MONTREAL, Dec. 22 /CNW Telbec/ - Buzz Telecommunications Services Inc. (TSX-V: BZZ, the "Corporation"), announced the election of the following persons as Directors of the Corporation at its Annual General Meeting of Shareholders:
Mr. Rafi Hazan
Mr. Hubert Marleau
Mr. Mazen Haddad
Mr. Noah Billick
Buzz Telecommunications Services would like to welcome its newest Board Member and independent member of the Audit Committee: Mr. Noah Billick.
Mr. Billick is currently Vice President, Legal Affairs of Palos Merchant Bank LP. He was also a lawyer at Fasken Martineau's Litigation and Dispute Resolution department. Mr. Billick is currently serving in other boards and holds a Law and MBA degree from McGill University.
The Corporation adopted, in November 20, 2006, an amended stock option plan which provided for options entitling their holders to acquire a maximum of 2,855,325 common shares under the plan (the "2006 Plan").
In October 29, 2007 the Board of Directors of the Corporation purported to amend the 2006 Plan in order to provide for a rolling percentage plan.
The October 2007 purported amendments provided for a rolling percentage in excess of what is permitted by the TSX Venture Exchange for plans without a fixed number of shares reserved.
The Board of Directors of the Corporation decided, in the best interest of the Corporation, to adopt resolutions affirming the 2006 Plan and cancel and abolishing the October 2007 amendments.
No change to the number of options issued and outstanding is required or was made as a result of the above. The total number of issued and outstanding options under the 2006 Plan represents a total of 1,250,000 options as of today.
ABOUT BUZZ TELECOMMUNICATIONS SERVICES INC. - www.buzztelecom.ca
Buzz Telecommunications Services through its subsidiaries Buzz Telecom Triple 5 communications and LILO Mobile is a CRTC licensed and software Development Company specializing in dial around long distance products and services. Clients can effectively dial around their existing carriers by dialling 10-11-555 or 10-11-289, and the desired telephone number and the charges appear directly on the client's regular telephone bill. Buzz presently offers its services in Quebec and Ontario to Bell, Rogers, Videotron and to Fido clients. Buzz continues to develop long distance products for its clients in an effort to provide the long distance services as competitively priced as reasonably possible.
The TSX Venture Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this press release.
For further information: For further information:
Rafi Hazan, CEO & President, e-mail: [email protected], (514) 788-1499 x 202