Press release from Marketwire
Phonetime Shareholders Approve Acquisitions of Technology and Operations of AGK Consulting, Inc., U.S. Retail Telecommunications Business of Netel, Inc.
Shareholders also approve name change and proposed share consolidation
Friday, October 25, 2013
Phonetime Shareholders Approve Acquisitions of Technology and Operations of AGK Consulting, Inc., U.S. Retail Telecommunications Business of Netel, Inc.16:33 EDT Friday, October 25, 2013
TORONTO, ONTARIO--(Marketwired - Oct. 25, 2013) - Phonetime Inc. (TSX:PHD) announced today that, at the annual and special meeting of shareholders of the Company held yesterday, the Company received the requisite approval of shareholders to do the following:
- Change of the name of the Company to "Tellza Communications Inc."
- Acquire the technology and operations of AGK Consulting, Inc. and issue from treasury 20 million Common Shares of the Company as consideration therefor.
- Acquire all of the assets and assume all of the liabilities of Netel, Inc., and issue from treasury 20 million Common Shares of the Company as consideration therefor.
- Consolidate its issued and outstanding common shares on the basis of one post-consolidation common share for a number of pre-consolidation common shares, that is not more than 40.
Reference is made to the description of these matters in the Company's news release dated September 17, 2013 and the Management Information Circular dated September 23, 2013 (available at www.sedar.com).
The Company today filed Articles of Amendment to effect the name change to Tellza Communications Inc. The Company's intends to change its stock symbol in the near future and will provide further information in that regard as it becomes available. In the interim, the Company's common shares will continue to trade under the stock symbol "PHD".
Subject to receipt of the Toronto Stock Exchange's final approval to the Transaction and completion and delivery of closing documentation pursuant to the terms of the two asset purchase transactions, the Company plans to complete the transactions on or about October 31, 2013.
"Since taking over the business in 2010, our focus has been to put the business both operationally and financially on solid ground. This has been achieved. It is now time to leverage our strengths to bring the Company to the next level. Adopting a new identity that represents our vision of the future is part of that process," said Gary Clifford, Chairman and CEO. "In addition to the purchases that we have made, we have also embarked upon two internal initiatives, the first being the launch of our Communications platform through the brand "Route Dynamix" and the launch of our wireless initiative through the brand "GoLifeTel"."
About Tellza Communications Inc.
Tellza is a communications company, operating several brands across the field of communications. Phonetime is presently Tellza's flagship brand. Brands include Phonetime, Route Dynamix, GoLifeTel, Tel3 and Tellza Technologies. Tellza 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. Tellza'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:
Tellza Communications Inc.
Executive Chairman & CEO
Tellza Communications Inc.
President and COO