eOn Communications (EONC) Sells Shares in Spark Technologies

March 25, 2008 4:41 PM EDT

eOn Communications Corporation (Nasdaq: EONC) has decided not to exercise the option to purchase Spark Technologies, Inc. and has elected to sell the 300,000 shares of Spark it presently owns to David Lee for $300,000. After evaluation of the Company's strategic alternatives the Board concluded that it was not in the best interest of the Company to acquire Spark at this time.

Under the agreement, the Company can require David Lee (the majority owner of Spark) to purchase the 300,000 shares for $300,000 with 60 days written notice. The Company delivered the notice to David Lee on March 25, 2008. Mr. Lee is the Chief Executive Officer and a Director of eOn.

eOn Communications Corporation (eOn) is a provider of communications solutions. eOn's offerings are built on open architectures that enable adoption of technologies, such as voice over Internet protocol (VoIP) and concepts, such as service-oriented architectures (SOA). [SM]

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