NEW YORK, Aug. 19, 2015 /PRNewswire/ -- The Board of Directors of Elephant Talk Communications Corp. (NYSE MKT: ETAK) ("Elephant Talk" or the "Company"), a global provider of Software Defined Network Architecture (ET Software DNA® 2.0) platforms and cyber security solutions, today announced that it has formed a Special Committee to evaluate strategic alternatives designed to maximize stockholders value including the strategic disposition, joint venture, or merger transaction with respect to its wholly owned subsidiary, ValidSoft UK Ltd. The Special Committee consists of Board members Mr. Carl Stevens (Chairman of the Committee), Mr. Yves van Sante and Mr. Steven van der Velden, Elephant Talk's Chairman of the Board and Chief Executive Officer.
Commenting on the appointment of the Special Committee, Mr. van der Velden stated, "ETAK has the interests of its stockholders as its top priority and the formation of this Committee reflects that view. We believe ValidSoft is in a strong strategic position, particularly in light of its recently announced new large commercial contract with a major U.S. corporation of our User Authentication platform featuring voice biometrics technology. Additionally, we have gone live with ValidSoft's International Proximity Correlation capability with two major UK banks through our Device Trust partnership with FICO. This is only the beginning of much greater opportunities and we believe ValidSoft has the ability to play an industry-leading role in the burgeoning Cybersecurity industry."
Mr. van der Velden continued, "We do not believe ETAK's current share price accurately reflects the Company's intrinsic value. Therefore, the Board and members of senior management have conducted a thorough review of ValidSoft's operations and have concluded that now is the time to attempt to leverage our ownership in ValidSoft to protect and maximize stockholder value."
Mr. Carl Stevens, Chairman of the Special Committee, added, "We believe ValidSoft has world class cybersecurity technology and an excellent reputation in its industry. The Committee looks forward to exploring the available strategic opportunities and helping chart ValidSoft's future. We hope to have recommendations for the Board within the next 90 days."
About Elephant Talk Communications Corp.: Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a global provider of mobile proprietary Software Defined Network Architecture (ET 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, reliable industry expertise and high quality customer service without the need for substantial upfront investment. Elephant Talk counts several of the world's leading MNOs and technology companies amongst its customers and partners, including Vodafone, T-Mobile, Zain, HP and Affirmed Networks. Visit: www.elephanttalk.com.
About ValidSoft UK Ltd.: ValidSoft, a subsidiary of Elephant Talk Communications Corp., secures transactions using personal authentication and device assurance. We enable our customers to enhance their security while improving their user experience, utilising our multi-factor authentication platform, Voice Biometric engine and Device Trust technology, all of which may be used as 'stand-alone' or integrated into multi-vendor solutions. ValidSoft serves multiple clients across the financial services, government and enterprise sectors and is the only company to have been granted four European Privacy Seals, reflecting its commitment to strong data privacy. Visit: www.validsoft.com.
Forward-Looking Statements: 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. 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.