Coms PLC
COMS plc (the "Company" or "Coms")
Issue of Equity - VCOMM Deferred Consideration
Coms plc, a provider of internet telephony services to business customers, has
today issued 102,500 new ordinary shares of 10p each ("Ordinary Shares") as
final payment for the acquisition of VCOMM (UK) Limited ("VCOMM"). The issued
shares rank pari-passu with all other ordinary shares.
VCOMM was acquired by Coms on the 2 May 2007 and is a growing specialist
distributor of business internet telephony (VoIP) equipment and services. VCOMM
is the exclusive distributor of the Polycom range of IP phones.
Coms paid an initial consideration of 133,333 ordinary shares for the entire
share capital of VCOMM and the final deferred payment was based upon the
successful integration of VCOMM with Coms and meeting specific revenue and gross
margin targets.
"I am delighted to make this final payment which is based upon a successful earn
in to Coms. The VCOMM business has performed ahead of management expectations
which is testament to the immediate benefits achieved by migrating to Coms' IP
telephony offering," commented Jason Drummond, Executive Chairman.
The Company's enlarged issued share capital immediately following the issue of
equity will be 12,322,116 Ordinary Shares, each share carrying the right to one
vote.
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Contact
Coms plc
Richard Bennett +44 (0) 20 7148 3148
Daniel Stewart & Company plc
Simon Leathers/Charlotte Stranner +44 (0) 20 7776 6550
Threadneedle Communications
Graham Herring +44 (0) 20 7653 9858
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Notes to editors:
Coms was founded by Jason Drummond in 2000 with the vision of using the Internet
to carry and deliver voice telephone calls. Voice over IP (VoIP) is changing the
way consumers and businesses make and receive their telephone calls. Coms offers
a low-cost VoIP service that can be combined with services provided by broadband
Internet suppliers to make and receive telephone calls. Coms subscribers can
make high quality calls over the Internet wherever a high-speed Internet
connection is available, including in wireless hotspot as they are allocated
their own location free unique user telephone number. Subscription is available
in a range of packages. See www.coms.com for more information.
Coms is an Ofcom authorised Public Electronic Communications Network (PECN) and
a member of the Internet Telephony Service Providers Association (ITSPA).
Coms is listed on the London Stock Exchange AIM market (LSE:COMS)
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