DALLAS -- WorldQuest Networks, Inc., (Nasdaq:WQNI) today announced an agreement to merge with Ntera Holdings, Inc., a privately held, Miami-based provider of VoIP – or “voice over internet protocol” – and other services to the telecom industry.
The transaction, when consummated, will create a company with the quality, scale and technology needed to capitalize on the growing demand for consumer and carrier-grade VoIP solutions. The combined company expects to generate more than $150 million in diversified annual revenues, anchored by a wholesale business that is complemented by a higher-margin retail component.
“We are confident that Ntera’s unique technology gives WorldQuest a powerful competitive advantage as demand for VoIP is surging,” said B. Michael Adler, founder and newly re-elected Chief Executive Officer of WorldQuest. “Ntera is one of the nation’s largest VoIP networks, and has major Tier-One telecom carriers as customers, including Sprint, Qwest, Verizon, and Global Crossing.”
In connection with the transaction, WorldQuest plans to relocate its executives to Ntera’s headquarters in Miami, Florida. Due to this relocation, current WorldQuest CEO R. Stephen Polley has resigned his executive and board positions. Separately, board member Gary W. Fiedler recently resigned as a director of WorldQuest. The WorldQuest board authorized immediate changes to the company’s management team as follows:
B. Michael Adler, WorldQuest founder and the company’s chairmansince1996, has been re-elected Chief Executive Officer, and will continue as a director.
Robert A. Farmer, a member of WorldQuest’s board of directors since2000,has become chairman of the board. Mr. Farmer will also replace Mr. Fiedler as chairman of WorldQuest’s Audit Committee.
“The company would like to thank Mr. Polley for his significant contributions and we wish him the best of success in his future endeavors,”said Mr. Adler.
Ntera