(TheNewswire)
MARKHAM, ONTARIO – TheNewswire - March 29, 2021 – SangomaTechnologies Corporation (“ Sangoma ”) (TSXV:STC) is pleased to announcethat at the special meeting of its shareholders held on March 29,2021, the shareholders of Sangoma approved the arm’s lengthacquisition (the “ Acquisition ”) of all of the issued andoutstanding shares of StarBlue Inc. (“ StarBlue ”) (theparent company of Star2Star Communications, LLC) and the creation of anew “Control Person” (as defined in the policies of the TSXVenture Exchange (“ TSXV ”)) of Sangoma, being Star2StarHoldings, LLC (“ Star2Star ”) and/or itslargest shareholder Old Town Gelato, LLC (which is controlled byNorman A. Worthington, III, the Chief Executive Officer and ExecutiveChair of StarBlue).
The Acquisition was approved by 99 % of the votes castby the shareholders of Sangoma at the Meeting. Approximately 78% ofthe votes entitled to be cast at the Meeting based on Sangoma’soutstanding shares were voted at the Meeting.
Subject to completion of all remaining closingconditions set out in the Acquisition stock purchase agreement datedJanuary 28, 2021, Sangoma expects the Acquisition to close onWednesday, March 31, 2021.
About Sangoma Technologies Corporation
Sangoma Technologies is a trusted leader in delivering value-basedCommunications as a Service (CaaS) solutions for businesses of allsizes. Sangoma’s cloud-based Services include Unified Communication(UCaaS) business communications, Meetings as a Service (MaaS),Communications Platform as a Service (CPaaS), Trunking as a Service(TaaS), Fax as a Service (FaaS), Device as a Service (DaaS), andAccess Control as a Service (ACaaS). In addition, Sangoma offers afull line of communications Products, including premise-based UCsystems, a full line of deskphones and headsets, and a completeconnectivity suite (gateways/SBCs/telephony cards). Sangoma’sproducts and services are used in leading UC, PBX, IVR, contactcenter, carrier networks, office productivity, and data communicationapplications worldwide. Sangoma is also the primary developer andsponsor of Asterisk and FreePBX, the world’s two most widely usedopen-source communication software projects.
Sangoma Technologies Corporation is publicly traded on the TSXV (TSXV:STC). Additional information on Sangoma can be found at: www.sangoma.com .
In an increasingly complex world, businesses need to simplify how theycommunicate, collaborate, and seamlessly integrate third-partyapplications into their operations and processes. Star2Star meets thatneed with its patented cloud-native collaboration platform designedfor modern business.
Star2Star has delivered consistently innovative solutions for businesscommunications and collaboration challenges since 2006. Throughout itshistory, it has demonstrated a commitment to the continuousimprovement of cutting-edge technology to anticipate and address therapidly evolving needs of businesses on the move. The company enteredthe market in 2007 as one of the limited number of UnifiedCommunications as a Service (“ UCaaS ”) providers with a cloud platform that combined cloudflexibility with a reliable proprietary network, andthe ability to deploy an on-premise voice optimized SD-WAN .Today, Star2Star’s suite of communication and collaborationsolutions offers value, reliability, quality, scalability, and thecapacity to unify people and processes within an intuitive,cloud-native environment.
Star2Star has been named to such prestigious lists as the DeloitteTechnology Fast 500, Inc. 500|5000, Omdia Top 10 UCaaS ServiceProvider, and Forbes Most Promising Companies. Recognition of itspioneering innovation in the cloud market extends to major industryanalyst indicators such as inclusion in the Frost Radar North AmericanHosted IP Telephony and UCaaS Industry reports and theGartner Magic Quadrant for UCaaS, Worldwide .
Cautionary Statement RegardingForward Looking Statements
This press release contains forward-looking statements relating toSangoma that are based on the expectation of Sangoma as well asassumptions made by and information currently available to Sangomawhich may constitute forward-looking information under applicationalsecurities laws. When used in this document, the words such as“could”, “plan”, “estimate”, “expect”, “intend”,“may”, “potential”, “should” and similar expressionsindicate forward-looking statements. Readers are cautioned not toplace undue reliance on forward-looking statements, as there can be noassurance that the plans, intentions or expectations upon which theyare based will occur. There is no assurance that the Acquisitionreferenced herein will proceed as certain conditions must be metbefore the Acquisition can be completed. Such conditions are set outin the stock purchase agreement between Sangoma, Sangoma TechnologiesUS Inc., StarBlue, Blue Face Holdings Limited Corporation, Star2Starand the Sellers’ Representative, a copy of which has been fined onSEDAR at www.sedar.com . There is no assurance that therequired approvals will be received and there is therefore noassurance that the Acquisition will be completed in the time frameanticipated or at all. Forward-looking statements speak only as of thedate they are made, and we do not undertake to update these statementsother than as required by law. By their nature, forward-lookingstatements are based on the opinions and estimates of management onthe date that the statements are made and involve numerousassumptions, known and unknown risks and uncertainties, both generaland specific, that contribute to the possibility that the predictions,forecasts, projections and other events contemplated by theforward-looking statements will not occur or will differ materiallyfrom those expected. Such risks and uncertainties include but are notlimited to: (i) the failure to complete the Acquisition; (ii) theinability to obtain required consents, permits or approvals, includingthat of the TSX Venture Exchange; (iii) the impact of the recent cyberattack experienced by Sangoma and resulting data breach and (iv) otherrisk factors as disclosed more fully in the management informationcircular filed by Sangoma on www.sedar.com . AlthoughSangoma believes that the expectations represented by suchforward-looking statements are reasonable based on the currentbusiness environment, there can be no assurance that such expectationswill prove to be correct as these expectations are inherently subjectto business, economic and competitive uncertainties and contingencies.The forward-looking statements contained in this press release areexpressly qualified by this cautionary statement and Sangomaundertakes no obligation to update forward-looking statements ifcircumstances or management’s estimates or opinions should changeexcept as required by law.
Readers are directed to the Circular and Sangoma’s filings on SEDARwith respect to additional risk factors relating to the Acquisition.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Contacts
Sangoma Technologies Corporation
David Moore
Chief Financial Officer
(905) 474-1990 Ext. 4107
Kingsdale Advisors
North America Toll Free: 1-866-581-1571
Collect Calls Outside North America: 1-416-867-2272
Email: contactus@kingsdaleadvisors.com
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