Coms PLC
Coms plc ("COMS", or "the Company")
Coms plc acquires VoIP distributor Vcomm UK Limited
COMS announces the acquisition of the entire issued share capital of Vcomm UK
Limited ("VCOMM"). VCOMM is a growing specialist distributor of business
internet telephony (VoIP) equipment and services and its acquisition opens a new
sales channel for COMS in this significant and rapidly growing sector, which is
expected to grow to US$2.5 billion globally by 2012 (Jupiter Research). This is
a significant strategic acquisition for COMS and underlines our stated intention
to consolidate the fragmented internet telephony sector.
The 2006 un-audited accounts for VCOMM show a consolidated income of £521,317, a
gross profit of £191,720, a trading loss of £95,849 and a negative net asset
value of (£131,995). The consideration payable to the vendors of VCOMM is
£100,000 which will be satisfied by the issue of 13,333,333 of ordinary shares
in the Company at 0.75 pence per share. At the expiration of one year following
the acquisition, the Company will pay further consideration to the vendors of
VCOMM of up to 13,333,333 of ordinary shares in the Company, subject to the
VCOMM business achieving considerable revenue growth and profit targets in that
period.
Scott Dobson, Managing Director of VCOMM, and the VCOMM management team entered
into new executive service agreements with VCOMM whilst its existing Chairman
retired from the VCOMM board.
Jason Drummond, Executive Chairman, COMS said: "the acquisition of VCOMM,
following on from the recent acquisition of ExchangeXT is a further component of
our strategy to build a leading provider of paid VoIP services and enabling
technology to individuals and businesses."
Scott Dobson, Managing Director, VCOMM said: "our acquisition by COMS gives me
and my team the financial resources, increased management capabilities and other
synergistic benefits to undertake larger distributor contracts and to rapidly
build market share."
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Contact:
Coms plc
Richard Bennett, +44 (0)7966 388 374
HB Corporate
Rod Venables or Jon Levinson, +44 (0) 20 7538 1166
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About Coms plc
COMS was founded by Jason Drummond in 2000 with the vision of using the Internet
to carry and deliver voice telephone calls. Coms has developed their own VoIP
(Voice of Internet Protocol) service which is used by both individuals and
businesses and retails VoIP enabling equipment. Unlike Skype, COMS is based upon
the industry standard SIP protocol which enables the widest possible connection
of customers, devices and integrated Web 2.0 applications. COMS' subscribers can
make high quality calls over the internet wherever a high-speed internet
connection is available including in wireless hotspots
As well as the obvious cost saving implications for businesses and consumers,
the expanding market will enable COMS to develop and offer innovative new
convergent services such as video calling, IP Centrex, location independence and
online presence.
COMS launched its consumer service in October 2006, and recently acquired
ExchangeXT, a leading provider of business VoIP services, to enable COMS to
enter the enterprise and SMB markets.
COMS is an Ofcom authorised Public Electronic Communications Network (PECN) and
a member of the Internet Telephony Service Providers Association (ITSPA).
Coms plc joined the AIM market of the London Stock Exchange on 6 September 2006
(AIM:COMS.L).
About VCOMM
VCOMM and its resellers replace business PBXs that are attached to the PSTN
network with IP PBX or IP Centrex solutions which are connected to VoIP service
providers via the internet. A typical solution includes a VoIP PBX, handsets and
connection to a VoIP service provider. VCOMM's customers include Richmond
Borough Council, Mitel and Dimension Data.
VCOMM's specialist VoIP product range, industry knowledge and technical
expertise is sold by over 150 telecom industry resellers. COMS expect to
leverage this channel and sell its wholesale VoIP services to enterprise and
SMBs alongside VCOMM's product range.
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