BARRIE, Ontario, Feb. 19, 2015 /PRNewswire/-- Telecorp, Inc.
(OTC Markets: TLNUF) ("Telecorp" or the "Company"), a growing
provider of software communications solutions, announced today that
the Company has made a formal bid, to acquire a majority interest
in Toronto-based, Doozi
Entertainment Company, Inc. ("Doozi"). Doozi is an emerging, mobile
application solutions and development company with positive cash
flow and clients located around the world. Management stated that
the acquisition is an all-equity transaction, valued at
approximately $300,000 for the
purchase of fifty-one percent (51%) interest in Doozi.
Under the proposal, Telecorp will invest approximately
$100,000 in capital, including
providing IT personnel, in order to accelerate the completion of
Doozi's current and future IT/software projects. The transaction is
expected to unlock synergies, by leveraging the scale of the
combined operations and improving operational efficiency in both
companies. Doozi will initially operate as an independent unit
within Telecorp, to safeguard a diversity of different approaches
and to foster the long term flow of state-of-the-art, mobile
application technologies. Management expects that the synergistic
technologies and expertise will broaden mutual access to the
external networks of both companies.
"With these added resources, we can focus even more intently on
bringing the potential of our many products under development, to
full market," stated JK Moy, President of Doozi. "We feel that by
combining our strengths and resources, we will create significant
value for Telecorp's shareholders and supporters alike."
"We are looking forward to working closely with our colleagues
at Doozi," stated Paul Phillips,
President and CEO of Telecorp. "We have great respect for their
achievements and we will take the necessary steps to nurture their
innovative and unique mobile technology-driven culture."
Pending the negotiation of a definitive acquisition agreement,
Telecorp expects to complete the transaction within the first
fiscal quarter.
About Doozi:
Doozi is a privately held, digital media
and mobile solutions company, with a core focus in the development
of enterprise mobile applications on all major mobile platforms.
With a total of 10 employees and affiliates, Doozi's management
team consists of young, entrepreneurial but experienced marketing,
software development, and finance personnel, with over 15 years
combined experience in all aspects of software development.
About Telecorp Inc.
Telecorp is an emerging provider
of communication solutions to an array of companies and industries
including, automotive, real estate, financial, health, charities,
and many more. Telecorp offers creative software solutions for
communicating with customers at levels never seen before. A total
solution that is not only affordable, but indispensable for any
business, no matter the size. Telecorp's modules allow the best
marketing tools, first rate sales acquisition systems, customer
communication processes, and drive greater profitability from every
interaction, allowing every user to reduce costs and increase
productivity at every use.
Telecorp Inc. was incorporated in Canada in 2009.
Safe Harbor Statement
Except for historic information
contained in this release, the statements in this news release are
forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown risks
and uncertainties, which may cause a company's actual results in
the future to differ materially from forecasted results. These
risks and uncertainties include, among other things, the company's
ability to attract qualified management, raise sufficient capital
to execute its business plan, and effectively compete against
similar companies.
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SOURCE Telecorp, Inc.