"FLTT" Flint Telecom Group Announces Organizational Changes -- Reduces Operational Costs by 65%
HENDERSON, NV--(Marketwire - February 11, 2010) - Flint Telecom Group, Inc. (OTCBB: FLTT) announces a number of organizational changes to significantly reduce operating costs and deliver operational profitability as soon as possible. As a result of these organizational changes, FLTT will reduce corporate overhead costs by 65% and the company has ceased all non-profitable business activities.
Mr. Bill Burbank has resigned as the President, Chief Operating Officer and Director of the Company, effective February 4, 2010 to concentrate on running China Voice Holding Corp. as its Chairman and CEO. China Voice remains as one of FLTT's largest shareholders and unsecured note holder and Mr. Burbank has expressed China Voice's continued support for FLTT going forward.
Flint Telecom has closed its offices in Boca Raton, Florida and is moving its corporate headquarters to Nevada. As a result of this change Mr. John Iacovelli resigned as the Chief Technology Officer and Jose Ferrer resigned as the Vice President of Business Development of Flint Telecom Group, Inc. effective February 4, 2010.
In addition, Mr. Steve Keaveney has resigned as a Chief Financial Officer and Director of the Company and Tali Durant has resigned as Chief Legal Officer and Corporate Secretary to pursue other interests. Both Mr. Keaveney and Ms. Durant will remain in a consultative role with the Company on a part time basis. Mr. Vincent Browne, FLTT's Chief Executive Officer, will assume these roles for the foreseeable future, in addition to his own.
"Whereas these events are very disappointing for me personally, they are necessary to address the current financial challenges facing the Company. I wish Bill, Steve, Tali, John, Jose and the other people at our office in Boca the very best for the future and I thank them for their dedication and efforts in moving Flint forward during a very challenging 2009," Mr. Browne commented. "Following these changes in our operations, we continue to operate a number of key subsidiaries that are profitable in their own right and account for annualized revenues in excess of $26 million."
"While these actions bring us to the threshold of profitability and a sustainable business going forward, we still face a number of challenges due to our large debt and limited operating capital. We continue to work with our debt holders to restructure our balance sheet and will issue updates on our progress with this in due course," Mr. Browne concluded.
About Flint Telecom Group, Inc.
Flint Telecom Group Inc. ("FLTT") is a U.S. holding company headquartered in Nevada. Through its subsidiaries the Company provides an extensive portfolio of next generation IP communication solutions which include hosted digital phone, voice and data termination, wireless, advanced broadband and prepaid calling card products. The Company was founded by telecom and technology entrepreneurs with a proven track record in building global technology companies. Flint Telecom has grown both organically and through corporate M&A and is traded on the OTC Bulletin Board (OTCBB) under the symbol FLTT.OB.
Additional information may be found at www.FlintTel.com.
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