OnMobile clarification regarding reports of Oi bankruptcy
Bangalore, India – 22 June 2016: According to media reports, Oi, one of Brazil’s wireless and broadband telecommunications service provider, has filed a bankruptcy recovery request on Monday, June 20th, in Rio de Janeiro, Brazil.
In response to numerous queries we have received regarding this, we would like to clarify that the outcome of this process will have a negligible impact on OnMobile’s financial performance. OnMobile’s revenue from Oi constituted less than 0.5% of consolidated revenues in the last financial year.
OnMobile [NSE India: ONMOBILE], headquartered in Bangalore, India, and with offices in all regions of the world, delivers millions of music plays daily to mobile customers worldwide. Based on current deployments, OnMobile has the potential to reach more than 1.1 billion mobile users across several geographies. For further information, please visit www.onmobile.com