ATLANTA, May 15, 2013 /PRNewswire/ -- Birch
Communications, a leading IP-based communications and cloud
services provider to small- and medium-sized businesses, announced
today that it has signed an asset purchase agreement to acquire
select customer and network assets from Lightyear Network
Solutions, Inc. ("Lightyear"). Lightyear, which is currently
traded under the symbol LYNS, is an established provider of data,
voice and wireless telecommunication services to business and
residential customers throughout North America. This
transaction marks the 18th acquisition for Birch since
2006, and is expected to close in the third quarter of this
year.
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"This acquisition strengthens the breadth and scope of the Birch
IP-Network. Lightyear's Metaswitch-based facilities network,
Hosted-PBX offering, and switching center in Lexington, Ky., complement our current
business operations," said Vincent M.
Oddo, Birch president and CEO. "In addition, several
new markets within Kentucky will
be added to our network footprint which will expand our overall
Birch IP-Network to 11 states. Following this acquisition,
Birch will be providing service to customers in all 50 states and
the District of Columbia."
"The addition of these assets, which are natural extensions to
our current Birch products and services, greatly enhance our Hosted
PBX, SIP trunking, VoIP-based services and Carrier Services
(wholesale) product offerings," said Chris
Aversano, Birch chief operating officer. "We also look
forward with great enthusiasm to welcoming the Lightyear customers,
employees and dealers into our Birch family and introducing them to
our award-winning customer care team, as well as our expanding
portfolio of IP-based services."
"Birch is a solid and well respected company, with a real focus
on customer service," said Steve
Lochmueller, CEO of Lightyear Network Solutions. "The
combination of Birch's network, award winning customer support and
financial strength will give our customers options to satisfy all
of their communication needs."
The proposed transaction is subject to Lightyear shareholder
approval, customary regulatory approvals, and other closing
conditions.
Vik Grover, CFA and Senior
Managing Director for Source Capital Group, Inc. is serving as an
advisor to Birch during this acquisition process.
About Birch Communications
Headquartered in Atlanta, Ga.,
Birch Communications provides IP-based communications and cloud
services to small and medium-sized businesses in select
metropolitan areas across the United States. Birch services
include: local and long distance voice, broadband Internet access,
T1, PRI, bonded T1, PRI & DSL, SIP trunking, hosted PBX,
wireless voice and data, hosted e-mail & applications,
voicemail, and many other communications and cloud services.
Birch voice and broadband services are, in most cases, delivered
using Voice over Internet Protocol (VoIP) technology on the
Company's secure IP-Network rather than over the public
Internet.
According to Inc. 500|5000 magazine in its 2012, 2011, 2010,
2009 and 2004 rankings, Birch is one of the fastest-growing private
companies in the United States. In 2010, Birch was also named
the 7th fastest growing private business in Atlanta, and in 2011 as one of the Top 100
Private Companies in Atlanta, by
the Atlanta Business Chronicle. Please visit www.birch.com
for more information.
About Lightyear Network Solutions, Inc.
Through its wholly owned subsidiaries, Lightyear Network
Solutions, Inc. provides telecommunication services to large,
medium and small businesses and to residential consumers throughout
North America. Lightyear's product
offerings include local PRI and digital T1, enhanced Internet
services, MPLS, Ethernet, Voice over Internet Protocol (VoIP),
local and long distance service, and conferencing. Lightyear also
offers wireless services to customers in the U.S. through wholesale
contracts with multiple wireless providers. Lightyear built its own
VoIP network in 2004 to enhance its product offerings and has
partnered with some of the most prominent names in telecom
including: Sprint, Verizon, AT&T, Level 3, Windstream,
CenturyLink, tw telecom, XO Communication and Cisco. Lightyear
Network Solutions, Inc. is headquartered in Louisville, Ky. Additional information can be
found at: www.lightyear.net.
About Source Capital Group,
Inc.
Source Capital Group, Inc. is a
boutique investment bank based in Westport, CT focused on emerging growth
companies involved in the Communications, Internet, Digital Media,
Energy, and Clean Tech industries.
SOURCE Birch Communications