Net263 to Acquire Stake in iTalk, Subsidiaries

Shenzhen Stock Exchange, 11/02/12

Beijing-based ISP and telecom value-added services provider Net263 (002467.SZ) has announced that the company has received approval from the China Securities Regulatory Commission (CSRC) for a major asset restructuring plan to purchase a 66.7% stake in North American VoiP service provider iTalk Global Communications, and 100% stakes in Digital Technology Marketing and Information Inc., iTalkBB Canada, and iTalk BB Australia for a total value of USD 80 mln. All four companies to be acquired by Net263 are subsidiaries of iTalk Holdings.

iTalk is a US-based comprehensive internet services provider primarily engaged in providing VoIP and IP services to Chinese-American customers in North America. Net263 has received approval for the purchase from the US Securities and Exchange Commission (SEC).

Keywords: M&A telecom VoIP North America iTalk Net263 002467.SZ

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