Extension of Bank Loan and Resignation of Officers
TORONTO, ONTARIO--(Marketwire - May 3, 2012) - Phonetime Inc. (TSX:PHD) announced today the extension of its maturing bank loan for an additional month while it negotiates a longer term banking facility with its senior lender. The Company's senior debt facility matured on April 30, 2012, and the Company has extended the facility through May 31, 2012 while it negotiates a replacement facility with its senior lender.
The Company also announced the resignation of two of its officers who will be pursuing a new initiative in partnership with Phonetime in the SMS messaging space. Trevor Dearman and Torge Dennen, the founders of Symphony, a Company acquired by Phonetime in 2007, will resign as officers of Phonetime Inc. effective immediately and will focus their efforts jointly with Phonetime on the new SMS messaging initiative. SMS or text messaging, offers Phonetime the opportunity to leverage its existing customer and vendor base with a complimentary product offering. The day to day operations of Phonetime will remain under the management of Mike Vazquez, President and COO and Vice President of Sales, Anuj Sethi.
"We want to thank Trevor and Torge for their contributions to Phonetime's wholesale business unit; we are excited about our new partnership with them as we look to expand our profitability," said Gary Clifford, Executive Chairman. "We believe that we can replace our credit facility with our senior lender on existing or better terms than we have in place today."
About Phonetime Inc.
Established in 1994, Phonetime is a leading provider of international and domestic switched voice services to the worlds telecommunication operators and voice service providers. Phonetime's customers and suppliers include, fixed line operators, mobile operators, retail and VoIP service providers, who buy and sell voice and IP telecommunications services. Phonetime has traders around the World using its proprietary trading platform with embedded intelligence, which includes profitability benchmarking, call routing, credit management, network quality visibility and loss prevention. As voice technology evolves Phonetime has commoditized its trading philosophy and along with its platform is positioned to emerge as a leading clearing house. Phonetime is a public company listed on the Toronto Stock Exchange (TSX).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Phonetime's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See www.sedar.com which contains all securities files.