SHERWOOD PARK, ALBERTA--(Marketwire - May 24, 2012) - Virtutone Networks Inc.,("Virtutone") (TSX VENTURE:VFX) is pleased to announce that it has secured contracts for an estimated 17.7 million minutes per month of wholesale long distance from customers in its first month of wholesale operations.

"We have surpassed our initial targets for Virtutone's launch into the wholesale market. With the quality and price we are offering, we are getting an overwhelmingly positive response from Canadian, US, and international customers" said Jason Allen, Virtutone's President and Chief Executive Officer. "In addition, our sales team is engaged in numerous negotiations which we are confident will result in new customer wins. We look forward to providing continued successful updates as these deals come in".

About Virtutone Networks Inc.

Virtutone Networks Inc. is a technology company based in Sherwood Park and is listed on the TSX Venture Exchange in Canada. The company is a leading supplier of managed telecommunication services, including: VoIP, Fax over IP services, Hosted PBX services, DSL & T1 data circuits, wireless solutions for mobile work forces and SCADA networks, and network management and IT-related products. Additional information can be found on the company's website at [ www.virtutone.com ].

This document may contain certain forward-looking information or statements ("Forward- looking statements") as defined under applicable securities legislation that involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include, without limitation, risks related to: the termination, non-renewal of or default under of any wholesale contracts; changes in the global economy; a failure to negotiate new customer contracts from the above noted wholesale division. Forward-looking statements are any statements other than statements of historical fact. The use of any "plan" "expect " "project" "believe" "should" "anticipate" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. In particular, forward-looking statements included in the press release include, without limitation, statements regarding: Virtutone's wholesale services division and the benefits therefrom; and negotiations relating to potential new customers. The forward-looking-statements contained herein are based on certain assumptions including, without limitation, assumptions regarding: global economic conditions; changes in laws and regulations; the impact of Virtutone's new wholesale infrastructure; the market for wholesale telephony services. Although management believes the expectations reflected in the forward-looking statements contained herein are reasonable, no assurances can be given that any of the events anticipated in forward-looking statements will occur, or, if they do, what benefits Virtutone will derive therefrom. As such readers are cautioned not to place undue reliance on forward-looking statements, which are effective only as of the date of this document or as of the date otherwise specifically indicated herein. Virtutone assumes no obligation to update forward-looking statements, except as required by applicable law.

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