Neotel To Settle Debt With Shares And Announces Change Of Chairman.MARKHAM, Ontario -- Neotel International Inc. ("Neotel")(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:NIT) and its President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Mr. Howard Phee, announces that it has reached an agreement, subject to regulatory approval, with certain of its arm's length and one non-arm's length supplier of services and creditors to settle debt totaling $105,150 by the issuance of 525,750 common shares of stock of the Company at a deemed value of $0.20 per share. The Company is presently completing the application for filing with TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. for approval to complete this transaction. This is a further step in the re-structuring process underway in the Company for the past year. Neotel also announces that Mr. George Solomos stepped down as Chairman of the Board effective December 6, 2005. Mr. Solomos has been Chairman and Founder since 1997 and the Board takes this opportunity to thank him for his many years of service to the Company. In his place Mr. Donald B. Hathaway, FCMC FCMC Fellow Certified Management Consultant FCMC Franklin County Municipal Court (Columbus, OH) FCMC Fuel Control and Monitoring Computer (Airbus Aircrafts) FCMC French Council for the Muslim Cult , a director of Neotel is assuming the position of Chairman. Mr. Hathaway joined the board in September 2005 and currently serves as Chair of the Audit Committee. Currently he is Chairman of the Board of Atlantis Systems Corp. (TSX: AIQ AIQ Analytical Instrument Qualification AIQ Available in Quarters AIQ Action Internet Québec AIQ Allowance Item Quantity AIQ Analyst Interest Queue AIQ Algebraic Integer Quantization ), and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Atlantis Systems Corp. and of the not-for-profit Softcare Institute. He brings over three decades of executive leadership and a strong emphasis on corporate governance to the Neotel Board. He is a member of the Institute of Corporate Directors and of its Corporate Governance College. Mr. Hathaway obtained a B. Eng. (Electrical) and a B.SC. (Mathematics) from Sir George Williams University and an MBA from the Schulich Business School, York University, followed by a diploma in Economic Value Analysis (EVA Eva to marry winner of singing contest. [Ger. Opera: Wagner, Meistersinger, Westerman, 225–228] See : Prize 1. Eva - A toy ALGOL-like language used in "Formal Specification of Programming Languages: A Panoramic Primer", F.G. for Executives) from the Kellogg Business School, Northwestern University. ABOUT NEOTEL INTERNATIONAL INC. Neotel International Inc. is a provider of identity, security and trust solutions as well as professional services specializing in industry based biometric identification solutions. Additional information about Neotel is available at www.neotel.ca 15,383,284 shares outstanding The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this release Neotel International Inc. (TSX VENTURE:NIT) |
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