WVT Communications Group Receives Support for Job Creation and Corporate Growth Initiatives From New York and New Jersey State O
Following Regulatory Approvals Authorizing the Issuance of Common Stock Associated With the Alteva Acquisition, WVT Adding Jobs Through Growth From Cloud Communications Strategy
WARWICK, NY, Oct 27, 2011 (MARKETWIRE via COMTEX) -- Warwick Valley Telephone Company WWVY -0.71% referred to as WVT Communications Group ("WVT"), a cloud communications company, announced today it has received approvals from the New York State Public Service Commission ("PSC"), the State of New Jersey Board of Public Utilities ("BPU"), and the New York State Telecommunications Association ("NYSTA") relating to the acquisition of Alteva, LLC on August 5, 2011 and the combination of existing strategic operating businesses with the acquired company. The acquisition significantly strengthens WVT's cloud communications platform, which includes leading unified communications and hosted applications for small, medium and large enterprise customers.
"We appreciate New York and New Jersey state officials showing their support for our strategic growth plans, which enabled us to finalize our acquisition of Alteva," said Duane W. Albro, President and CEO of WVT Communications Group. "Thanks to New York Governor Andrew Cuomo, Pat Foye and his State of New York Economic Development staff, New York State Senator Bill Larkin, the PSC and BPU, we have begun transforming our business into a high-growth company that leverages a successful telecommunications legacy in pursuit of building a platform of higher-margin cloud communications services."
Mr. Albro continued, "Part of our plan is to support the growth of our new company by expanding customer service operations in Warwick, retrain and redeploy employees and continue to add to our Warwick workforce to support continued customer growth. This reallocation of work is a critical step in alleviating the need to layoff many of WVT's union-represented workforces in our ILEC business because of the decline in local 'landline' telephone subscribers. At the same time, we have been experiencing continued demand for our unified communications services. We are proud to report that our transformation into a cloud communications company is progressing as planned. The result is that WVT is growing and we are hiring!"
Alteva brings to WVT a cloud-based Unified Communications ("UC") solutions platform that is believed to be North America's largest enterprise hosted Voice over Internet Protocol ("VoIP") provider. As previously disclosed, it is anticipated that the Alteva acquisition will increase WVT's consolidated revenues by approximately 30% on an annual basis, with an even greater percentage improvement in operating cash flow growth, before consideration of cost savings associated with expected integration synergies and the expected increase in business volume.
Pursuant to the terms of the Alteva acquisition that we announced in July, WVT today filed a Current Report on Form 8-K with the Securities and Exchange Commission reporting on the issuance of unregistered shares of WVT's common stock.
About WVT Communications Group WVT Communications Group is a global full-service cloud communications company with a regional incumbent telecommunications company operating in portions of Orange County New York and northern New Jersey. Through Alteva, USA Datanet, and its other businesses, WVT Communications Group offers local, long distance, Internet, video, network, unified communications, VoIP and other cloud services. Additional information is available at www.wvtc.com .
