Elephant Talk Communications Corp. (ETAK) Strengthens Restructuring Efforts with Binding Agreement to Divest ValidSoft
On Thursday, Elephant Talk Communications Corp. (NYSE MKT: ETAK) took a major step forward in its ongoing corporate restructuring efforts when it announced the execution of a binding agreement to divest its interest in ValidSoft, a leading provider of personal authentication and device assurance services. According to the terms of the agreement, Elephant Talk will receive a total consideration of $12.5 million from Cross River Initiatives LLC in the form of a wire transfer of $8 million and a $4 million short-term secured note, due no later than March 21, 2016, in addition to a $500,000 advance that was paid…