Phonetime provides corporate update

               Generates record revenue over July and August;
               Year to date revenue already exceeds 2007 total

    MISSISSAUGA, ON, Sept. 4 /CNW/ - Phonetime Inc. (TSX: PHD), one of the
world's fastest growing providers of international long-distance
telecommunication products and services, announced today that it has surpassed
its 2007 revenue results based on its performance in July and August, further
validating the effectiveness of the Company's diversification and
international expansion strategy.
    "Even though July and August are typically slow months in the wholesale
long-distance market, we generated record revenues and gross margins for both
our Wholesale and Retail Divisions," said Wayne Silver, President and CEO of
Phonetime Inc. "Given our recent momentum, it is not surprising that our year
to date revenue total has already exceeded the $98 million we generated for
all of 2007."
    Phonetime's Wholesale Division delivers, buys and resells
telecommunications long-distance services to telephone carriers around the
world using the Company's proprietary call trading platform. Phonetime's
Retail Division provides long-distance services to targeted ethnic groups of
consumers and small businesses.
    To support its international expansion strategy, Phonetime also announced
that it is participating in a number of upcoming global telecommunications
conferences, including:
    -  Asian Carriers' Conference in Cebu Philippines, September 10 - 13
    -  Carriers World in London, U.K., September 22 - 26
    -  Comptel in Orlando, U.S., October 5 - 8

    "Participating in these major telecommunications conferences allows us to
demonstrate our commitment to and investments in key long-distance markets,"
Mr. Silver also said. "By showcasing our unique capabilities, including our
call trading platform, we will be able to grow our international network of
clients and partners."

    About Phonetime Inc.

    Established in 1994, Phonetime is a leading supplier of international
wholesale long distance telecommunications services to carriers of all sizes
around the globe. Phonetime also competitively markets ethnic-based
long-distance products and services to individual consumers and small
businesses across Canada as well as phone cards in more than 2,500 retail
outlets. Phonetime has operations on six continents, including facilities in
Canada, Europe, Africa and South East Asia. In Canada, Phonetime operates one
of the country's largest private networks with 40 Points-of-Presence available
locally to 85% of the population. Phonetime is registered as a Class A
International Carrier with the CRTC and whose stock is publicly traded on the
Toronto Stock Exchange (TSX: PHD). More information may be found on the
Company's website -

    Caution Regarding Forward Looking Information:

    This press release contains forward-looking statements within the meaning
of securities laws, including the "safe harbour" provisions of the Ontario
Securities Act and the United States Private Securities Litigation Reform Act
of 1995. Forward-looking information is often, but not always, identified by
the use of words such as "anticipate", "believe", "expect", "plan", "intend",
"forecast", "target", "project", "may", "will", "should", "could", "estimate",
"predict" or similar words suggesting future outcomes or language suggesting
an outlook.
    Forward-looking statements and information are based on current beliefs
as well as assumptions made by and information currently available to
Phonetime concerning anticipated financial performance, business prospects,
strategies and regulatory developments. Although management considers these
assumptions to be reasonable based on information currently available to it,
they may prove to be incorrect.
    By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, and risks that predictions,
forecasts, projections and other forward-looking statements will not be
achieved. We caution readers not to place undue reliance on these statements
as a number of important factors could cause the actual results to differ
materially from the beliefs, plans, objectives, expectations and
anticipations, estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to: incorrect
assessments of value when making acquisitions; increases in debt service
charges; fluctuations in foreign currency and exchange rates; inadequate
insurance coverage; changes in tax laws; and Phonetime's ability to access
external sources of debt and equity capital.
    The foregoing list of factors that may affect future results is not
exhaustive. When relying on our forward-looking statements to make decisions,
investors and others should carefully consider the foregoing factors and other
uncertainties and potential events. Furthermore, the forward-looking
statements contained in this press release are made as of the date of this
press release, and Phonetime does not undertake any obligation to up-date
publicly or to revise any of the included forward-looking statements, whether
as a result of new information, future events or otherwise. The
forward-looking statements contained in this press release are expressly
qualified by this cautionary statement.

For further information:

For further information: Contacts: Wayne Silver, President & CEO,
Phonetime, (905) 361-8304,; Rodney Franklin, Chairman &
CFO, Phonetime, (905) 361-8305,; Joe Racanelli, The
Equicom Group, (416) 814-0700 ext. 243,

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