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Shango Appoints Robert W. Fay as Chief Financial Officer

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AUSTIN, Texas, May 28, 2013 (GLOBE NEWSWIRE) -- Shango, the operator of the only community-based marketplace for the fulfillment of IP-enabled services for communication service providers, today announced the appointment of Robert W. Fay to the position of Chief Financial Officer. In this role, Mr. Fay will oversee the company's capital raising, M&A, growth and scalability initiatives, among other financial aspects of the business.

A recognized leader in all aspects of business operations, Bob brings over 35 years of deep experience overseeing the financial, human resources, investor relations and legal advising functions for numerous companies. They span from multi-billion dollar public corporations to local Austin-based startups within the technology and telecommunications industries. His deep experience in finance, margin and asset management as well as operational efficiency, are marked by an adept ability to propel company profitability, represented by his strategic expertise in helping to spearhead several mergers, acquisitions, divestitures and turnarounds.

Known as a 'change maker' in his more than 15 years of expertise as a Chief Financial Officer, Mr. Fay has overseen various fiscal responsibilities, including international operations, corporate finance and accounting. In financial leadership roles, Bob has excelled at driving profitability, where his emphasis on profit margins has helped to improve the financial sustainability of several organizations.

Over his career, he has raised and closed over $650M in equity and debt funding and substantially improved operating results for two major public corporations. Mr. Fay has also spearheaded several initiatives to improve shareholder relations with key stakeholders, including board members and investors.

"In light of his extensive accomplishments, we're very fortunate to have Bob's expertise to help lead our financial operations, and we warmly welcome him to our team," said Shango CEO, David Walsh. "On the heels of our recent growth, he'll certainly become an invaluable contributor to our continued success as we step up operational and capital expansion ahead of key phases of development for our software-as-a-service platform," he continued. "Our unique platform is aimed at truly automating the way the telecom industry sources and fulfills IP-enabled services; given Bob's forte within the space, we'll certainly be in capable hands as we set our sights on sustained growth."

Prior to joining Shango, Mr. Fay has financially advised several companies including locally-based Let's Gel, a consumer goods company selling direct and through retailers and headquartered in Austin, and has held the role of CFO for several technology companies, including Austin startups TeraVicta Technologies and Movero Technology. His previous roles have also included EVP/CFO for BridgePoint Technical Manufacturing, among others, following his 15 years as a corporate financial officer at $5B Harris Corporation and 2 years as CFO of Cirrus Logic. While CFO at Cirrus Logic, Mr. Fay was named Financial Officer of the year in 2001 for the states of Texas and Louisiana by the Institute of Management Accountants.

With two grown children, Bob and his wife Holly have found a home in Austin for the last 13 years. He holds two bachelor's degrees, one in Mathematics from Duke University and one in Accounting from Villanova University. He then earned his MBA in Finance at Drexel University, where he graduated first in his class.

About Shango

Shango operates the only community-based marketplace for the fulfillment of global IP-enabled services for communication service providers. The company's cloud-based services are pioneering the future of buying and selling IP services by creating a new standard of exchange for conducting telecom transactions. The marketplace, with its common APIs and multi-tenancy capability simplifies fulfillment across disparate trading partners, applications, and service providers to allow communication service providers to transcend legacy constraints and grow revenue. Based in Austin, TX, Shango has facilitated over 5 million transactions across a plurality of voice and data applications for more than 1,400 trading partners. To learn more, visit www.shango.com or call +1.855.9.SHANGO.

CONTACT: Media Contact: Fatin Kwasny Marketing Manager Shango Phone: (512) 758-7688 Email: fkwasny@shango.com

Source: Shango