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Flint Telecom Update on Ongoing VoIP Provider Acquisitions
5 minutes ago - Marketwire via Comtex
Marketwire
Flint Telecom Group Inc. (http://www.flinttelecomgroup.com) (OTCBB: FLTT), an international telecoms technology and services organization, today updates its shareholders and potential investors on the status of previously announced letters of intent to acquire three U.S. based VoIP and telecom service providers.

On March 3, 2011 Flint announced a completed letter of intent to acquire a regional VoIP service provider with annual revenues in excess of $2 million currently growing at 50% per year with positive net income. On April 4, 2011 Flint announced a completed letter of intent to acquire a second service provider recording annual revenues of approximately $1.5 million per year and also generating positive net income. At the time of the announcements it was anticipated that these transactions would close within 60 days. This has not yet occurred due to Flint management's focus on successfully completing its Registration Statement on Form S-1 with the U.S. Securities & Exchange Commission (the "SEC"), which went effective on June 10, 2011. On June 13, 2011, Flint announced an additional letter of intent to acquire the assets of a third telecom service provider with current annual revenues of $3 million and 10% net income. All of the above providers have existing customers, sustained revenue streams and positive net income from delivering next generation VoIP and data services to small and medium sized enterprises within the United States. With its first Form S-1 registration process now completed, management will refocus on completing these acquisitions as soon as possible and continue to expand the pipeline of additional acquisitions planned for 2011.

All three pending acquisitions continue to be contingent upon the successful completion of Flint's due diligence process, which it expects to finish within the next thirty days. When closed, the three acquisitions are expected to be immediately revenue and margin enhancing to Flint with combined annual revenues in excess of $6.5 million per year and net income of approximately 10% all of which that are growing year-on-year. Once fully consolidated, Flint management expects that the operating costs will be further reduced due to shared common services and network cost reductions that will deliver higher net incomes than are generated individually. The consideration for these acquisition are structured with some cash being paid at closing, combined with deferred cash payments with stock and performance related earn-out elements to make the acquisitions as cash neutral to Flint as possible overall. Details of each transaction will be announced as definitive agreements are executed.

Vincent Browne, Chairman and Chief Executive of Flint Telecom Group, said, "These are just one of a number of exciting initiatives underway at Flint as we start to grow our revenues again from July 2011 following a dip in the current financial year, ranging from these new acquisitions with more planned throughout 2011 to the recent launch of Flint Mobile, our wireless services operation in our telecoms unit. We also have some very exciting ventures in our financial processing area with our mobile money transfer and prepaid debit card companies commencing operations with leading banking and sponsorship partners around the world in the exploding market for these services. We fundamentally believe that the combination of these initiatives will deliver significant returns for Flint in both the short and longer term."

Mr. Browne added, "For the short term we expect to improve our operational gross margins in all segments throughout our financial year ending June 30, 2012 while keeping costs low as we continue to work towards cash positive operations at the earliest opportunity. We currently expect to achieve this important milestone throughout the next financial year on completion of these acquisitions along with those planned for the rest of calendar 2011, coupled with organic growth in our mobile and money transfer unit. Although this target is later than our previous expectations, due to the longer than anticipated stock registration process, we are now well positioned to meet this revised target. We will also recommence negotiations with our debt holders to restructure our debt to more manageable levels and payment terms so that we can ensure a solid foundation to build from going forward."

About Flint Telecom Group, Inc. Flint Telecom Group Inc. is an international telecoms technology organization with a portfolio of companies that deliver VoIP and wireless communications and prepaid financial products and services globally. Headquartered in Overland Park, Kansas with offices throughout the US, India and Ireland, Flint Telecom Group is a fully reporting company trading on the OTC Bulletin Board(R) (OTCBB) under the ticker symbol: FLTT.OB. Flint Telecom ranked number 72 in the 2010 Deloitte Technology Fast 500(TM), Deloitte's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Flint Telecom was founded by a team of telecom and technology experts with a proven track in building and maintaining international technology companies. Additional information may be found at www.flinttelecomgroup.com