We are a leading global provider of voice and fax services established in July 1997. We primarily use the Internet for transport of these calls.
In April 1998, we launched our first service delivered over ITXC.net®-our WWeXchange® service. Our operations since that time have included:
• increasing our voice traffic, from 2,746 minutes during April 1998 to
approximately 999 million minutes carried through our WWeXchange service
during the quarter ended June 30, 2003;
...
• increasing our employee headcount, from 29 employees on April 1, 1998 to 246
employees on July 31, 2003.
Competition from other providers of Internet telephony services and traditional telephony services, failure of customers to meet payment obligations and regulatory developments could materially adversely affect revenue in future periods.
To date, we have derived a significant portion of our revenue from a small number of customers. The loss of a major customer could have a material adverse effect on our business, financial condition, operating results and future prospects.
On April 10, 2003, IDT Corporation publicly announced that it intended to make an offer to purchase our outstanding shares of common stock for $1.40 in IDT Class B common stock. On the same date, we announced that our Board of Directors had met and had made an initial determination that the IDT proposal would not be in the interests of the Company’s stockholders.
On May 1, 2003, IDT issued a press release which stated, in pertinent part, that it had terminated its proposal to acquire all outstanding shares of ITXC.
biz.yahoo.com/e/030815/itxc10-q_a.html