Kirsh family 'owns' FoneWorx

Telecoms and information technology solutions provider‚ FoneWorx‚ on Tuesday announced that the Kirsh family is now its largest shareholder‚ holding 32.8% of the company‚ after the successful purchase of the shares owned by the Issie and William Kirsh Family Trusts.

"We are very pleased that our shareholders supported this strategic transaction. As alluded to in prior announcements‚ this was always intended to be the first phase in a broader strategic initiative with the Kirsh Family‚ and we are now in a strong position to make this a reality‚" said Mark Smith‚ chief executive of FoneWorx.

"We are very happy with the progress made‚ and I am also extremely pleased that the new company that I have started‚ and in which my father has partnered me‚ Value+ Network (Value+)‚ can now move towards merging with FoneWorx. The move is intended to be mutually beneficial for both companies‚" said William Kirsh.

The merger terms for the two companies and additional information on the Value+ strategy and its businesses are expected to be announced towards the end of November.

Smith said that FoneWorx had been looking for new growth opportunities and the proposed merger with Value + is considered a "great strategic fit" for the company.

"William has a long and successful track record in consolidating industries and the strength of the combined experience of the two companies' management teams‚ augurs well for a good partnership‚" Smith said.

The transaction received 100% shareholder support.