NEW YORK, May 15 /PRNewswire-FirstCall/ -- Fusion (AMEX:FSN), Fusion Telecommunications International, Inc. today announced that it has completed the sale of its 49% equity share of Estel Communications Pvt., LTD, an Internet service provider in India. Estel, which began operations in 2000, was purchased by an Indian communications company providing Internet services in that country.
Proceeds from the transaction that closed today are approximately $485,000. Fusion, which provides a comprehensive portfolio of advanced IP- based services to consumers, corporations and carriers worldwide, will continue to market its services in India under its own brand.
"Fusion has achieved a number of important milestones in the past few months, including significant capital infusions from private investors, a strategic partner and now, most recently, the sale of our subsidiary in India. This sale is an important part of our 2007 strategy to maximize efficiencies and expand our sales and marketing initiatives," Matthew Rosen, President and Chief Executive Officer, said.
About Fusion: Fusion delivers a full range of advanced IP-based services to corporations, consumers and carriers worldwide. Fusion's Efonica-branded VoIP products and services, which focus primarily on Asia, the Middle East, Africa and Latin America, have over one million subscribers from more than 100 countries. For more information please go to http://www.fusiontel.com/ or http://www.efonica.com/.
Statements in this Press Release that are not purely historical facts, including statements regarding Fusion's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, introduction of products in a timely fashion, market acceptance of new products, cost increases, fluctuations in and obsolescence of inventory, price and product competition, availability of labor and materials, development of new third-party products and techniques that render Fusion's products obsolete, delays in obtaining regulatory approvals, potential product recalls and litigation. Risk factors, cautionary statements and other conditions which could cause Fusion's actual results to differ from management's current expectations are contained in Fusion's filings with the Securities and Exchange Commission and available through http://www.sec.gov/.
(LOGO: http://www.newscom.com/cgi-bin/prnh/20050705/NYTU073LOGO ) Fusion Contact: Jonscott Turco
212-201-2401
http://www.newscom.com/cgi-bin/prnh/20050705/NYTU073LOGO http://photoarchive.ap.org/ DATASOURCE: Fusion CONTACT: Jonscott Turco of Fusion, +1-212-201-2401, or Web site: http://www.fusiontel.com/
|