SMRT.L Regulatory News (SMRT)

12 Nov 2008 08:00

COMS plc (the "Company" or "Coms") Issue of Equity - VCOMM Deferred Consideration Coms plc, a provider of internet telephony services to business customers, hastoday issued 102,500 new ordinary shares of 10p each ("Ordinary Shares") asfinal payment for the acquisition of VCOMM (UK) Limited ("VCOMM"). The issuedshares rank pari-passu with all other ordinary shares. VCOMM was acquired by Coms on the 2 May 2007 and is a growing specialistdistributor of business internet telephony (VoIP) equipment and services. VCOMMis the exclusive distributor of the Polycom range of IP phones. Coms paid an initial consideration of 133,333 ordinary shares for the entireshare capital of VCOMM and the final deferred payment was based upon thesuccessful integration of VCOMM with Coms and meeting specific revenue and grossmargin targets. "I am delighted to make this final payment which is based upon a successful earnin to Coms. The VCOMM business has performed ahead of management expectationswhich is testament to the immediate benefits achieved by migrating to Coms' IPtelephony offering," commented Jason Drummond, Executive Chairman. The Company's enlarged issued share capital immediately following the issue ofequity will be 12,322,116 Ordinary Shares, each share carrying the right to onevote. \* TContact Coms plcRichard Bennett +44 (0) 20 7148 3148 Daniel Stewart & Company plcSimon Leathers/Charlotte Stranner +44 (0) 20 7776 6550 Threadneedle CommunicationsGraham Herring +44 (0) 20 7653 9858\* T Notes to editors: Coms was founded by Jason Drummond in 2000 with the vision of using the Internetto carry and deliver voice telephone calls. Voice over IP (VoIP) is changing theway consumers and businesses make and receive their telephone calls. Coms offersa low-cost VoIP service that can be combined with services provided by broadbandInternet suppliers to make and receive telephone calls. Coms subscribers canmake high quality calls over the Internet wherever a high-speed Internetconnection is available, including in wireless hotspot as they are allocatedtheir own location free unique user telephone number. Subscription is availablein a range of packages. See www.coms.com for more information. Coms is an Ofcom authorised Public Electronic Communications Network (PECN) anda member of the Internet Telephony Service Providers Association (ITSPA). Coms is listed on the London Stock Exchange AIM market (LSE:COMS) Copyright Business Wire 2008