Before reviewing our balance sheet, I wanted to discuss change the ownership substructure of our joint venture in Brazil . Joint venture partner there Datora for the strong operating partner in preparation for launch.

Our agreements with Datora include provisions, which allow for dilution rates in the event either partner does not satisfy certain capital obligations. Datora was unable to fund certain 2013 capital obligations and as a result Vonage expects to increase its ownership with the venture to approximately 90%. Not excepted to increase risk to market entry and Datora continues to be Vonage’s operating partner and equity holder in the Brazil venture.
http://seekingalpha.com/article/2016171-vonag...ipt?page=7