Neotel International Inc.
TSX VENTURE : NIT

Neotel International Inc.

June 28, 2005 15:14 ET

Neotel To Settle Debt With Shares

MARKHAM, ONTARIO--(CCNMatthews - June 28, 2005) - Neotel International Inc. ("Neotel")(TSX VENTURE:NIT), and its President, Mr. Howard Phee announces that it has reached an agreement, subject to regulatory approval, with an arm's length supplier of products for its discontinued operations, to settle a debt of $55,000 by the issuance of 183,333 common shares of stock of the Company at a deemed value of $0.30 per share.

The Company is presently completing the application for filing with TSX Venture Exchange for approval to complete this transaction.

ABOUT NEOTEL

Neotel is a provider of enterprise information technology, security, privacy and biometrics identification products and services to organizations, governments and healthcare agencies.
Additional information about Neotel is available at www.neotel.ca

9,214,223 shares outstanding

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Neotel International Inc.
    Howard Phee
    President
    (905) 948-9229 ext: 22
    www.neotel.ca