Digerati Technologies (OTCQB:DTGI) has provided an update on its acquisition under the letter of intent announced February 14, 2017.
As quoted in the press release:
The press release outlining the Company’s Strategic Initiatives included Digerati’s plan of targeting local and/or regional VoIP/cloud telephony providers for acquisition, which have excelled in their marketplace with that ‘local’ touch when serving their SMB (small-to-medium sized business) customer base. The Company also indicated that it had initiated its acquisition model by entering into an LOI with an established VoIP/cloud telephony provider serving over 5,000 business users in a different geographic market to that of its wholly-owned subsidiary, Shift8 Networks, Inc.
The Company’s management team has continued to work diligently towards completing a Definitive Agreement for the transaction and anticipates executing final documents with the sellers within the month of April 2017. The closing is expected to occur upon regulatory approval in approximately 60 days following execution of the Definitive Agreement. As indicated previously, a key component of the Company’s growth strategy is to pursue the acquisition of other VoIP//cloud telephony operators that meet certain market, revenue and profitability criteria.