|Elephant Talk Communications to Explore Strategic Alternatives for ValidSoft to Maximize Stockholder Value NEW YORK, Aug. 19, 2015 /PRNewswire/ -- The Board of Directors of Elephant Talk Communications Corp. (NYSE MKT: ETAK) ("Elephant Talk" or the "Company"), a global provider of Software Defined Network Architecture (ET Software DNA® 2.0) platforms and cyber security solutions, today announced that it has formed a Special Committee to evaluate strategic alternatives designed to maximize stockholders value including the strategic disposition, joint venture, or merger transaction with respect to its wholly owned subsidiary, ValidSoft UK Ltd. The Special Committee consists of Board members Mr. Carl Stevens (Chairman of the Committee), Mr. Yves van Sante and Mr. Steven van der Velden, Elephant Talk's Chairman of the Board and Chief Executive Officer.|
Commenting on the appointment of the Special Committee, Mr. van der Velden stated, "ETAK has the interests of its stockholders as its top priority and the formation of this Committee reflects that view. We believe ValidSoft is in a strong strategic position, particularly in light of its recently announced new large commercial contract with a major U.S. corporation of our User Authentication platform featuring voice biometrics technology. Additionally, we have gone live with ValidSoft's International Proximity Correlation capability with two major UK banks through our Device Trust partnership with FICO. This is only the beginning of much greater opportunities and we believe ValidSoft has the ability to play an industry-leading role in the burgeoning Cybersecurity industry."
Mr. van der Velden continued, "We do not believe ETAK's current share price accurately reflects the Company's intrinsic value. Therefore, the Board and members of senior management have conducted a thorough review of ValidSoft's operations and have concluded that now is the time to attempt to leverage our ownership in ValidSoft to protect and maximize stockholder value."
Mr. Carl Stevens, Chairman of the Special Committee, added, "We believe ValidSoft has world class cybersecurity technology and an excellent reputation in its industry. The Committee looks forward to exploring the available strategic opportunities and helping chart ValidSoft's future. We hope to have recommendations for the Board within the next 90 days."