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SOURCE NETTALK.COM INC.
Also Highlights Fiscal Year 2013 and First Quarter 2014 Results
MIAMI, Fla., May 28, 2014 /PRNewswire/ -- NETTALK.COM INC. ("netTALK"; OTCBB: NTLK), a leading ultra-low cost provider of home phone and smartphone communications, announced a significant recapitalization of their debt and equity capital structure, which included a reduction of their total outstanding debt from approximately $24,000,000 to approximately $7 million dollars:
In addition, all shares and derivative securities previously held by Vicis Capital Master Fund, including the Series A Convertible Preferred Stock, Series B Convertible Preferred Stock, Common Stock, and Warrants to purchase shares of netTALK Common Stock, were returned to the company.
The recapitalization sets the stage for netTALK to operate with a clean, rationalized capital structure that will allow the company to realize its plans for new products and increase manufacturing of existing products.
Profit/Loss Financial Highlights
For the first quarter of 2014 compared to the first quarter of 2013, we realized the following:
"We improved our business in a number of ways. We have greatly improved our operational efficiency, we raised additional capital for growth and patent litigation, and in connection with that capital raising, we redeemed all of the equity, warrant, preferred and debt securities held by our initial lead investor, which amounted to approximately $24,000,000, in exchange for a $3,000,000 promissory note," said Anastasios "Takis" Kyriakides, netTALK founder and CEO. "We now have a much cleaner, de-leveraged balance sheet to support our growth and expansion plans."
netTALK is a public company engaged in the design, distribution and sale of consumer electronics products and low-cost Voice over Internet Protocol (VoIP) telephone services. Products include the netTALK DUO and DUO WiFi and the newly updated iOS (Apple) and Android Smartphone apps, offering free nationwide calling in US and Canada. Users have the option to add international calling TALK credits for calling anywhere in the world without using cellphone minutes or roaming charges, eliminating the need for calling cards or contracts. You can download the free app to your mobile device at iTunes or Google Play and Amazon App Store.
This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in Net Talk.com, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and subsequent reports filed with the Securities and Exchange Commission.
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