Cordia Acquires a Controlling Interest in Brazilian VoIP Company, Canal West Solucoes em Informatica Ltda; Acquisition is an Initial Step for Cordia's Expansion into Latin America.WINTER GARDEN, Fla. -- Cordia Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CORG CORG Combat Operations Research Group ), a global communications service provider A Communications Service Provider or CSP is a company that transports information electronically. The term encompasses public and private companies in the wireline, wireless, Internet, cable, satellite, and managed services businesses. , announced today that it acquired a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Canal West Solucoes em Informatica Ltda. ("Canal West"). Canal West, based in Florianopolis, Brazil, owns and operates a VoIP network in Brazil and markets National and International Voice over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. ("VoIP") Protocol) service in the Latin American region. "This acquisition gives Cordia a foundation for growth in Brazil and several key markets in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. " said Joel Dupre, Cordia's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Brazil is the largest and fastest growing market for communications services in South America, representing more than 50% of the continent's telecommunications market with more than 85 million cell phone subscribers and over 7 million broadband subscribers residing in Brazil." "We are excited about this transaction because we believe we can expand Cordia's global market by drawing on Canal West's networking capabilities, operations experience and regional marketing and sales efforts," continued Mr. Dupre. "Canal West, in turn, will have access to Cordia's extensive operating platform, technical infrastructure, proprietary VoIP network, and service offerings." "By accessing Cordia's network and expertise in telecommunications, Canal West will leverage its technical capabilities, local market expertise and knowledge in providing advanced IP and VoIP services to broadband users in South America", said Christian Thomas, Canal West's General Manager. "Brazil is one of the leading destinations for international communications traffic with more than a third of international calls utilizing VoIP. We believe this partnership with Cordia will position Canal West to take advantage of the emerging opportunities VoIP presents in Brazil." About Cordia Corporation Cordia Corporation, through its operating subsidiaries, Cordia Communications Corp. and CordiaIP Corp., offers business, residential, and wholesale customers local and long distance telecommunications services utilizing traditional wireline and Voice over Internet Protocol ("VoIP") technologies. In addition, Cordia develops and provides a suite of proprietary web-based billing software and outsourced services to local, long distance and VoIP telecommunications providers. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Cordia's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, availability of management; availability, terms, and deployment of capital; Cordia's ability to successfully market its services to current and new customers, generate customer demand for its product and services in the geographical areas in which Cordia can operate, access new markets, all in a timely manner, at reasonable cost and on satisfactory terms and conditions, as well as regulatory, legislative and judicial developments that could cause actual results to vary in such forward-looking statements. |
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