"ResearchNote" On Phonetime, Inc. Issued By Investrend Research Analyst Oren Meytes, MBA, CFA, MSc.

NEW YORK -- (Investrend Research Syndicate) Subsequent to recently initiating "Benchmark" research coverage on Phonetime, Inc. (TSX Venture: PHD) with his February 21, 2007 report, Investrend analyst Oren Meytes, CFA, MBA, MSc., has now issued a ResearchNote[TM] dated March 21, 2007, providing salient details of the Company's Q4/2006 private placement, citing unprecedented sales revenues, and describing uniquely advantageous industry positioning.

The full ResearchNote[TM], including important disclosures and disclaimers, is available at http://www.investrendresearch.com. In the ResearchNote[TM], analyst Meytes also stated:

"In my initiating report I had described the details of the significant private placement transaction that occurred in Q4/2006." Meytes then clarifies further: "If all outstanding Warrants (40M) to Creslin and outstanding Staff Options (7M) are exercised, Phonetime will receive total proceeds of $7.9 million CDN. At this point there are only 94.2 million shares outstanding. Any further dilution to the 141M total will bring $7.9 Million into the Treasury.

"I had viewed the warrants as if they will almost certainly be exercised, since the bulk of them, the Creslin warrants, have an exercise price of $0.15 which is very deep in the money. To ignore their impact on the share count is tantamount to implying a PHD price collapse to below $0.15, which I certainly do not expect to happen. Therefore, I believe that the effective current market capitalization of the company should be calculated inclusive of these warrants.

Meytes' Investrend ResearchNote[TM] also delves into the company's performance and adaptability:

"To date management seems to be successfully executing their company's strategic plan, as had been described in my (initial) report. We now begin to see it with concrete sales numbers. The company announced that its sales revenue for the month of January 2007 exceeded CDN$6 million. This was a 400% increase over January 2006 and had been the highest revenue of any single month in the Company's history, until February topped it (exceeding CDN$6.5 million).

"The company did not disclose its profitability on these sales. With the Company's significant investment in infrastructure, 4Q of 2006 and 1Q of 2007 profitability may be neutral or marginally negative. However, we expect by mid-year to see the Company's profit grow by quarter.

"Another key factor may be (PHD's) decision to have developed its own proprietary application wholesale software. This could provide Phonetime with a significant edge over their competition as its sales force and buyers have real time access... to maximize margin, quality and profits. The software design has a scalable architecture which will be able to keep up with the ever growing demands of Phonetime's network."

All Investrend Research reports published for PHD, including important disclosures and disclaimers are also available via the company's InvestorPower(tm) Page, posted at Investrend.com (http://www.investrend.com). InvestorPower(tm) Pages are directly accessible from http://www.investrend.com/company/list.asp?sPathParam=yes. Investors are advised to read those disclosures carefully before trading in the equities of any enrolled company.

Phonetime is enrolled in Investrend Research's pioneering professional research program, which facilitates independent analysts to provide coverage for shareholders in companies that otherwise would have little or no analyst following.

Enrollment fees for Benchmark coverage are $26,800, and the fees are being paid by Cronus Capital Markets (a "Third Party"). Analysts are paid in advance of initial reports by Investrend Research to eliminate pecuniary interest, and neither the analyst nor anyone associated with Investrend Research may own or trade in the stocks of a company under coverage.

Investrend subscribes to the "Standards of Practice for Research Providers" at http://www.firstresearchconsortium.com, and its research is enrolled for investor monitoring by the not-for-profit Shareholders Research Alliance, Inc. (http://www.shareholdersresearch.com).

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