VANCOUVER, Oct. 8, 2014 /CNW/ - Nevada-based Teliphone Corp. (OTCPK:TLPH), a holding corporation in the telecommunications industry. is pleased to announce that it has executed a settlement agreement with Unifor (formerly CEP, the Communications, Energy and Paperworkers' Union of Canada) regarding all mutual proceedings between the parties. The settlement agreement was also executed by Teliphone Corp.'s former subsidiary, Teliphone Navigata-Westel Communications Inc. ("TNW") and 0865944 B.C. Ltd.
The proceedings arose as a result of Teliphone Corp's acquisition through its former subsidiary TNW, of certain assets of Navigata Communications 2009 Inc. in December 2012 and the subsequent restructuring of the assets. This included a collective agreement for certain Navigata employees belonging to Local 206 of Unifor and employed through 0865944 B.C. Ltd. Under the agreement, TNW will pay Unifor union dues for these employees for the calendar year 2013, and continue to pay the balance of severance owed to CEP workers laid off after the asset acquisition, both on behalf of 0865944 B.C. Limited. This includes interest, as well as a number of agreed adjustment payments to former employees. On September 30, 2014 Teliphone Corp terminated its staffing agreements with 4237561 Canada Inc. Since the acquisition of Navigata assets, 4237561 Canada Inc. was the employer for all Teliphone Corp's Canadian human resources.
Teliphone Corp is satisfied with the outcome of negotiations with Unifor and are pleased that this final settlement will close the chapter on the matter and allow the companies to proceed with business as usual. This agreement concludes the final step of the restructuring process of the former assets of Navigata Communications 2009 Inc.
About Teliphone Corp
Established in 2004, Teliphone Corp is a holding corporation in the telecommunications industry. Its mission is to act as an incubator for the development of telecommunications companies. Since it began, the company has grown through a strategy of acquisition, restructuring and consolidation. The company pioneered Internet based voice telecommunications in Canada as well as creating and operating the world's first telecommunications commodity exchange.
This press release includes "forward-looking statements" as defined by the SEC. All statements, other than statements of historical fact, included herein that address activities, events or developments that Teliphone Corp expects, believes or anticipates will or may occur in the future, including anticipated benefits and other aspects of the proposed acquisition, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. Except as required by law, Teliphone Corp does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Teliphone Corp.
For further information: Teliphone Corp, Public Relations Dept, 604 990-2000