as competitive and high quality telephone call services including voice, data, value-added services such as SMS, and carrier services such as Voice-over-Internet Protocol (VoIP).
Forward-Looking Statements
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.