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FLTT - Flint Telecom Provides Corporate Update

OVERLAND PARK, Kan., Jun 5, 2012 (GlobeNewswire via COMTEX) -- via PRWEB - Flint Telecom Group, Inc. (http://www.flinttelecomgroup.com) (FLTT.PK), a telecoms technology and services organization, today provides the following corporate update to shareholders following completion of its strategic review period.
Vincent Browne, Chairman and CFO of Flint, stated, "2011 became much more challenging than was initially expected. The primary challenge was the Company's reliance on heavily discounted convertible debt to fund operations and the unexpected delay in the effectiveness of our Registration Statement on SEC Form S-1. This, coupled with the subsequent failure of the Kodiak funding process and the consistent stock price decline over the course of 2011, resulted in heavy dilution that ultimately made the Kodiak equity line unworkable. Management therefore did not complete any draws against this facility. As previously announced, management had anticipated that the funding available through the registration of shares for the $15 million Kodiak equity line would allow the Company to restructure its heavy debt burden over time, in a orderly fashion, and also to provide the capital required to deliver on its organic growth and acquisition plans as announced. On October 7, 2011 the Company determined to effect a termination of the registration of its common stock with the Securities and Exchange Commission (SEC) under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and suspend its reporting obligations under Section 15(d) of the Exchange Act, by filing a Form 15 with the SEC. This was done to reduce the costs of compliance and accounting while this review was ongoing."