Elephant Talk Provides Shareholder Update Company is on track to migrate over 8 million customers in Mexico by the end of 2014
OKLAHOMA CITY, April 22, 2014 /PRNewswire/ -- Elephant Talk Communications Corp. (NYSE MKT: ETAK) ("Elephant Talk" or, the "Company"), a global provider of Software Defined Network Architecture (Software DNA™ 2.0) platforms and cyber security solutions, today announced that Grupo Iusacell S.A. ("Iusacell") in Mexico is currently on schedule to transition its entire customer base of over 8 million subscribers onto the Company's mobile outsourcing platform by the end of 2014. As part of this transition, legacy systems from a global information technology (IT) products and services company are being replaced with the outsourcing platform services offered by Elephant Talk.
Mr. Steven van der Velden, Chairman and CEO of Elephant Talk, stated, "We expect that our monthly recurring revenue base, which achieved margins of approximately 82% in the fourth quarter of 2013, will continue to increase throughout the remainder of this year as we activate additional SIMs from Iusacell in Mexico, Vodafone in Spain and Zain in Saudi Arabia onto the Elephant Talk platform."
The Company also provided clarification on developments in Saudi Arabia following the announcement that Saudi Arabia has updated its mobile licensing efforts. Elephant Talk is confident that its business plan in Saudi Arabia will develop during 2014 as its current contract with Zain Saudi Arabia ("Zain") for the use of the Elephant Talk platform encompasses any licensed Mobile Virtual Network Operators operating through the Zain mobile network in Saudi Arabia.
"We are working with Zain's new Matrix brand to provision all these SIMs onto our platform," Mr. van der Velden continued. "Additionally, we are in discussions with several third parties regarding a debt financing based on the Vodafone agreement. We are also continuing to work with the NYSE MKT LLC to regain compliance with the continued listing requirements."
Elephant Talk recently completed the rollout of its newly enhanced Software Defined Networking (SDN) platform known as Software DNA™ 2.0. The platform is the first comprehensive, hosted SDN solution, which includes core network functions that are dedicated to the unique needs of mobile operators who are faced with expensive and complex network infrastructure challenges. The platform is now operational in Spain, Mexico and Saudi Arabia.
About Elephant Talk Communications Corp.:
Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a global provider of mobile proprietary Software Defined Network Architecture (Software DNA™ 2.0) platforms for the telecommunications industry. The Company empowers Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, superior Industry Expertise and high quality Customer Service without substantial upfront investment. Elephant Talk counts several of the world's leading Mobile Network Operators amongst its customers, including Vodafone, T-Mobile, Zain and Iusacell. Visit: www.elephanttalk.com.
About ValidSoft UK Limited:
ValidSoft UK Limited ("ValidSoft") provides advanced mobile-and-cloud-security solutions. ValidSoft's custom-built sophisticated multi-factor authentication platform (SMART™) takes full advantage of telecommunications and includes a leading proprietary voice biometric engine. The platform combats electronic fraud and safeguards consumer privacy across internet, mobile banking, card, mobile and fixed line telecommunication channels. The company counts some of the largest financial institutions among its customers. ValidSoft is the only security software company in the world that has been granted three European Privacy Seals. Visit: www.validsoft.com.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to Elephant Talk's plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about Elephant Talk's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the ability of the Company to regain compliance with the listing standards of the NYSE MKT. Because such statements involve risks and uncertainties, the actual results and performance of Elephant Talk may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, Elephant Talk also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested in Elephant Talk's filings with the Securities and Exchange Commission (the "SEC"), copies of which are available from the SEC or may be obtained upon request from Elephant Talk.
Elephant Talk Communications Corp.
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SOURCE Elephant Talk Communications Corp.