Phonetime provides update on private placement

    MISSISSAUGA, ON, May 22 /CNW/ - Phonetime Inc. (TSX: PHD), one of the
world's fastest growing providers of international long-distance
telecommunication services, today announced that it is continuing to move
forward with a private placement of units to accredited investors that will
generate gross proceeds of up to $1,935,000 (CDN).
    Phonetime will provide additional details upon the close of the offering.

    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 Retail Division, Phonetime provides subscription-based long distance
services to targeted ethnic consumers across Canada and competitively markets
a range of pre-paid 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,

    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.

For further information:

For further information: Wayne Silver, Phonetime, President & CEO, (905)
361-8304,; Rodney Franklin, Phonetime, Chairman & CFO,
(905) 361-8305,; Joe Racanelli, Equicom Group, (416)
815-0700 x 243,

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