Tellza Sells Its Tel3 Brand and Customer Base in Exchange for Marketable Securities
TORONTO, ONTARIO–(Marketwired – June 6, 2016) – Tellza Communications Inc. (TSX:TEL) announced that it has sold its Tel3 brand and related customer base together with certain receivables due to Tellza in exchange for marketable securities with an estimated fair value of US$2 million and the assumption by the buyer of Tellza’s obligations related to the prepayment of service by Tel3 customers. The marketable securities acquired by Tellza are subject to a six month hold period.
“Tellza’s focus within telecommunications is on the B2B market. Tel3 no longer fits with our strategic direction. We have exchanged the Tel3 customer base and brand with an operator with a strategic focus on consumer markets,” said Gary Clifford, Executive Chairman. “In recent months, Tellza has expanded its focus beyond the telecommunications industry by investing in the financial service support business via investments in Merkez and Rightway.”
The Company’s financial statements and other disclosures are available on SEDAR.
The Company’s corporate profile is located at www.tellza.com/investors.html.
Tellza is a Technology Company operating in the Communications market. The business is organized into three business units: Tellza Communications, Tellza Technologies and Tellza Investments. Tellza Communications is a global communications company operating under several brands: Route Dynamix, Phonetime, and MatchcoM. Tellza Technologies provides real time big data management tools for the telecommunications market. Tellza Investments is focused on Financial Products Support Business through our portfolio investments in Merkez and Rightway. Tellza is a public company listed on the Toronto Stock Exchange (TEL).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like “expects”, “anticipates”, “plans”, “intends”, “indicates” or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Tellza’s actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See www.sedar.com which contains all securities files.
Tellza Communications Inc.
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