Vaspian LLC

Founded in 2004, Vaspian LLC provides a bundled voice, internet and virtual phone system service for small-to-medium-sized businesses based purely on today's digital technology without capital intensive on-premise solutions. Vaspian's solution, X-Tone, creates value by giving businesses the phone system features that they need, complete and real-time control over their telecom services and configuration, optimal utilization of capital, significantly lower rates, elimination of their office phone system & maintenance and great customer service.

Vaspian closed the year at $3.8 million in revenue, up $900,000 from 2007. Vaspian has 350+ customers, 9000+ seats and less than 2% customer churn. Vaspian finished 2008 EBITDA neutral and is set to be both net income positive and cash flow positive in 2009. With 340,000 addressable seats in Buffalo and $35/seat average monthly recurring revenue, the market for X-Tone is $143 million in annual revenue. With $330/seat average one-time revenues, there is another $112 million in non-recurring revenue. With 50 U.S. metro areas at least as large as Buffalo, the total U.S. market is $16 billion annual recurring revenue.

Vaspian's management team has significant telecom and technology industry experience. The team's breadth includes strategy, industry contacts, operations, sales technology and information architecture and product development. The company is seeking $750,000 in equity to grow the existing sales force and install a backlog of customer contracts.