Pay Pop Sells Real Estate Holdings.ALDERGROVE, British Columbia--(BUSINESS WIRE)--June 29, 1999-- Pay Pop, Inc. (BBS (1) (Bulletin Board System) A computer system used as an information source and forum for a particular interest group. They were widely used in the U.S. :PAYP PAYP Positive About Young People (UK) ) also known as DELECOM COMMUNICATIONS LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . announced today that it has entered into a Letter of Intent to sell its Dominican Real Estate condominium project to CONSTRUCTION PRODUCTS INTERNATIONAL, INC. (BBS:CIXP CIXP CERN Internet Exchange Point ). CIXP is an International Project Development Corporation whose focus includes the manufacture and sale of specialty construction technologies. The Dominican project was acquired by PAYP approximately twelve months ago. It includes 24 completed condominium units together with plans, permits, and licenses necessary to complete an additional 96 units. The agreement calls for a total sale price of $4.4 million in cash and convertible debentures. $900,000 will be paid in cash and the balance will be paid in CIXP convertible debentures, at market at time of conversion. This sale will allow PAYP to become a "pure play" as a fully integrated telecommunications company. Finalization of the agreement is expected within ten days. PAYP recently announced the hiring of three new professional service entities to assist with its transition from the Electronic Bulletin Board to 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 Small Cap. This will speed up the necessary audit and legal documentation required to meet the entry onto NASDAQ Small Cap. It is felt that the sale of the Dominican Condominiums Project has greatly expedited the process. On May 27, 1999 PAYP received unanimous approval to change its name from PAY POP, INC. to DELECOM COMMUNICATIONS LTD. to better reflect its core business. A new trading symbol Trading symbol See: Ticker symbol and CUSIP Number are currently being researched. An announcement is expected shortly. PAYP provides traditional services such as business telephone lines (Centrex Services) and long distance reselling and leverages this platform to provide new revenue generating services, which include Voice Over Internet Protocol (VOIP (Voice Over IP) A digital telephone service that uses the public Internet as well as private backbones instead of the traditional telephone network. Many companies, including Vonage, 8x8 and AT&T (CallVantage), typically offer calling within the country for a ) and FAX Over Internet Protocol (FOIP). PAYP under new regulations and technologies will provide in the future a seamless convergence of voice, data and video on the same network to its customers. This news release includes "forward-looking statements" that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission. |
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