Friday, July 25, 2008
Vonage - replaces CEO, continues to screw Canadians
Vonage the deeply troubled VoIP carrier or (PoIP - Plain old Phone over IP) as I like to call them, have replaced Citron as there CEO and by some grace of investment deities has managed to secure another 210M$.
It is truly astounding how anyone can see this as a good place to park money. Even if Vonage stopped all marketing and expenditure for 10 years, they would still not be profitable - considering the massive debt the operate under.
As my grandma used to say - Never throw good money after bad.
In other news, Vonage still screws Canadian customers with an ridiculously priced unlimited plan that is still 50% more expensive than our US counterparts pay. This is exacerbated by the weak US dollar.
Note to anyone in Canada - there are many many alternatives to Vonage, whom offer better prices and better service.