Phonetime Inc.
TSX : PHD

Phonetime Inc.

April 15, 2010 16:25 ET

Phonetime Inc. Announces Issuance of Management Cease Trade Order

TORONTO, ONTARIO--(Marketwire - April 15, 2010) - Phonetime Inc. (the "Company") (TSX:PHD) is providing this news release in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its initial default announcement of April 1, 2010 (the "Default Notice"), the Company announced that it did not file its audited annual financial statements for the year ended December 31, 2009, its management's discussion and analysis relating to the Annual Financial Statements, and its annual information form (collectively, the "Annual Required Filings") on or before the prescribed deadline of March 31, 2010.

As previously announced, the Company made an application to the applicable securities regulators under NP 12-203 requesting that a management cease trade order be imposed in respect of this late filing. The Ontario Securities Commission has today issued a temporary management cease trade order. The issuance of such temporary cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. However, the securities regulatory authorities, in their discretion, may determine that it would be appropriate to issue a general issuer cease trade order affecting all of the Company's securities. Until such time that the Annual Required Filings are filed or the securities regulatory authorities issue a general cease trade order, the Company will continue to provide bi‐weekly updates, as contemplated by NP 12‐203.

Other than as set out herein and in the Company's Press Release of April 7, 2010, wherein it announced certain management changes, the Company reports that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Phonetime Inc.

Established in 1994, Phonetime is an international telecommunications wholesale carrier. Through its Wholesale Division, Phonetime provides long-distance services to major telephone carriers around the world. Through its Retail Divisions, Phonetime provides subscription-based long distance services to targeted ethnic consumers across Canada and competitively markets a range of pre-paid long distance phone cards. Phonetime's common shares trade on the Toronto Stock Exchange under the symbol PHD. More information can be found at the Company's website, www.phonetime.com.

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. 

Contact Information

  • Phonetime Inc.
    Gary Clifford
    Chief Executive Officer (Interim)
    (416) 418-9802
    gary@phonetime.com