YAK Seeks Buyer

YAK Communications has decided to explore various strategic alternatives available to maximize shareholder value

June 20, 2006

1 Min Read

MIAMI -- Yak Communications Inc. (NasdaqNM:YAKC - News), a provider of legacy and VoIP telephone services to residential and business customers, announced today the Board of Directors of Yak has determined that Yak should explore various strategic alternatives available to Yak to maximize shareholder value.

To oversee this process, the Board has established an Independent Committee, consisting solely of independent directors of the Board. On June 12, 2006, the Board held a meeting at which it reviewed and approved recommendations of the Committee to the Board to, among other things, review, study, explore and analyze various strategic alternatives to maximize its shareholder value including, without limitation, the potential sale of all or portions of Yak's operations, and to engage an investment banking firm to advise the Board in this regard. To date, no investment banking firm has been engaged.

The Committee will continue its work under the mandate from the Board unless and until the authority of the Committee is terminated by the Board. There can be no assurance that any transaction will result from the Committee's exploration of strategic alternatives.

YAK Communications Inc. (Nasdaq: YAKC)

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