VANCOUVER, British Columbia, Feb. 11, 2013 (GLOBE NEWSWIRE) -- Vancouver-based Teliphone Corp. (OTCQB:TLPH), one of the world's local digital telecommunications companies, is pleased to announce that it has completed a share purchase agreement through an acquisition entity of the Cloud-Phone Inc. of Calgary.
The acquisition of Cloud-Phone is part of Teliphone's business plan which focusses on growth opportunities. Cloud-Phone Inc. provides a suite of cloud-based communication services targeted at small and medium sized businesses. The company sells these services utilizing a Communications-as-a-Service "CaaS" model to deliver standards-based hosted Voice over IP (VoIP) phone service. The company serves over 300 customers across Canada.
Cloud-Phone's President Keith Young stated, "There is a large underserved market for carrier grade hosted business phone solutions as the world moves to more cloud-based applications. Being part of Teliphone will now give us the resources and facilities we need to quickly expand our business in this area and meet this demand."
Teliphone's Western Vice President Mike Schmidt stated, "We are very optimistic about the future for cloud based business communication solutions. The acquisition of Cloud-Phone adds tremendous value to Teliphone by allowing it to immediately expand in this area and complement our suite of services."
Financial details of the transaction will be released through a Form 8K to be filed with the US Securities and Exchange Commission within the prescribed period.
This transaction may be subject to legal and/or regulatory approval.
About Teliphone Corp. / Teliphone Navigata-Westel Inc.
From its origin in 1957 as BC Rail Telecom, to its evolution into Teliphone Navigata-Westel, the company is now one of the largest independent facilities-based Competitive Local Exchange Carrier in Canada providing voice, data, broadband Internet, IT support, Cloud computing, Co-location data centres and IPTV service across Canada. Teliphone services carriers, business, government and residential customers on a national network which includes a wireless backhaul network, a trans-Canada SONET fibre optic network and multiple CLEC/ILEC mutual CO facilities. Teliphone also operates a US network and its voice and IPTV services are available in 47 countries.
About Cloud-Phone Inc.
Cloud-Phone Inc. founded in 2011 brings businesses the flexibility and versatility of a reliable cloud-based, Unified Communications phone system with game-changing features, at a price any business can afford. The carrier grade, redundant service complemented with modernized game-changing features including auto attendant, call forwarding, voicemail-to-email, and find-me-follow-me functions that bring businesses cost savings and improved productivity benefits. The launch of service was in response to overwhelming business demand for cloud-hosted phone services. Cloud-Phone's platform technology has been developed to provide an open standards, customizable, and flexible solution that works with any company's workflow.
Forward-Looking Statements
This press release includes "forward-looking statements" as defined by the SEC. All statements, other than statements of historical fact, included herein that address activities, events or developments that Teliphone Corp expects, believes or anticipates will or may occur in the future, including anticipated benefits and other aspects of the proposed acquisition, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. Except as required by law, Teliphone Corp does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.