Boston, MA 08/26/2014 (wallstreetpr) – Alteva Inc (NYSEMKT:ALTV) made certain key announcements related to the appointment of new CEO and restructuring of the company. It also provided with the information on its strategic acquisition initiatives and plans of stock buyback.
The updates
Alteva Inc (NYSEMKT:ALTV) announced that it had appointed Brian J. Kelley as new CEO. He has been working as interim CEO with Alteva from last some months. He has made a significant contribution in expanding the sales channel. Kelley said that Alteva has just started to capture the opportunities present in the VoIP and UCaaS markets. The focus will remain on the mentioned sectors. Also, the focus will remain on creating a competitive structure for Alteva so that it will be in a strong position to compete in the enterprise client market.
The positive impact
Alteva Inc (NYSEMKT:ALTV) is done with its operational restructuring, and the attention will shift back to organic growth. The restricting efforts led a positive impact on the performance of the company. Alteva’s UC revenues rose 27% in the second-quarter. The gross profit margin rose 62% as compared to 57% in the prior-year quarter. The users on hosted platform rose 28% as compared to the prior-year quarter.
The other plans
Alteva Inc (NYSEMKT:ALTV) further announced two key strategic initiatives. It is considering the acquisition options for adding speed to its organic growth. It has worked on the expansion of its partnerships with WTG and MicroCorp. Further Alteva Board announced that it will opt for stock repurchase of up to $3,000,000 of its common stock. The stocks may be purchased from the open market as well as in privately negotiated transactions.
Alteva have evaluated the present cash reserves, expected operating cash flows and its credit line before making a final decision. The stocks may be purchased from the open market as well as in privately negotiated transactions. The future repurchases will be done according to the rule 10b5-1 of the US Securities exchange Act 1934.
