Fusion Completes Sale of its Equity Interest in Indian Joint Venture
NEW YORK, May 15 -- Fusion (AMEX:FSN), Fusion Telecommunications International, Inc. today announced that it has completed the sale of its 49% equity share of Estel Communications Pvt., LTD, an Internet service provider in India. Estel, which began operations in 2000, was purchased by an Indian communications company providing Internet services in that country.
Proceeds from the transaction that closed today are approximately $485,000. Fusion, which provides a comprehensive portfolio of advanced IP- based services to consumers, corporations and carriers worldwide, will continue to market its services in India under its own brand.
"Fusion has achieved a number of important milestones in the past few months, including significant capital infusions from private investors, a strategic partner and now, most recently, the sale of our subsidiary in India. This sale is an important part of our 2007 strategy to maximize efficiencies and expand our sales and marketing initiatives," Matthew Rosen, President and Chief Executive Officer, said.
About Fusion:
Fusion delivers a full range of advanced IP-based services to corporations, consumers and carriers worldwide. Fusion's Efonica-branded VoIP products and services, which focus primarily on Asia, the Middle East, Africa and Latin America, have over one million subscribers from more than 100 countries. For more information please go to www.fusiontel.com/ or http://www.efonica.com/.
FCMN Contact: jturco@fusiontel.com
Source: Fusion
CONTACT: Jonscott Turco of Fusion, +1-212-201-2401, or jturco@fusiontel.com
Web site: www.fusiontel.com/
