VoIP wraps $4.7 million issue of discounted convertible debentures

By Sheri Kasprzak

New York, Feb. 20 - VoIP, Inc. concluded a $4.7 million private placement of discount convertible debentures.

The terms of the offering could not be determined by press time Tuesday.

The financing includes $1,917,581 in notes formerly held by Cedar Boulevard Lease Funding LLC.

Proceeds will be used to repay $1.7 million in outstanding principal of promissory notes. The remainder will be used for working capital.

Based in Orlando, Fla., VoIP provides turnkey voice-over-internet protocol services to service providers, wholesalers and retailers.

On Tuesday, the company's stock gained half a cent to close at $0.285 (OTCBB: VOII).

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