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VoIPer Vistula Announces Fundraising Round
TMCnet Contributing Editor
Vistula Communications Services, Inc., a vendor of Voice over Internet Protocol (VoIP) services to telecommunications carriers and Internet Service Providers, has announced it has entered into definitive stock and warrant purchase agreements with a select group of accredited institutional investors intended to raise gross proceeds of $16.5 million in a private placement.
The transaction is expected to close shortly.
Under the terms of the financing, Vistula will sell an aggregate of 16.5 million shares of common stock at a price of $1.00 per share. The investors will also receive warrants to purchase an additional 13.2 million shares of common stock at an exercise price of $1.00 per share, which will expire in five years.
The shares and warrants will be issued in a private placement transaction under Regulation D of the Securities of Act of 1933. Vistula is required to file a registration statement covering the common stock purchased by the investors and the common stock underlying all warrants within 45 days of the closing.
The company has recently announced that Protel i-Next, a Mexican telecommunications and Internet service provider, has selected Vistula's V-Cube IP-PBX VoIP product to support some of its VoIP & IP Centrex offerings in Mexico.
Described as “combining the latest in advanced features with competitive pricing” by company officials, Protel i-Next's Vistula-powered products are expected to launch during the second half of 2006.
"By using Vistula for some of our new VoIP & IP Centrex offerings, we can provide our customers with significant savings on their domestic and international long distance phone calls," said Alejandro Pineda Mathus, Director of Marketing and Technology, Protel i-Next.
The financing will provide the funds necessary for Vistula to complete its purchase of the intellectual property rights to the hosted V-Cube IP PBX, which serves as Vistula's core Voice over IP technology offering.
The V-Cube facilitates full contact communication services including Voice, Video, Conferencing, Call Contact Center and IVRS across enterprise IP networks and provides a centralized administration, provisioning and maintenance interface.
David Sims is contributing editor for TMCnet. For more articles please visit David Sims’ columnist page.
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