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  • eOn Acquires Majority Interest in Cortelco Shanghai
Jun 2004
ATLANTA, June 3 -- eOn Communications Corp., a provider of voice, E-mail and Web-based communications systems and software, including call center platforms, announced it has acquired a controlling interest in Cortelco Shanghai Telecom Equipment Co., a provider of fiber optic transmission equipment, data communications systems and network management software in China.

Under the terms of the agreement effective June 1, eOn acquired all of the stock of Cortelco China Corp., a California corporation that owns a 54.14 percent ownership interest in Cortelco Shanghai, from Cortelco Systems Holding Corp. CSHC is a related party of eOn due to David Lee's significant ownership positions in both entities. CSHC received 157,167 shares of eOn common stock valued at approximately $321,250 based upon the previous 30 days average trading price for eOn shares. It is anticipated that up to an additional 471,501 shares may be issued over the next four fiscal quarters if Cortelco Shanghai attains specified revenue targets.

Liu Yuan, president of Cortelco Shanghai, said, "We look forward to capitalizing on the large and relatively untapped call center market in China with eOn."

eOn also announced it has delayed indefinitely any further action on the proposed acquisition of NeoMecca Inc., a provider of contact center and communications solutions in Korea. The company said NeoMecca will continue to play an important role as the primary reseller of eOn's eQueue call center systems in Korea.

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