Moves designed to enhance independent direction and corporate governance
MISSISSAUGA, ON, Nov. 16 /CNW/ - Phonetime Inc. (TSX: PHD), one of the world's fastest growing providers of international long-distance telecommunication services, today announced changes designed to enhance the Company's corporate governance, disclosure practices and independent direction of its Board of Directors.
In order to create a stronger, independent direction for the Board, Rodney Franklin, co-founder of Phonetime, announced that he has decided to step aside as Chairman but will remain as a Director.
"We are pleased to announce that Gary Clifford has agreed to join the Board of Directors and to assume the role of Chairman of the Board," Mr. Franklin said. "Gary is an experienced public company director who sits on the boards of several other publicly-traded companies and is a former telecommunications and public company executive."
Mr. Clifford, who is a Chartered Accountant, is a partner with Penfold Capital Corporation, a private merchant bank.
Mehmet R. Karamehmet and Mark Franklin have stepped down from Phonetime's Board and will be succeeded on the Board by Gary Clifford and Ali Guven Kivilcim, a consultant who heads up the development of Phonetime's call-trading platform, known as the "Console", which has been instrumental in Phonetime's growth in recent years.
Phonetime has also restructured its Audit Committee, which will now consist of Gary Clifford (Chairman) and Vedat Kalkuz, both of whom are Chartered Accountants, as well as Ian Hochberg. The Compensation Committee of Phonetime's board has also been restructured and will now be comprised of Mr. Hochberg (Chairman), Mr. Clifford and Vedat Kalkuz.
Mr. Franklin added, "Today's restructuring of our Board of Directors reinforces our commitment to stronger independent corporate governance practices and controlled future growth. I would like to thank Board members for their support and thank Mehmet and Mark for their expertise and guidance through a period of acquisitions and dynamic growth, and I would like to welcome Gary and Guven to the Board. On behalf of the management team, we are all excited with the prospects of working with them as we continue to achieve our goal of becoming one of the world's leading 'Carrier's Carrier' of international long distance wholesale minutes."
Mr. Franklin has also given notice to the Board of his intention to resign as Phonetime's Chief Financial Officer and take on the important corporate position of Chief Operating Officer of the Company. Mr. Franklin will also continue to serve as Corporate Treasurer. The Company will form a search committee to fill the CFO position.
About Phonetime Inc.
Established in 1994, Phonetime is a leading supplier of international wholesale and retail long distance telecommunications services with network facilities in Canada, the U.S., Europe, Africa and Asia. Through its Wholesale Division, Phonetime buys and resells long-distance services to major telephone carriers around the world using its proprietary call trading platform. Through its Consumer Division, Phonetime provides subscription-based long distance services to targeted ethnic consumers across Canada and competitively markets a range of long distance phone cards. Phonetime's common shares trade on the Toronto Stock Exchange under the symbol PHD. More information can be found at the Company's website, www.phonetime.com
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.
SOURCE PHONETIME INC.
For further information: For further information: Contacts: Wayne Silver, Phonetime, President & CEO, (905) 361-8304, email@example.com; Gary Clifford, Phonetime, Chairman, (416) 418-9802, firstname.lastname@example.org; Joe Racanelli, Equicom Group, (416) 815-0700 x 243, email@example.com