The Board of My Net Fone Limited (MNF) is very pleased to announce that Heads of Agreement have been reached and signed to acquire the Symbio Group of companies. Symbio is an international telecommunication services provider based in Sydney, Australia. The purchase consideration is based on 4 times net earnings, with an initial $2M payment upon completion of the purchase process and the balance to be payable according to forecast achievement in two tranches, at the end of 2012 and 2013 financial years. Symbio provides tailored IP voice carriage and solutions to its Australian and international customer base. It has enjoyed impressive success in the Asia Pacific region and is aiming to capitalise on its unique abilities in Asia through its operation “Symbio Wholesale” in Singapore. My Net Fone has worked closely with Symbio for many years on both product development and delivery of VoIP services. This acquisition will strengthen My Net Fone’s continued product innovation, deliver significant cost savings in service delivery, and provide a solid path to international growth.
My Net Fone is Australia’s leading provider of fully IP based VoIP, data and video services to residential and business enterprise customers. The company is renowned for providing cost effective, innovative solutions and services with high quality, true flexibility and convenience to its customers. Since its inception, the company has won numerous awards including Sydney City Business Awards, Deloitte Technology Fast 50 and Deloitte Technology Fast 500 Asia Pacific 2009, PC User, Money Magazine and many others. Symbio is a provider of wholesale and hosted white‐label VoIP and IP services with operations in Australia, New Zealand and Singapore. Symbio operates one of the largest pure VoIP carrier grade networks in the Asia‐Pacific region, carrying over 1.5 Billion minutes of VoIP traffic annually.