SHERWOOD PARK, ALBERTA--(Marketwire - Mar 8, 2013) - Virtutone Networks Inc. ("Virtutone" or the "Company") (TSX VENTURE:VFX) is pleased to announce that Louis Acevedo has been appointed as the Company''s new Vice President of Wholesale, subject to exchange approval. Mr. Acevedo has over 25 years experience in the wholesale VoIP industry. Prior to his new role with Virtutone, Mr. Acevedo served as Senior Vice President of Business Development with RenuTel Inc., a supplier of wholesale VoIP termination services.
"We''re very excited to have Louis on board," said Colin Campbell, Virtutone''s Chief Financial Officer. "Louis brings the experience and vision needed to transform Virtutone into a major player in the wholesale market. Louis will be focused on creating new business, and with the vast industry contact list he has generated over his long career, we believe he will quickly expand our wholesale customer base."
The Company also announces that it has granted aggregate of 330,000 options to certain employees and consultants of the Company at an exercise price of $0.20. The options granted will vest at the rate of one-third per year commencing on the first anniversary of the grant date and will expire five years from the grant date.
For further information please contact Colin Campbell at 780-702-5777.
About Virtutone Networks Inc.
Virtutone Networks Inc. is a technology company based in Sherwood Park and is listed on the TSX Venture Exchange in Canada. The company is a leading supplier of managed telecommunication services, including: Voice over IP services, Fax over IP services, Hosted PBX services, DSL & T1 data circuits, wireless solutions for mobile work forces and SCADA networks, and network management and IT-related products. Additional information can be found on the company''s website at www.virtutone.com.
This document may contain certain forward-looking information or statements ("Forward- looking statements") as defined under applicable securities legislation that involve known and unknown risks, uncertainties and other factors that may cause the Company''s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include, without limitation, risks related to: the termination, non-renewal of or default under of any wholesale contracts; changes in the global economy; a failure to negotiate new customer contracts from the above noted wholesale division. Forward-looking statements are any statements other than statements of historical fact. The use of any "plan" "expect " "project" "believe" "should" "anticipate" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. In particular, forward-looking statements included in the press release include, without limitation, statements regarding: Virtutone''s wholesale services division and the benefits therefrom; and negotiations relating to potential new customers. The forward-looking- statements contained herein are based on certain assumptions including, without limitation, assumptions regarding: global economic conditions; changes in laws and regulations; the impact of Virtutone''s new wholesale infrastructure; the market for wholesale telephony services. Although management believes the expectations reflected in the forward-looking statements contained herein are reasonable, no assurances can be given that any of the events anticipated in forward-looking statements will occur, or, if they do, what benefits Virtutone will derive therefrom. As such readers are cautioned not to place undue reliance on forward-looking statements, which are effective only as of the date of this document or as of the date otherwise specifically indicated herein. Virtutone assumes no obligation to update forward-looking statements, except as required by applicable law.