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Vyke Communications to sell traditional calling card business to Direct Connect Intl. - Quick Facts

Vyke Communications Plc (VYKE.L) announced that it has agreed to sell its traditional calling card business to Direct Connect International, L.L.C. The deal is structured on an earn out basis with Vyke expected to get US$1.65 million over the next three years and enables the company to concentrate all of its resources on its core VoIP business.

The company said that the sale of the business, whose significance has declined over the last few years as it has changed its focus to VoIP telephony, will bring cost savings of about US$50 thousand per month in equipment, hosting and legal expenses.

These savings will incur gradually over the coming months, and are expected to take full effect no later than six months from September 29, 2008.

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