Freshtel seeks fresh funds to conquer fresh fields

Stuart Corner
Saturday, 10 September 2005 14:21

IT Industry - Deals

ASX listed VoIP service provider and technology developer, Freshtel Holdings is seeking expressions of interest from potential investors to take up to 50 million ordinary shares (worth $12.25m at the closing price on 04 August). It wants the capital to "facilitate the commercialisation of the significant opportunities that have emerged in international markets for Freshtel's white label Internet telephony solutions." Specifically, Freshtel has a contractual arrangement with Swedish telecoms service provider, Maskina, which plans to roll out a Freshtel managed Internet telephony solution for a major UK retailer.

The funds will also be used to roll out Freshtel's technology in the UK & US markets including network infrastructure development, installation and project management and the manufacture and roll out of its analogue telephone adapter and PABX hardware.

Last month another ASX-listed VoIP service provider, engin announced that it was seeking an additional $5.9m equity.