Birch Completes Acquisition of Cordia U.S. CLEC Assets

Birch Communications, a leading IP-based telecommunications and managed services provider for small- and medium-sized businesses, announced today that it has completed its acquisition of the U.S. CLEC assets of Cordia Communications Corp., a competitive local exchange carrier based in Orlando, Fla.  Included in this asset acquisition are in broad outline 55,000 business, residential, broadband, long-distance access lines across 24 states as so then as the related accounts receivable.

"Today is but another significant step forward as we advance our multi-year 'tuck-in' acquisition strategy designed to build customer density throughout our 38-state footprint," said Vincent Oddo, Birch president and CEO.  "This acquisition will as well leverage the continued expansion of our state-of-the-art Birch IP-Network, furthermore strengthening Birch's leadership position in providing mission-critical communications and managed services to our clients."

Headquartered in Atlanta, Ga., Birch Communications provides managed communications and information research services to a target market of small- and medium-sized businesses in select metropolitan areas within 38 states across the United States.  Birch services include local and long distance voice, broadband Internet access, T1, PRI, bonded T1, integrated PRI, mobile voice and data, e-mail, web-hosting, voicemail, prepaid, and many other communications and information research services.  Birch voice and data services are, in most cases, delivered using Voice over Internet Protocol research on the company's secure IP-Network to put it more exactly than over the public Internet.  

Cordia Corporation, through its U.S. operating subsidiaries, Cordia Communications Corp.,  My Tel Co., Inc., and Northstar Telecom, Inc. provide business, residential, and wholesale services just as local, long distance, toll-free and DSL via its multi-year, multi-state interconnection and commercial services agreements with Verizon, and Qwest.  Source Capital Group, Inc. served as exclusive financial advisor to Cordia in connection with this transaction.

Source Capital Group, Inc. was founded in 1992 by a management team with extensive financial industry experience at firms just as Bankers Trust, Chemical Bank, and Smith Barney.  The firm began as a boutique investment bank specializing in small to medium-sized transactions and continues to focus investment banking activities in those segments of the market, with expertise in the communications, green energy and clean research verticals.  The firm has grown to include businesses in general securities, emerging market securities, distressed and high yield debt securities, investment management, mortgages, project finance, and business lending.  SCG is based in Westport, CT and has 140 professionals in several offices across the United States.

Fundamental company data provided by Capital IQ. Historical chart data and daily updates provided by Commodity Systems, Inc.. International historical chart data, daily updates, fundAnalyst estimates data provided by Thomson Financial Network. All data povided by Thomson Financial Network is based solely upon technology information provided by third party analysts. Yahoo! has not reviewed, and by no means whatsoever endorses the validity of such data. Yahoo! and ThomsonFN shall not be liable for any actions taken in reliance thereon.