$950,000 investment in TeliPhone at $0.25 per share; Vote of Confidence from TeliPhone Creditors
09 Février 2009 - 3:00PM
PR Newswire (US)
MONTREAL, Feb. 9 /PRNewswire-FirstCall/ -- TeliPhone Corp. (OTCBB:
TLPH). TeliPhone reports that it has successfully negotiated with
its primary creditors for the conversion of most of its debt to
shares of the common stock of the Company. All conversions occurred
at a per share valuation of $0.25. "The debt conversion
demonstrates the confidence that our creditors have in the current
and future performance of the company. We now become better
positioned to work with our future financing partners having
significantly strengthened our balance sheet", says George
Metrakos, the Company's CEO. The company will disclose the detailed
impact of the conversion in the public filing of its quarterly
financial statements with the SEC on form 10-Q, anticipated
shortly. About TeliPhone Corp. TeliPhone Corp. is an Internet-based
digital telecommunications company employing its own technology.
Customers of TeliPhone, primarily small and medium sized
businesses, receive more value added services for lower cost when
using TeliPhone. TeliPhone specializes in hosted business telephony
systems that reduce customer capital equipment costs while offering
global incoming and outgoing call services with best-of-breed call
quality. For more information, visit the company website at
http://www.teliphone.us/. This news release contains
forward-looking statements that are subject to various risks and
uncertainties. The Company's actual results could differ materially
from those anticipated in such forward-looking statements as a
result of numerous factors that may be beyond the Company's
control. Forward-looking statements are based on the expectations
and opinions of the Company's management on the date the statements
are made, and the Company assumes no obligation to update
forward-looking statements should circumstances in management's
expectations or opinions change. DATASOURCE: Teliphone Corp.
CONTACT: TeliPhone Corp., (212) 738-0008, ;
http://www.teliphone.ca/investors; Source: TeliPhone Corp.
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