Knobias Clip Report (07-21-2008) ITUI
Submitted By Knobias ClipReport
ITUI: Joint Venture and $9M Funding Agreement w/Kuwaiti Businessman
By Fain Hughes, fhughes@knobias.com
i2Telecom International, Inc. (ITUI) announced that it has executed a Memorandum of Understanding for a strategic joint venture with Raed A.H. Rajab, a prominent businessman in Kuwait, to expand the Company’s operations into a number of international markets by the end of this year. Through established sales channels, the Investor will provide $9 million in funding for operating and marketing expenses incurred by the joint venture during the next twelve months involving the launch of i2Telecom’s award-winning MyGlobalTalk(TM) and other telecom offerings into these markets.
The joint venture will establish wholly-owned subsidiaries in each country and transfer exclusive rights to the Company’s technology to that country in exchange for the Capital Commitment. The Company will consolidate the operating results of the joint venture in its financial results beginning with the third quarter. Revenue from the joint venture is not included in i2Telecom’s previously announced guidance.
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