Social Network Provider YFonGlobal to Go Public Through Reverse Merger

Authored by Mark Hefflinger on June 12, 2007 - 11:49am.

Washington - In a move designed to take the company public, YFonGlobal, the developer of a platform that allows clients to launch social networks, said on Tuesday that it has signed a deal to execute a reverse merger with Connecticut-based PacketPort.com, a provider of Internet telephone services that trades on the Over-The-Counter (OTC) Bulletin Board.

Financial terms of the deal were not disclosed.

In another aspect of the deal, Washington-based YFonGlobal said that it expects to raise $5-$10 million from investment bank Source Capital Group once the merger is completed.

http://www.packetport.com

http://www.yfonglobal.com