OT:Reverse Merger
LCYC Acquires InterMetro Communications, Inc.
PrimeZone "PrimeZone "
SIMI VALLEY, Calif., Dec. 29, 2006 (PRIME NEWSWIRE) -- Lucy's Cafe, Inc. (OTCBB:LCYC) announced today the acquisition of InterMetro Communications, Inc., through an exchange of stock (reverse merger) with the shareholders of InterMetro Communications, Inc. Concurrently with the closing of the reverse merger, Lucy's Cafe, Inc. (the "Company") raised $10,235,000 million in gross proceeds from institutional investors in a private placement of common stock. The purchase price per share of common stock was $1.00. Hunter World Markets, Inc. of Beverly Hills, Calif., acted as the Company's sole placement agent.
InterMetro Communications, Inc. ("InterMetro") owns and operates a national voice over IP ("VoIP") network infrastructure over which it delivers voice calling services to traditional long distance carriers, broadband phone companies, VoIP service providers, wireless providers, other communications companies and end users.
Prior to the reverse merger, Lucy's Cafe, Inc. was an inactive company. The restructured Company's business plan is to apply its technical and operational expertise with VoIP services to become a significant provider of VoIP infrastructure services to carriers and retail customers.
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