Angel Telecom Acquires Assets of Vivaro Corp.
Feb 27, 2013 (Close-Up Media via COMTEX) --
Angel Telecom Corp. announced that on February 8, Next Angel, a joint venture between Angel Telecom (Angel), Next Communications, Inc. and Marcatel Telecommunications, acquired substantially all of the assets of Vivaro Corp. and certain of its affiliates out of Vivaro's bankruptcy. Angel owns a 42.5 percent stake in Next Angel.
The Company reported that Vivaro and six affiliated companies, including STI Prepaid, STi Telecom, and Kare Distribution, filed for Chapter 11 bankruptcy protection in September 2012. Vivaro and its affiliates sold prepaid calling cards mainly to Hispanic customers in the United States. In addition to its voice business to Mexico, Vivaro had a significant market share in telephony traffic to other Latin American countries. Based on a November 30, 2012 filing with the bankruptcy court, Vivaro and its affiliates had approximately $376 million in revenues in 2011 before several unfortunate management decisions led to a cash crisis.
"Our strategic partnership with Next Communications and Marcatel and the acquisition of the Vivaro assets are an important step for the future of our company," said Peter Waneck, CEO of Angel. "Our entry into the pre-paid calling card business between the United States and Latin America creates a tremendous growth opportunity and will lead to a substantial traffic increase on our ATTrade trading platform. Well managed, the prepaid Cardbusiness is extremely lucrative. We believe the potential of the prepaid calling Cardbusiness will evolve as new technologies will make prepaid calls more attractive for current and new customer segments. Angel plans to be at the forefront of this development."
Angel Telecom owns and operates ATTrade, an online professional trading platform for Voice over IP traffic.
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