DALLAS, TX -- (Marketwired) -- 04/25/14 -- Specialty Contractors, Inc. (OTCBB: SPCN) (OTCQB: SPCN) has acquired Ciao Telecom, Inc., a Dallas-based global technology firm, the company announced today.
The acquisition's purchase price is 120 million shares of Specialty Contractors, Inc. common stock. Upon closing the deal on April 22, the company will change its name to Ciao Group Inc. Specialty Contractors company's officers announced their resignation today, and Eugenio and Victor Santos are pleased to join Ciao Group Inc. as Chief Executive Officer and Chief Operating Officer, effective immediately.
Ciao Telecom, Inc., a technology company with telecommunications roots, was founded in the Silicon Valley in 2011. Beginning as a telecommunications startup in Emeryville, CA, Ciao has expanded its products and presence around the globe. Ciao Telecom operates 3 business units: Ciao Telecom (Ciao is an NGN global telecom carrier), Ciao Technology (enterprise SaaS and consulting services), and CiaoZicom (security solutions through a joint-venture with Zicom, the Indian security solutions giant. Headquartered in Dallas, TX, Ciao also has offices in São Paulo, Brazil, London, England, Dubai, and Milan, Italy. Ciao's mission is to provoke and lead a global disruption of the current static telecom industry to a dynamic model that provides technology solutions for the coming convergence of communications and computing. As a technology company Ciao wants to innovate the immovable telecom sector. In the 3 years since our founding Ciao's revenues have grown 900 percent through both internal development, organic growth and acquisitions. Ciao anticipate strong future growth as they add businesses to their existing core and form partnerships with those companies that will enable the continued "build-out" of the innovative converged future that Ciao is positioning itself to participate in. Ciao's clients include Fortune 500 companies such as Wal-Mart, Ford, Vale, Avon, Nestle, Pfizer and many more.
Ciao Telecom, Inc. which originally focused on Brazil and other Latin American markets, recently announced it would enter the U.S. mobile phone market with a $20-per-month unlimited talk, text and data plan. The mobile offering, subsidized through showing users advertisements on their phone's lock screen, is the first mobile plan of its kind. Ciao also plans to introduce an Internet Protocol TV service, streaming premium live channels through set-top boxes, later this year. Founder & COO Victor Santos, an Ex-Googler, is now spearheading the company's strategy and vision, and he states that Ciao is more than just another telecom provider: "We are challenging the norms of a monolithic industry by taking something that is commoditized and creating real value to the consumer through novel business models, exceptional customer care and innovative product technology with the user at its core."
More information about Ciao Telecom, Inc. is available at www.ciaotelecom.com.
Forward-Looking Statements: This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing words such as "anticipate," "seek," "intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations and new regulations. Specialty Contractors, Inc., does not undertake any duty nor does it intend to update the results of these forward-looking statements.