What happened today?
Today we announced our agreement with ASPIDER, a Netherlands-based Mobile Virtual Network Enabler, that will allow us to file our plan of reorganization and emerge from Chapter 11.
What is the plan of reorganization?
ASPIDER will help Solavei recapitalize our business, and expand to accelerate growth across the Solavei Social Commerce platform.
What is Aspider?
ASPIDER is one of the world’s top providers of mobile network services. ASPIDER’s platform and services handle more than 120 million mobile service subscribers through approximately 70 MNO/MVNO customers. The company has over 400 employees in its Netherlands headquarters, and in offices worldwide.
ASPIDER works with some of the world’s largest mobile operators, including Vodafone, Orange and Deutsche Telecom, across Europe, Asia, Africa and Latin America. Aspider’s mobile service platform provides direct carrier connectivity, Wi-Fi calling, IDR, HLR, IN, mobile wallet and other advanced capabilities that enable MNOs, MVNOs and brands to rapidly deploy mobile services to subscribers.
How does Solavei benefit from this plan with ASPIDER?
The plan allows Solavei to recapitalize and leverage ASPIDER’s resources to enhance and expand mobile services for members and broaden Solavei’s reach.
Does this mean Solavei is going out of business?
No. Solavei will remain a stand-alone entity and will continue operating as usual.
Will the Solavei name go away?
No, the Solavei name and brand will remain in place.
How does the plan affect operations?
We will continue to operate business as usual and take advantage of new resources that will lead to greater efficiencies and growth.
Will the plan affect Solavei's direct marketing model or Compensation Plan?
No, Solavei will continue to operate using the existing direct marketing model and Compensation Plan. We will continue to pay full compensation uninterrupted on our regular monthly schedule.
Will there be interruptions to my services?
No, all services, including mobile, will continue without any interruptions during the merger process.
When will we see these new enhancements as a result of the ASPIDER deal?
Upon exiting Chapter 11, Solavei and ASPIDER will be working continually to bring enhancements to the Solavei Mobile Service offering and the Social Commerce Platform.
How long will the merger process take?
We hope to have the plan approved and emerge from chapter 11 in 45-60 days.
How does the filing affect Solavei's Chapter 11 status?
The plan will complete Solavei’s financial restructuring announced in June