Crexendo Acquires One Stop Voice
Crexendo(R) Announces the Asset Purchase of One Stop Voice
Marketwired Crexendo, Inc.
June 2, 2014 7:45 AM
PHOENIX, AZ - Crexendo, Inc. (NYSE MKT: EXE), a hosted services company that provides hosted telecommunications services, hosted website services, website development software and broadband internet services for businesses and entrepreneurs, today announced an asset purchase agreement with One Stop Voice ("OSV"). OSV provides top of the line, feature rich, cloud-based communications systems to small and medium sized business customers. OSV is located in Scottsdale, AZ. and provides services nationwide with a focus in Arizona.
This purchase will transfer certain infrastructure and customers of OSV to Crexendo. Crexendo has hired OSV's customer service supervisor as well as their sales director to assure a smooth migration of OSV's customer base into Crexendo. In addition Crexendo has entered into an agreement with OSV to maintain certain support functions to assure a seamless transition with no disruption to any customers.
Steven G. Mihaylo, Chief Executive Officer, commented, "We are very pleased with the OSV asset purchase and the synergies that our companies offer each other. We have indicated that we intend to grow our business both by acquisition and organically. We expect to add approximately $500,000 in annual revenues with this acquisition and we expect the acquisition to be accretive from day one. This acquisition confirms our commitment to acquiring accretive companies that expand our customer base and increase shareholder value. At the same time, we continue to make improvements to our internal sales as well as our dealer/partner program which we also expect will increase shareholder value."
Josh Simon, managing partner of OSV, said, "We knew that to keep providing the level of service our customers expect, substantial infrastructure investment was required. When we determined that one solution was to partner with a larger, more established company, Crexendo more than met our needs. Crexendo provides world class products and services and we were amazed by their commitment to customers and customer service. When we met the Crexendo management team, we knew our customers were in excellent hands. We are confident Crexendo will continue to provide the level of service that OSV customers have enjoyed while having the additional opportunity to provide some expanded services and offerings Crexendo has available."
Crexendo is a hosted services company that provides hosted telecommunications services, hosted website services, website development software and broadband internet services for businesses and entrepreneurs. Our services are designed to make enterprise-class hosting services available to small, medium-sized and enterprise-sized businesses at affordable monthly rates.
Safe Harbor Statement
This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "will" and other similar statements of expectation identify forward-looking statements. Specific forward-looking statements in this press release include information about Crexendo (i) intending to grow its business both by acquisition and organically; (ii) expecting to add approximately $500,000 in annual revenues with this acquisition; (iii) expecting the acquisition to be accretive from day one; (iv) commitment to acquiring accretive companies that expand its customer base and increase shareholder value; (v) continuing to make improvements to its internal sales as well as its dealer/partner program; (vi) that improvements if made will increase shareholder and (vii) providing world class products and services with amazing commitment to customers and customer service.
For a more detailed discussion of risk factors that may affect Crexendo's operations and results, please refer to the company's Form 10-K for the year ended December 31, 2013 and 10Q for the period ended March 31, 2014. These forward-looking statements speak only as of the date on which such statements are made, and the company undertakes no obligation to update such forward-looking statements, except as required by law.
Steven G. Mihaylo