Press release from Marketwire
Phonetime Expands Its Senior Bank Facility to $3,500,000
Tuesday, August 27, 2013
Phonetime Expands Its Senior Bank Facility to $3,500,00016:01 EDT Tuesday, August 27, 2013
TORONTO, ONTARIO--(Marketwired - Aug. 27, 2013) - Phonetime Inc. (TSX:PHD) announced today that it has renewed its senior debt facility with Royal Bank of Canada. The facility has been increased from $2,500,000 to $3,500,000, subject to customary collateral provisions. The borrowing costs under the new facility have also been reduced from base plus 3.75% per annum to base plus 2.5% per annum, or a 1.25% rate reduction. The senior debt facility will continue to have a first charge over all of the assets of Phonetime and contains other customary covenants.
Phonetime currently has no outstanding borrowings under its senior debt facility.
"We are pleased that our senior lender has expanded our lending facility and reduced our borrowing costs. Phonetime has been profitable since 2011 and continues to experience profitable growth. The expansion and renewal of our senior credit facility, together with reduced borrowing costs, is a strong indicator that external parties recognize and support the success we have achieved over the last three years." said Gary Clifford, Executive Chairman and CEO.
The Company's financial statements and other disclosures are available on SEDAR.
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 www.sedar.com which contains all securities files.
FOR FURTHER INFORMATION PLEASE CONTACT:
Executive Chairman & CEO
President and COO