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VIRTUALISATION My Net Fone claims 35,000 paying VoIP customers
VIRTUALISATION My Net Fone claims 35,000 paying VoIP customers | My Net Fone claims 35,000 paying VoIP customers |
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| by Stuart Corner | |
| Saturday, 07 July 2007 | |
  
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My Net Fone says it has used the increased scale and buying power enabled by its growth to add value to its MegaSaver offering – adding 100 local & national calls at no charge. The company has announced plans to raise an additional $1 million in equity: $0.5 million from private investors through the issue of 2,777,778 ordinary shares at $0.18 per share and 5,555,556 attaching options at $0.25, expiring 30th April 2009, and another $0.5 million on the same terms from Symbio Networks, subject to shareholder approval, through a debt for equity conversion. This will eliminate all My Net Fone's debt to Symbio. My Net Fone says proceeds from the placement will provide additional working capital "to continue the accelerating rate of customer sign-ups to the MyNetFone service." Symbio Networks provides the VoIP platform on which My Net Fone operates its services and the two companies have common founding shareholders and directors in Andy Fung and Rene Sugo.{moscomment} |
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