TORONTO, ONTARIO — (Marketwire) — 03/30/12 — Phonetime Inc. (TSX: PHD) announced today that it has retired its 12% Junior Subordinated debt with a face value of $500,171 by making a one-time payment of $250,086 resulting in a one-time pre-tax gain of $250,086 which will be recorded in the first quarter of 2012.
“We are pleased to retire this expensive debt, another positive step toward sustained profitability at Phonetime.” said Gary Clifford, Executive Chairman.
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 in Europe, Asia and the Americas 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 which contains all securities files.
Contacts:
Phonetime Inc.
Gary Clifford
Executive Chairman
+416-418-9802
Phonetime Inc.
Michael Vazquez
President and COO
+954-608-5058
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