Science & Technology
Wed, May 30, 2012Tue, May 29, 2012Mon, May 28, 2012Sun, May 27, 2012Fri, May 25, 2012Thu, May 24, 2012Wed, May 23, 2012Phonetime Renews $2.5 Million Senior Debt Facility
Published in Science and Technology on Friday, May 25th 2012 at 13:46 GMT by Market Wire
May 25, 2012 16:34 ET
Phonetime Renews $2.5 Million Senior Debt Facility
TORONTO, ONTARIO--(Marketwire - May 25, 2012) - Phonetime Inc. (TSX:PHD) announced today that has reached agreement with its senior lender to renew its $2.5 million revolving demand facility.
Under its new facility, Phonetime may borrow up to $2.5M, provided that the outstanding amount borrowed may not at any time exceed a specified percentage of Phonetime's "good" accounts receivable. The new facility bears interest at prime plus 2.75% and is secured by all of the assets of the Company with cross guarantees over all of Phonetime's subsidiaries. The facility is also subject to customary security, covenants, conditions precedent and reporting requirements.
"The Company's senior lender is a strong financial partner, and we are very pleased that we have been able to negotiate a new facility that meets the needs of the Company", said Gary Clifford, Executive Chairman.
About Phonetime Inc.
Established in 1994, Phonetime is a leading provider of international and domestic switched voice services to the world's telecommunication operators and voice service providers. Phonetime's customers and suppliers include, fixed line operators, mobile operators, retail and VoIP service providers, who buy and sell voice and IP telecommunications services. Phonetime has traders in Europe, Asia and the Americas using its proprietary trading platform with embedded intelligence, which includes profitability benchmarking, call routing, credit management, network quality visibility and loss prevention. As voice technology evolves Phonetime has commoditized its trading philosophy and along with its platform is positioned to emerge as a leading clearing house. Phonetime is a public company listed on the Toronto Stock Exchange (TSX).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Phonetime's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See [ www.sedar.com ] which contains all securities files.
