VoIP Inc. is off the grid and on the prowl.
The Florida-based provider, which owns Volo and ran a channel program, has shut down all telecom revenue-generation operations. It reportedly is reorganizing into a provider of click-to-call and pay-per-click applications, although no one from the CEO to the sales manager was found in the company phone directory on Friday. Calls to the operator and in-house media contact went to voice mail. VoIP Inc.’s investor relations firm was clueless, too..
Sorry I cannot help you, Michael Wachs of CEOcast Inc. told PHONE+ on Friday via e-mail. Don’t have any idea what is going on. The company is more than six months behind in payments to us. The stock is below 1 cent. You can probably draw your own conclusions.
Even VoIP Inc.s Web site shows signs of something rotten in Denmark. Theres a 2007 Letter to the Gullible and a note that reads, Voip Inc. (sic) enables many to loose (sic) a lot of money and never return it.
Another twist came this week when VoIP Inc. announced plans to sue some unnamed Fortune 500 companies for patent infringement. VoIP Inc.s lawyers claimed the portfolio is worth more than $1.25 billion, an amount that raised some telecom patent lawyers eyebrows. Wow, said one.
Not coincidentally, the patents at issue protect pay-per-call advertising and click-to-call technology, the new line of business VoIP Inc. said it is entering with RazrClick. Thats a proprietary pay-per-call ad network VoIP Inc. introduced Feb. 5, also the same day it said it was shutting down its network operations. Some of the intellectual property also relates to call connections between two parties when initiated over the Web.
VoIP Inc. told the SEC on Feb. 5 that it was closing and expects to write off $24 million in losses. The CLEC and IXC so far has gotten rid of 25 employees; Shawn Lewis, COO and CTO, resigned in December.
The company is currently entertaining offers on the sale of its network, and has not yet evaluated the potential financial statement impact of related impairments of its tangible and intangible assets, lawyers noted in the filing.
VoIP Inc. stock was trading for .009 cents near Wall Streets close Friday afternoon. The price had not changed from the previous close. VoIP Inc. trades on the Over The Counter Bulletin Board, an electronic quotation system for unlisted, non-Nasdaq, over-the-counter securities.
Are you a VoIP Inc. channel partner? If so, e-mail Kelly Teal at firstname.lastname@example.org to share how the VoIP Inc. shutdown has affected your business.
VoIP Inc. www.voipincorporated.com