Delray Beach, Florida, (PRWEB) October 28, 2015
iTalk Inc. (OTCQB: TALK) (“iTalk”), a global provider of advanced communications services, mobile distributor and service provider for the wireless industry, announced today that through its subsidiary Limestone Energy Holdings, Inc., a Florida corporation (“Limestone”), mutually agreed with Hilliard Bender Energy, LLC, a Florida limited liability company (“Hilliard”), to terminate the purchase and sale agreement previously entered into between Limestone and Hilliard on January 6, 2015. Accordingly, Limestone will not be completing the acquisition of Hilliard, as previously described in our Form 8-K filed with the Securities & Exchange Commission on January 6, 2015.
David F. Levy, iTalk’s Chief Executive Officer, stated: “With the acquisition of United Mobile Solutions (UMS) and with our now combined suite of comprehensive services, we feel iTalk is firmly positioned to capture a major market share of this high growth industry." Mr. Levy went on further to state that with the accelerating decline in oil prices it became evident to management and the board that we could better redeploy our efforts to achieving higher valuations for our shareholders by pursuing a business combination with United Mobile Solutions.
United Mobile Solutions (UMS) is a rapidly growing distributor and service provider with over $16 million in annual revenue, that serves the wireless industry with a comprehensive portfolio of solutions from logistics to payment processing and voice/data plans. The company has focused on the fast growing pre-paid part of the overall wireless market with over 1,600 sub-dealer outlets in which to service the strong consumer demand for mobile devices and phone service at affordable pricing.
iTalk is a publicly traded global provider of advanced communications and mobile communications company. In the addition to the its global calling services division iTalk now has added through UMS and its subsidiaries a rapidly growing distributor and service provider that serves the wireless industry with a comprehensive portfolio of solutions from logistics to payment processing and voice/data plans. UMS was formed in 2009 to act as master dealer and create a distribution network of sub-dealers - including kiosks, stores and franchised outlets. The sub-dealer network quickly expanded to over 1,600 outlets in the U.S., when UMS began to distribute mobile phones in 2010. UMS has made significant investments to provide high quality fulfillment and logistics services, and the skilled staffing to support them - distinguishing them from the competition - and opening up new opportunities in the ever changing wireless markets. UMS employs over 30 people and is based in Norcross, GA with operations and sales offices in Texas and Florida, with planned expansion throughout the United States.
For further information regarding iTalk Inc., contact:
iTalk Inc. - Investor Relations Dept.
(888) 663-9925 (Toll-free)
Disclaimer/Safe Harbor: Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic.