Toronto, Ontario-based Eiger Technology Inc., along with Newlook Industries Corp. announced today they will provide 1.2 million shares of their joint holdings of Newlook for the purchase of the shares of Artel International Ltd. Artel holds 8 licenses issued by countries in Africa and South America to establish VoIP networks. These networks will originate, transport and terminate long distance calling. Artel also applied for licenses in an additional 6 countries on the same continents.
According to the new agreement, upon completion of the Artel/Newlook transaction, Onlinetel, a Newlook subsidiary, will be able to originate and terminate calls to and from these countries over its national Canadian VoIP platform. When the transaction closes, Rene Arbic, majority shareholder of Artel, will be appointed president and director of Newlook.
Arbic, a twenty-five year Bell Canada veteran, held positions in technical and international marketing departments culminating as Jr. VP with Stentor, a consortium of major Canadian telecoms. Arbic co-founded Bridgepoint International Inc., a TSX Venture company specialized in the construction and management of telecom co-location centers throughout North America. He has also been a board member of numerous hi-tech companies. Two years ago he founded Artel International Ltd., a company specialized in the establishment and management of VoIP networks in Africa and South America.
"This transaction assures more efficient use of Onlinetel's national Canadian VoIP network by termination and origination of calls to and from these countries and will enable Onlinetel's Canadian customers primary rates and service to these countries," said Gerry Racicot, CEO of Eiger and Newlook. stated, "this transaction opens up tremendous possibilities for the 50,000 plus members of Onlinetel's Call Zone/Call World program, with the possibility of Call Zones being expanded to include other countries of the world". "This transaction creates value without dilution for current shareholders of both Eiger and Newlook," added Racicot.
The transaction is subject to all regulatory approvals.
Eiger Technology, Inc.
|Johanne Torres is contributing editor for TMCnet.com and Internet Telephony magazine. Previously, she was
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