Last month Voip-Pal received notice from the BCSC that due to the appointment of Vancouver, B.C. resident Emil Malak as Chief Executive Officer, the Company is considered to be "directed and administered" in B.C., and that trading of the Company’s stock in Canada had been restricted by a CTO. The Company immediately complied with the reporting requirements, and trading ability was restored by the issue of a Revocation Order last week.
Voip-Pal also announced the appointment of the audit firm Davidson & Company LLP to complete an independent audit of the Company’s 2014 and 2015 fiscal years (ended September 30). The audit is a necessary component of the due diligence process associated with any future acquisition of Voip-Pal, and upon its completion the Company would meet the requirements necessary for up-listing to the OTCQB exchange and become fully SEC reporting. Voip-Pal intends to make immediate application for admittance to the OTCQB unless they are in the process of an acquisition at that time. They are also considering seeking listing in Canada and Europe.
The Company also announced the appointment of D. Barry Lee as Chief Financial Officer. Mr. Lee has over 30 years of experience working with public and private companies with particular expertise in financial management, mergers and acquisitions, and public company compliance. Mr. Lee will oversee the audit and will also handle due diligence inquiries for the Company.
Additionally, Voip-Pal announced that over the last quarter they have increased their cash holdings to approximately $900,000. The funds will be used to cover operating expenses and future costs involved with the potential sale of the Company.
Emil Malak, CEO and Director of Voip-Pal, commented, “At this time we are actively pursuing various avenues for the selling of the Company. This is now our top priority. We will continue to provide updates of our progress as developments allow.”
Recently Voip-Pal produced a one page document for use with prospective buyers outlining Digifonica’s role as an innovator and inventor of its patented technology and sharing its opposition to the current role of patent trolls and NPE’s (non-practicing entities). The document can be viewed at http://www.voip-pal.com/patent_toll.asp
About Voip-Pal.com Inc.
Voip-Pal.Com, Inc. (“Voip-Pal”) is a publicly traded corporation (OTC Pink: VPLM) headquartered in Bellevue, Washington. The Company owns a portfolio of patents relating to Voice-over-Internet Protocol (“VoIP”) technology that it is currently looking to monetize.