IRVINE, Calif., May 10, 2010 (GLOBE NEWSWIRE) -- Hop-on, Inc. (Pink Sheets:HPNN) (www.hop-on.com) announced today that Hop-on subsidiary, Graffiti Partners, Inc. entered into an Memorandum of Understanding to purchase a Voice Over Internet Protocol company, that has approximately 10,000 paying customers (over $22 a month per account), proprietary switch, billing platform and fully functional profitable business.
Jay Pignatello, President of Hop-on, stated, "The Board recently agreed with our plan to establish independent and distinct revenue streams within Hop-on. Hop-on, through its wholly owned subsidiary Graffiti Partners, Inc., now has the right to purchase this entity and will immediately begin due diligence and will close the transaction in the next 30 to 45 days. This will help increase Hop-on shareholder value and will bring immediate revenues into the Company. Hop-on is aggressively targeting other telecommunications businesses for acquisition and joint venture opportunities."
Voice over Internet Protocol (VoIP) is a general term for a family of transmission technologies for delivery of voice communications over IP networks such as the Internet or other packet-switched networks. Other terms frequently encountered and synonymous with VOIP are IP telephony, Internet telephony, voice over broadband (VoBB), broadband telephony, and broadband phone.
About Hop-on, Inc.
Hop-on, Inc. (Pink Sheets:HPNN) offers multi-media services and has secured licensing agreements from essential patent holders for GSM, CDMA and WIFI technologies. Since its inception, known for developing the world's first disposable cell phone, Hop-on currently remains one of the few US-based manufacturers of cellular technology. The Company also distributes The Electric Cigarette and the Electric Cigar.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All Statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.