Wednesday, 25 July 2012
Elephant Talk activates first 4000 SIM Cards in Germany
Bonn, Germany – July 24, 2012 – Elephant Talk Communications Corp. (NYSE MKT: ETAK) (www.elephanttalk.com), an international provider of software and services to the telecommunications and financial services industries, today announced that it has successfully completed the activation of approximately 4,000 SIM-Cards associated with a recently signed contract with one of Germany’s largest unions. This initial activation represents the first batch of SIMs to be activated. The Company expects to activate a total of 55,000 SIMs by year’s end.
Based on the planned rollout and the current 1 EUR to 1.21 USD exchange rate, Elephant Talk expects to generate approximately $8 million in total revenue for 2012. Approximately half of this revenue will be recognized on the Company’s income statement, with approximately 50% recorded as deferred revenue on its balance sheet to be recognized over the 24 month life of each activated SIM.
“We’re very excited and proud to service one of the largest closed user groups in Germany with our world-class solutions,” stated Steven van der Velden, Chief Executive Officer of Elephant Talk Communications. “This is a positive sign of things to come as we enter the German market, and we look forward to working with this customer to complete the rollout while also pursuing additional, similar opportunities in the region.”
“Our implementation team clearly showed their strong capabilities by completing this project in such a short period of time,” said Martin Zuurbier, Chief Technology Officer of Elephant Talk Communications. “This project shows the operational excellence of Elephant Talk to quickly adapt to any type of Virtual Mobile business case.”