iTalk Inc. Terminates its Agreement to Purchase Hilliard Bender Energy, LLC.
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.
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