Elephant Talk Communications, Inc. (ETAK)

[solarity]

As to the MVNO business, the following is a verbatim transcript of a particularly interesting portion of the CC:

"The mass migration, actually done without the need to replace the sim card module, brings the number of sims Elephant Talk manages to close to one million. It actually is, to the best of our knowledge, the largest-ever migration worldwide without a so-called sims swap. In fact, we believe we are the only managed services company in the world that has ever managed such a large process successfully.

Elephant Talks’s unique capability to effectively migrate users while achieving a maximum set of low-cost state of the art functionality strongly positions us to secure similar contracts in the very near term.

Actually, this migration, combined with two smaller additional migrations that we expect to complete this coming spring, will cut our cash burn rate in more than half.

Going forward, Elephant Talk will remain committed to the expansion of our mobile services and has already engaged in preliminary discussions regarding entries into various markets in the Americas, Europe and the middle east. We believe that we are well-positioned to significantly expand our geographical footprint and increase revenue throughout 2012. And as indicated earlier, we expect to enter into our first north American contract later this month."