Elephant Talk forms committee to explore options for ValidSoft UK subsidiary

August 20, 2015 - 

Elephant Talk Communications Corp. (ETAK) announced that the company’s board of directors has formed a Special Committee to consider the various options for its ValidSoft UK Ltd. subsidiary.

The committee will evaluate strategic alternatives designed to maximize stockholders value including the strategic disposition, joint venture, or merger transaction with respect to ValidSoft UK.

Led by chairman of the committee Carl Stevens, the committee will also consist of fellow board members Yves van Sante, and chairman of the board and CEO Steven van der Velden.

“ETAK has the interests of its stockholders as its top priority and the formation of this Committee reflects that view,” said van der Velden. “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.

“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.”

“We believe ValidSoft has world class cybersecurity technology and an excellent reputation in its industry,” said Stevens. “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.”

Previously reported, Strategic News Service (SNS) has recognized ValidSoft as a 2015 FiReStarter company to be featured at the 13th annual Future in Review (FiRe) conference, which will be held October 6-9 at the Stein Eriksen Lodge Deer Valley in Park City, Utah

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.