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TheBuzz launches $5m share offering

START-UP telecommunications company TheBuzz Corp is seeking second-round funding for the roll-out of its VOIP technology to homes and businesses nationally. TheBuzz, an unlisted public company that was spun-out of the WA Telecommunications Research Institute, says that its technology allows customers to benefit from low-cost VOIP telephone calls without needing broadband internet access. The current offering at $1.40 per share aims to raise $5 million to expand the subscriber base nationally and introduce new product offerings including a business voice service, domestic mobile and international mobile-based services. If TheBuzz achieves the objectives set out in its recently released offer information statement, the company projects annual revenues of $26 million per annum within two years. The share offer represents approximately 20 percent of issued capital. In July 2007, TheBuzz raised $1.2 million in its first round of investment funding to develop and bring to market its residential landline technology. A pilot release of the technology, which can potentially save customers hundreds of dollars a year in phone bills, was trialed in March this year and resulted in more than 1,800 customers. The Perth-based trial release followed a successful marketing and advertising campaign in in Ballarat in February.

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