TORONTO, ONTARIO--(Marketwire - Nov. 15, 2012) - Phonetime Inc. (TSX:PHD) announced today that it has purchased for cancellation 2.5 million common shares of Phonetime Inc., representing approximately 1.6% of the outstanding shares of the Company, at an average price of $0.05 per common share. The shares were acquired from Company executives and former executives pursuant to an exemption from issuer bid requirements under applicable securities law. Following the cancellation of the purchased shares, the Company will have 151,231,492 common shares outstanding.
"We are continuing to implement our business plan and we are pleased to be able to reduce the number of shares outstanding at these values for the benefit of the remaining shareholders," said Gary Clifford, Executive Chairman and interim Chief Executive Officer.
About Phonetime Inc.
Established in 1994, Phonetime is a leading provider of international and domestic switched voice services to the world's 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.