Asiatel Outsourcing Completes Acquisition of Philippines-Based BPO Company; Names CEO, CFO

Asiatel Outsourcing Inc. (ATOI.V), formerly New Media Capital 2.0, said Friday it completed its previously announced acquisition of all outstanding shares of Philippines-based Asiatel Outsourcing Ltd., a business process outsourcing company specializing in remote staffing and managed operations. Under the deal, the company issued 40 million post-consolidation shares at a deemed price of $0.20 per share to the target company's shareholders. The company's board, which has been reconstituted, has appointed Jasjit Singh Anand as chief executive officer and Randa Kachkar as chief financial officer and corporate secretary.