Digital Data Networks, Inc. Closes Acquisition of i2Telecom International, Inc.Business Editors/High-Tech Writers DALLAS--(BUSINESS WIRE)--Feb. 27, 2004 Digital Data Networks, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : DIDA DIDA Diploma in Digital Application DIDA Dynamic Interactive Decision Analysis DIDA Detection, Identification & Assessment (FEMA) .OB) a wireless mass transit passenger advertising company, today announced that it has completed the acquisition of i2Telecom International, Inc. by means of a reverse merger effective 4:00 p.m., Eastern Time. i2Telecom International is a low-cost telecommunications service provider A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. employing next-generation Voice over Internet Protocol ("VoIP") technology with operations based in Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. , Atlanta, Georgia and Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. . As a result of the merger, the i2Telecom International security holders will receive shares of Digital Data Networks' common stock and/or preferred stock (including a certain number of shares the issuance of which is contingent upon the occurrence of certain events) constituting up to 88.44% of the voting securities of Digital Data Networks. The shares of Digital Data Networks' common stock and preferred stock to be issued to i2Telecom International security holders in connection with the merger have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Act"), and may not be offered for sale or sold absent registration under the Act or an applicable exemption from the registration requirements of the Act. About Digital Data Networks, Inc. Digital Data Networks generates advertising revenue in the out-of-home advertising industry through its Transit Network operation, which sells advertising on its digital information network. The Transit Network's digital information network is a network of computerized electronic displays that delivers information, both text and graphics, to riders on-board public transit vehicles, utilizing an FM subcarrier A secondary telecommunications channel that resides within the main channel (a carrier within a carrier). A type of multiplexing, the subcarrier is a modulated carrier signal at a lower frequency that is combined with the main carrier signal running at a higher frequency. signal to transmit the data. The Transit Network currently operates its digital information network on the Dallas Area Rapid Transit The Dallas Area Rapid Transit authority (or DART) is a transit agency based in Dallas, Texas (USA) that operates buses, light rail, commuter rail, and HOV lanes in Dallas and 12 of its suburbs. It is the current largest light rail operator in the state of Texas. ("DART") bus and rail system, having begun operations in 1991. Digital Data Network's contract with DART expires in October 2005. About i2Telecom International, Inc. i2Telecom International is a low-cost telecommunications service provider employing next generation VoIP technology with operations based in Boca Raton, Florida, Atlanta, Georgia and Redwood City, California. i2Telecom International controls its own proprietary technology and outsources its production and service functions with strategic partners. i2Telecom International provides micro gateway adapters (InternetTalker(TM)), VoIP long distance and other enhanced communication services to subscribers. i2Telecom International's proprietary technology platform is built to the Session Initiation Protocol (protocol) Session Initiation Protocol - (SIP) A very simple text-based application-layer control protocol. It creates, modifies, and terminates sessions with one or more participants. Such sessions include Internet telephony and multimedia conferences. It is described in RFC 2543. standard. i2Telecom International's revenue model is multi-faceted and includes prepaid revenue from the sale of its InternetTalker(TM) integrated access device An IAD is a customer premises device that provides access to wide area networks and the Internet. Specifically, it aggregates multiple channels of information including voice and data across a single shared access link to a carrier or service provider PoP (Point of Presence). , recurring monthly subscriptions, call minute termination and original equipment manufacturer royalties. Forward Looking Statements Certain statements contained in this release that are not statements of historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The words - "believe", "expect", "anticipate", "intend", "will", and similar expressions are examples of words that identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding our business strategy. These forward-looking statements are based on our current beliefs, as well as assumptions we have made based upon information currently available to us. We do not assume, and expressly disclaim, any obligation to update these forward-looking statements. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion