FSNN
Fusion Achieves Record Quarter of New Contracted Business as It Completes the Integration of NBS
NEW YORK, NY, Apr 10, 2013 (Marketwired via COMTEX) -- Fusion (OTCQB: FSNN), a provider of cloud communications, cloud computing and managed cloud solutions, today announced that the Company has fully integrated the operations of NBS, the Company's recently acquired cloud services provider. Fusion's rapid completion of its plan to integrate services, systems, network and people exceeded management's expectations and accelerated the achievement of significant synergies while increasing sales productivity. In the first quarter, the NBS Business Services Division signed contracts valued at more than $5.3 million, representing a record quarter of new contracted business.
Since the completion of the acquisition of NBS, Fusion has realized numerous synergies and financial benefits. As of March 29, 2013 the Company had already achieved approximately $1 million in annualized cost savings, representing approximately half of anticipated savings through year end. The majority of the remainder of cost savings is expected to be realized by the end of the current fiscal quarter.
"The acquisition of NBS, with its proprietary cloud communications platform, robust network, advanced back office systems and experienced team of professionals, has proven to be a significant asset in supporting our organic growth plan while providing a strong platform for future acquisitions," stated Matthew Rosen, Chief Executive Officer of Fusion. "In addition to providing Fusion with numerous operating synergies, the fully integrated business has already seen significant increases in the amount of new business being contracted. The acquisition of NBS has allowed us to leverage our direct sales effort and extensive distribution network, facilitating the continued upsale of services to existing customers and accelerating the acquisition of new business. We believe that the combination of new revenue generated from the NBS Business Services division and the cost efficiencies generated from our considerable synergies will enable us to become EBITDA positive in the near future."
Forward Looking Statements:
Statements in this press release that are not purely historical facts, including statements regarding Fusion's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1996. Such statements consist of any statement other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may", "expect", "anticipate", "intend", "estimate" or "continue" or the negative thereof or other variations thereof or comparable terminology. The reader is cautioned that all forward-looking statements are speculative, and there are certain risks and uncertainties that could cause actual events or results to differ from those referred to in such forward-looking statements. This disclosure highlights some of the important risks regarding the Company's business. The primary risk is the Company's ability to raise new and continued capital to execute its comprehensive business strategy. Additional risks include uncertainties associated with: the integration of businesses following an acquisition; the Company's ability to comply with its senior debt agreements; concentration of revenue from one source; competitors with broader product lines and greater resources; emergence into new markets; natural disasters, acts of war, terrorism or other events beyond the Company's control; the termination of any of the Company's significant contracts or partnerships; the Company's inability to maintain working capital requirements to fund future operations; the Company's ability to attract and retain highly qualified management, technical and sales personnel; and the other factors identified by us from time to time in the Company's filings with the Securities and Exchange Commission, which are available through http://www.sec.gov . However, the reader is cautioned that our future performance could also be affected by risks and uncertainties not enumerated above.
About Fusion
Fusion is a leading provider of cloud communications, cloud computing and managed applications solutions to small, medium and large businesses, and carriers worldwide. Fusion's advanced, high availability service platform enables the integration of leading edge products and services in the cloud, including hosted voice, data, managed network services, Infrastructure as a Service, storage, security, data center services and Emergency Preparedness. Fusion's innovative yet proven cloud-based solutions lower our customers' cost of ownership, and deliver new levels of security, flexibility, scalability and speed of deployment. For more information, please visit www.fusiontel.com .
