XFONE SUBMITS APPLICATION
FOR ISRAELI LICENSE
Includes NIS 10 Million Bank Guarantee
May 10, 2004
CARSON CITY, Nev. & TEL AVIV, Israel--(BUSINESS WIRE)--May 10, 2004 -- xfone, Inc. today announced that its Israeli subsidiary, xfone Communication Ltd., has submitted to the Israeli government's Ministry of Communication an application for a license to provide international telecommunications services. Consistent with government requirements, the application included a bank guarantee of NIS 10 Million (approximately $2.2 million U.S.).
Guy Nissenson, President and CEO of xfone, said, "The xfone team is extremely excited by the potential to become one of the few international telecommunication service providers in the important $330 million Israeli market. We hope to have a swift review of our application and to launch the xfone service in Israel within several months of receiving our license. We believe that we can effectively utilize our proprietary technologies and expertise to provide Israeli customers with high quality service at competitive prices."
xfone owns 74% of xfone Communication Ltd, with the remaining 26% owned by H.S.N Telecom Investments Ltd, an Israeli based company. Israeli government regulations require that at least 26% of any company providing telecommunications service within its borders be owned by Israeli citizens and residents. H.S.N. is controlled by related parties who fulfill this Israeli government requirement.
About XFONE, Inc.
A U.S.-domiciled corporation, XFONE, Inc. is an international voice, video and data communications services provider with operations in the United Kingdom, the United States and Israel that offers a wide range of services, which include: local, long distance and international telephony services; prepaid and postpaid calling cards; cellular services; Internet services; messaging services (Email/Fax Broadcast, Email2Fax and Cyber-Number); and reselling opportunities. The Company serves customers across Europe, Asia, North, Central and South America, Australia and Africa.
This press release contains forward-looking statements.
The words or phrases "should," "would
be," "will allow," "intends to,"
"will likely result," "are expected to,"
"will continue," "is anticipated,"
"estimate," "project," or similar
expressions are intended to identify "forward-looking
statements." The Company's financial results reflected
above should not be construed by any means as representative
of the current or future value of its common stock.
All information set forth in this press release, except
historical and factual information, represents forward-looking
statements. This includes all statements about the company's
plans, beliefs, estimates and expectations. These statements
are based on current estimates and projections, which
involve certain risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. These risks and uncertainties
include issues related to rapidly changing technology
and evolving standards in the industries in which the
Company and its subsidiaries operate; the ability to
obtain sufficient funding to continue operations, maintain
adequate cash flow, profitably exploit new business,
and license and sign new agreements; the unpredictable
nature of consumer preferences; and other factors set
forth in the Company's most recently filed annual report
and registration statement. Readers are cautioned not
to place undue reliance on these forward-looking statements,
which reflect management's analysis only as of the date
hereof. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof. Readers
should carefully review the risks and uncertainties
described in other documents that the Company files
from time to time with the Securities and Exchange Commission.
| For More Information, Please Contact: |
 |
| U.S.
IR Contact |
John G. Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
Phone: 1.203.972.9200.
E-mail: jnesbett@institutionalms.com |
|
| Xfone Contact |
|
Niv Krikov
Chief Financial Officer
Phone: 1.806.771.1181
E-mail: niv@xfone.com
5307 W. Loop 289
Lubbock, TX 79414-1610
|
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