Counsel Corp. Converts Acceris Debt to Common Shares; Increases Ownership to 91%.Business Editors/High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--Dec. 2, 2003 Acceris Communications Inc. (formerly I-Link Incorporated; OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ILNK) today announced that its majority shareholder, Counsel Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CXS CXS Coherent X-Ray Scattering / NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CXSN), has converted approximately $40.5 million of debt, including accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , into common shares of Acceris, effective November 30, 2003. The converted debt includes approximately $32.7 million of principal plus accrued interest that Counsel had agreed to convert to common shares at $0.18864 per share pursuant to an Amended Restructuring Agreement dated October 15, 2002. The conversion, into approximately 173.5 million shares, had been delayed pending the Company's annual meeting, which was held on November 26, 2003. The balance of the converted debt, amounting to approximately $7.8 million of principal plus accrued interest, was loaned to Acceris in connection with its acquisition of the enterprise and agent businesses of RSL RSL - RAISE Specification Language COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. U.S.A. Inc. in December 2002. This debt was convertible at approximately $0.08375 per share, and resulted in the issuance of approximately 92.8 million shares. As a result of these conversions, there are now approximately 383 million common shares of Acceris issued and outstanding, before implementation of the 1-for-20 reverse stock split, which was approved at the November 26, 2003 annual meeting. The stock split is expected to be effective later this week. Counsel Corporation now owns approximately 91% of the issued and outstanding common shares of Acceris. About Acceris Acceris Communications Inc. (formerly I-Link Incorporated) operates through specific marketing channels: Acceris Communications Partners (www.accerispartners.com), which offers a broad selection of voice and data telecommunications products and services to residential and business customers through a network of independent agents, primarily via multi-level marketing Multi-level marketing (MLM, now sometimes called network marketing) is a business model that combines direct marketing with franchising. Multi-level marketing businesses function by recruiting salespeople (also called Distributors, Independent Business and commercial agent programs; Acceris Communications Solutions (www.accerissolutions.com), which offers voice services and fully integrated, fully managed data services to enterprise customers directly; and Acceris Communications Technologies (www.acceristechnologies.com), which offers a proven network convergence solution for voice and data utilizing its patented Voice over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. ("VoIP") communications technology. For further information, visit Acceris' website at www.acceris.com. Forward-Looking Statements The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Acceris' expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which it currently operates, but because of the factors herein listed, as well as other factors beyond its control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings. |
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