Angel Telecom JV acquires assets of Vivaro Corporation and affiliates
Feb 25, 2013 (M2 EQUITYBITES via COMTEX) --
Angel Telecom Corporation (OTC Other:AGLT) (NASDAQ:AGLT), owner and operator of ATTrade, an online professional trading platform for VoIP traffic, declared on Friday that Next Angel LLC, a joint venture of the company, has acquired substantially all of the assets of Vivaro Corporation and certain of its affiliates out of Vivaro's bankruptcy.
No financial details were disclosed.
Angel owns a 42.5% stake in Next Angel. Its joint venture partners are Next Communications Inc and Marcatel Telecommunications LLC.
Vivaro and six affiliated companies, including STI Prepaid, STi Telecom and Kare Distribution, filed for Chapter 11 bankruptcy protection in September 2012. The company and its affiliates sold prepaid calling cards mainly to Hispanic customers in the United States. According to Angel, in addition to Vivaro's voice business to Mexico the business had a significant market share in telephony traffic to other Latin American countries.
As per a filing with the bankruptcy court on 30 November 2012, Vivaro and its affiliates had approximately USD376m in revenues in 2011 before a cash crisis which resulted from a series of unfortunate management decisions.
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