XFONE Inc. Completes
$2.26 Million Equity Financing Paves Way for
Strategic Initiatives Including Potential Strategic Acquisitions
October 6, 2005
LONDON, Oct. 6 /PRNewswire-FirstCall/ -- XFONE, Inc. (Amex: XFN), an international diversified communications services company, announced today that it entered on September 29, 2005 into a $2.26 million equity financing based on certain terms and conditions to sell to certain investors an aggregate of 902, 798 shares of common stock at a purchase price of $2.50 per share including, 225,699.50 warrants at $3.00 per share and 225,699.50 at $3.25 per share. The completion of the equity financing is subject to the satisfaction of certain conditions, including regulatory approval. "The equity proceeds will be used to continue to build our operations, sales and marketing presence of Xfone worldwide," stated Guy Nissenson, President and Chief Executive Officer of Xfone. "With the added support from our investors, we will continue to build our capabilities and pave the way for strategic initiatives which include the expansion of our business, and pursue for potential strategic acquisitions. Additional investment by existing investors is a clear indication of our investor's confidence in our technology and business prospects."
About XFONE, Inc.
A U.S.-domiciled corporation, XFONE, Inc. is an international voice, video and data communications services provider with operations in the United Kingdom, the United States and Israel that offers a wide range of services, which include: local, long distance and international telephony services; prepaid and postpaid calling cards; cellular services; Internet services; messaging services (Email/Fax Broadcast, Email2Fax and Cyber-Number); and reselling opportunities. The Company serves customers worldwide. For the Company’s website, please visit: www.xfone.com
This press release contains forward-looking statements. The words or phrases "should," "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." The Company's financial results reflected above should not be construed by any means as representative of the current or future value of its common stock. All information set forth in this press release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, and license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
| For More Information,
Please Contact: |
| U.S. IR Contact |
Israel IR Contact |
Xfone Contact |
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
Phone: 1-203-972-9200
E-mail: jnesbett@institutionalms.com
|
Zvi Rabin
Kwan Communications
Tel: (Israel) +972 50 560 0140
E-mail: zvi@kwan.co.il |
Niv Krikov
Chief Financial Officer
Phone: + 972.39254446 (Israel)
E-mail: niv@xfone.com |
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