Phonetime Inc.

Phonetime Inc.

May 05, 2010 09:09 ET

Phonetime Raises $1,000,000 in Subordinated Debt From a Syndicate of Insiders and Shareholders

MISSISSAUGA, ONTARIO--(Marketwire - May 5, 2010) - Phonetime Inc. (TSX:PHD) announced today that it has issued $1,000,000 in Junior Subordinated Secured Short Term Notes (the "Notes") to certain insiders and shareholders of the Company. The Notes mature on July 31, 2010 and bear interest at 15% per annum. There are no fees being paid in connection with the financing.

About Phonetime Inc.

Phonetime is an international telecommunications Network carrier. Phonetime provides long-distance services to major telephone carriers around the world. In 2009, Phonetime carried in excess of 8 billion minutes for customers. Phonetime's common shares trade on the Toronto Stock Exchange under the symbol PHD. More information can be found at the Company's website,

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.

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