- Signed a binding Letter of Intent (“LOI”) to purchase the assets of Spectrum Intelligence Communication Agency (“SICA”)
- SICA would add its existing +90 global Tier 1, 2 and 3 telecom carrier relationships to Upco’s Wholesale Telecom Division therefore increasing access to new users for Upco’s Retail Division
- Juan Ramos’, SICA’s CEO, mandate with Upco will be to build Upco’s operational revenues to a target of +$200 Million by 2021
- Global Long-Distance Telecom Market Undergoing Fundamental Changes – industry is starting to consolidate whereby larger carriers and Post Telephone and Telegraph (PTT) are outsourcing their international long-distance telecom services to smaller, more specialized players in the industry
- Upco’s Acquisition Rationale and Growth Strategy is expected to increase its wholesale business by integrating the targets existing portfolio, specialized team, extensive footprint and contacts in the global telecom sector
- Upco’s November 2018 Investor Presentation is now available on its website, which includes corporate overview, wholesale and retail division strategies, and milestones on a timeline basis
Vancouver, BC, November 5, 2018, Upco International Inc. (CSE: UPCO) (OTCQB: UCCPF) (Frankfurt: U06) (“Upco”) ”) is pleased to announce that it has signed a binding Letter of Intent (“LOI”) to purchase the assets of Spectrum Intelligence Communication Agency (“SICA”), a US-based player in the VoIP and long-distance telecommunications sector. Details of the final agreement terms will be released in the coming weeks.
Under the terms of the proposed agreement, SICA shareholders will gain an equity position in Upco. Juan Ramos, the current Chief Executive Officer of SICA, will be appointed as the new CEO of Upco Systems Inc., the Wholesale Telecom Division of Upco International Inc. Mr. Juan Ramos has been an Executive in the Telecom voice sector for almost 20 years and has a proven track record of success in the multi-billion-dollar Global Long-Distance telecom sector. He is a graduate of Harvard Business School, has an excellent understanding of the market and business environment, a keen sense for delivering operational excellence, and financial management acumen in a variety of situations. His experience is strongly aligned with the goals and objectives of Upco International Inc. More specifically, Mr. Ramos’ mandate with Upco will be to build the Company and its operational revenues towards a $200 Million+ target over the next two years, by 2021. A key element of Upco’s growth strategy is to acquire wholesale businesses, like SICA, by integrating its existing portfolio, specialized team, extensive footprint and contacts in the global telecom sector.
Mr. Andrea Pagani, Chairman of the Board for Upco International, commented: “Part of our growth strategy is to identify companies with added value and specialization in niche markets that we can bring into our group. The agreement with SICA is a key element of this strategy. In addition to leveraging SICA’s extensive footprint in the industry (+90 Tier 1, 2 and 3 global telecom carriers), bringing on Mr. Ramos as CEO will provide the required level of continuity and expertise to help us realize our goals. We are extremely positive regarding developments with SICA and are looking forward to significant growth and profitability over the near to intermediate term.”
Global Long-Distance Telecom Market
The Global Long-Distance Telecom Market represents about 500 Billion minutes and US$20 Billion/year in revenues. The industry is starting to consolidate. Numerous large carriers and PPTs are starting to outsource international long-distance services. This environment introduces significant opportunity for a new breed of companies, including Upco, which are smaller, more specialized, and have excellent systems and service offerings. Key markets include Africa, the Middle East, Eastern Europe, and a number of Latin American and Caribbean countries of which have termination prices over US$0.20/minute.
Upco’s November 2018 Investor Presentation
Upco’s updated November 2018 Investor Presentation is now available on Upco’s website – www.upcointernational.com/investors
About Spectrum Intelligence Communication Agency (“SICA”)
Spectrum Intelligence Communications Agency is an expert in VoIP, specializing in Calling Line Identity (CLI) traffic, and is one of the most innovative international long-distance carriers in the United States since 2014. Based in Miami Beach, Florida, SICA is the trusted partner for many of the world’s voice service providers, fixed and mobile operators, calling card providers, and retail application and VoIP solution providers. The Company’s goal is to provide its customers with the highest levels of quality and reliability to ensure they can bring great products and services to the market quickly and easily. SICA includes a dedicated team of industry professionals located on three continents that provide world-class products and service levels.
About Upco International Inc. (“Upco”)
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco eWallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
+1 (212) 461 3676
US Investor Contact
RB Milestone Group, LLC
Stamford, CT & New York, NY
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance.