Cordia Communications (OTCBB: CORG), a company I have never heard of before in my life, announced last week that its subsidiary, Cordia Prepaid Corp., has completed an asset purchase agreement of Florida based TSI Prepaid LLC. Details of the deal were not made available but Cordia hopes that this acquisition will lead them to being a major player in the retail telecommunications distribution business. Revenues of TSI Prepaid are said to have been in the area of $90,000,000 annually reaching over 7,000 retail outlets. TSI president Mohammed Markatia will join as the President and CEO of its new business unit, Cordia Prepaid Corp. and be joined by former PT1 founder and president Peter M. Vita who will head up the Cordia Advanced Product Services division.
Being that this is more of an asset aquisition it leads me to think that this deal might be more related to poor finances on one of the companies part, with one company owing the other monies that it could in no way pay back... Kind of like the Telstar aquisition of Clifton Digital years back. I am hoping it is not because TSI Prepaid has been around a long time and has always been a market leader and a straight up operator. I wish them all the best of luck!
Cordia Communications currently offers VOIP, international DIDs and wireline communications solutions through it's numerous subsidiaries here in the US and abroad. More info on Cordia Communications can be found on it's web site: http://www.cordiacorp.com/ and more on TSI Prepaid LLC can be found on their web site http://www.tsiprepaid.com/.
Monday, June 09, 2008
Cordia Communications Aquires Phone Card Distributor TSI Prepaid LLC
Writer: Phone Card Advertising:
Labels: Distribution
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Cordia is a scam. We bought one of their phone cards recently so that my wife could talk to her estranged daughter overseas. The call never made it though. When we tried a second time there was no time left on the card. We called the customer service number on the prepaid card only to reach a (rude) employee who told us to wait six to eight hours and then call back again??? In any case I am writing my congressman to have any licenses which Cordia has in Florida revoked. That way they can no longer defraud the people of Florida.
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