CyberTel Capital Corporation to Acquire Global Vision Telecom
CyberTel Capital Corp. (OTC Bulletin Board: CBCL - News), has signed a nonbinding letter of intent to acquire the switching and billing business from Global Vision Telecom, Inc. (”GVT”). GVT was started by telecom veterans to provide an improved platform for managing long distance and other types of calling services.
The letter of intent proposes an acquisition of the contracts and other assets of GVT in exchange for preferred stock in CBCL. In return CBCL will make a commitment to funding the development, marketing and operations of the new subsidiary. The Parties to the LOI have 60 days by which to do their due diligence before executing a final agreement.
Stated James Wheeler, CEO of CyberTel, “We are excited about this acquisition as we will be acquiring contracts that are based on new technology, engineered and managed by some of the most successful people in the business. This transaction would bring immediate revenue into CyberTel and give us a new direction which I believe could grow rapidly and allow us to play a major role in the billing and platform management services industry.”
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