Phonetime Inc. Sells Its Photo Distribution Business To Focus On Telecommunications.Business Editors TORONTO--(BUSINESS WIRE)--Feb. 2, 2000 (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :PINC PINC Printing Industries of Northern California PINC Permaculture Institute of Northern California (Point Reyes Station, CA) PINC Potential Incident of Noncompliance PINC Programma Instandhouding Nucleaire Competentie .) In keeping with Phonetime Inc.'s re-defined corporate goals, 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. Provincial Products Inc. has sold its photo division to Nadel Enterprises, a privately owned company. The transaction includes the sale of Provincial's 20 product lines and 2,500 products. Upon closing, proceeds from the sale will be used to reduce bank debt and will impact favourably on the company's balance sheet. Rodney Franklin, Chairman of Phonetime Inc. said, &uot;In December, 1999 when the shareholder's voted to change the corporate name to Phonetime Inc., a clear message was sent to the investment community that our company's intention is to focus on telecommunications and the continued development of our long-distance network. Since then, we have seen our trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. increase and our stock price rise.&uot; Franklin added, &uot;Management is pleased to have been able to quickly sell this part of our business as it no longer fits with our corporate objectives. Provincial's remaining asset is its unique Creature Camera product line of moulded cameras designed for children http://www.creaturecamera.com/ Phonetime is an emerging telecommunications company with a Class A International Carrier license and has received approval from the CRTC CRTC Canadian Radio-Television & Telecommunications Commission CRTC Combat Readiness Training Center CRTC Cathode Ray Tube Controller CRTC China Railway Telecommunications Center CRTC Cold Region Test Center CRTC Continuously Regenerated Trap Column to proceed with its application to become a Competitive Local Exchange Carrier (CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) ). The company incorporates state-of-the-art Voice over Internet Technology (VoIP) for commercial applications, a high capacity switching platform and an international network of carriers. Phonetime also operates a multilingual, 24-hour seven-day-per-week call centre dedicated to customer service and client retention. Phonetime has developed a national distribution network and markets its own pre-paid long-distance cards under the following brand names: Millennium, Bravo and Nuvo. It also provides private branded cards to companies such as Blockbuster Canada, Business Depot/Staples and Future Shop amongst others. Phonetime continues its efforts to forge new strategic alliances within the global telecommunications sector. Phonetime's shares trade on the Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. (CDN) under the symbol PINC. Currently, there are 30,639,119 common shares issued and outstanding. Phonetime's Web Site is http://www.phonetime.com/ |
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