Tallahassee, FL 12/16/11 (StreetBeat) --magicJack VocalTec, Ltd. (Nasdaq:CALL), the Voice Experts that invented voice over IP (VoIP) and sold over eight million magicJacks(R), announced today that the company has sold over 365,000 magicJack PLUS devices in the last 30 days and is estimating fourth quarter 2011 sales to total $55 to $60 million. Due to pricing and dilution concerns, magicJack VocalTec has cancelled its anticipated underwritten offering.Dan Borislow, CEO and Director of magicJack VocalTec, states: "It is quite exciting to watch our company ship the most magicJacks we have ever shipped in a 30-day period. It is now obvious the company is having its best sales quarter ever. Most of these sales will translate into revenue and income in future periods as we recognize the great majority of these sales as revenue over a 12-month, or longer, time frame. In addition, the company now expects to have the most cash and cash equivalents on its balance sheet in its history of over $50 million next month. With cash and equivalents growing so quickly, the company decided to halt the offering of its shares, determining that the dilution at current market prices was not worth any benefits it might receive from raising capital. I am also looking forward to all our shareholders receiving double the amount of shares they presently hold beginning next week. Lastly, we look forward to resuming our stock repurchase program while the stock is so attractively priced."
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