Crexendo Acquires PBX Central
Crexendo® Announces the Asset Purchase of PBX Central
PHOENIX, AZ--(Marketwired - Jun 4, 2013) - Crexendo, Inc. (NYSE MKT: EXE), a hosted services company that provides hosted telecommunications services, broadband Internet services, web hosting, e-commerce software, search engine optimization training and link building training for businesses, today announced the asset purchase of PBX Holdings, LLC d/b/a PBX Central, a premium provider of hosted telephone services for business, effective June 1, 2013. PBX Central provides an advanced hosted platform of highly reliable features and benefits to both end user businesses and value added resellers. PBX Central offers hosted communications service to more than 40 service provider partners and tens of thousands of end user customers.
This purchase will transfer the complete technology, infrastructure and customers of PBX Central to Crexendo. While Crexendo is not acquiring any employees in the transaction, Crexendo has entered into a consulting agreement with one of the principals to assure a smooth transition and no disruption to any customers.
Steven G. Mihaylo, Chief Executive Officer, commented, "We are very pleased with the PBX Central asset purchase. We believe this asset purchase is a blueprint for future acquisitions. As I have indicated we intend to grow our business both organically and by acquisitions; we are in the market for accretive acquisitions which complement our core offerings. The PBX Central asset purchase meets those criteria. We expect to add approximately $400,000 to $500,000 in annual revenues with this acquisition and we expect the acquisition to be accretive from day one."
Mihaylo added, "We are confident we will continue to provide the level of service that the PBX Central customers have enjoyed while having the opportunity to introduce those customers to some of the expanded Crexendo offerings. We have spoken with many of the PBX Central customers and they are very excited about this acquisition. We do not anticipate any difficulties in adding the PBX Central services and customers into the Crexendo brand. This acquisition is part of our management team's commitment to expand our business and increase shareholder value."
Crexendo is a hosted services company that provides hosted telecommunications services, broadband Internet services, web hosting, e-commerce software, search engine optimization training and link building training for businesses. Our services are designed to make enterprise-class hosting services available to small and medium-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 organically and by acquisitions; (ii) being in the market for accretive acquisitions which complement core offerings with the PBX acquisition meeting those criteria including it being accretive from day one; (iii) adding approximately $400,000 to $500,000 in annual revenues with this acquisition; (iv) continuing to provide the level of service that the PBX customers have enjoyed while having the opportunity to introduce them to some of the expanded Crexendo offerings; (v) PBX customers being excited about this acquisition; (vi) not anticipating any difficulties in adding the PBX services and customers into the Crexendo brand and (vii) management team commitment to expand the business and increase shareholder value.
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, 2012, and Form 10Q for the period ending March 31, 2013. 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