Here from the 3/23/99 news release says the financing has been finalized. You have heard differently?
Pay Pop Inc
3/23/99 - Conclusion Of $6 Million Financing Agreement
PAY POP INC. ("PAYP-L") - Conclusion Of $6 Million Financing Agreement
Pay Pop, Inc. announced that its $6 million financing agreement with its New York based investment-banking syndicate has been finalized. Mr. Daryl Desjardins, President and CEO stated "the agreement calls for funding $4 million US dollars on a "Firm Basis" and the balance on a "Best Efforts" basis". He further went on to state that, "the funds would allow PAYPD to expand its existing telecommunications base on a global basis with very little dilution to its shareholders."
In related news, PAYPD announced that it has made three additions to its marketing, sales and management team, Mr. Robert Abbott, Mr. Sanbir Minhas and Mr. Brian Cohen. PAYPD believes the additions will assist with its explosive growth and expansion. The three bring significant experience in marketing, sales and subsequent growth and expansion to PAYPD and they are already aggressively pursuing new markets and distribution channels for PAYPD's telecommunications products.
The initial target areas include Quebec, Alberta, Saskatchewan and Manitoba Canada. This new coverage area will greatly complement and enhance revenues. PAYPD is already successful with its services in British Columbia and Ontario. PAYPD believes the new marketing/sales teams in the immediate future will bring in up to ten thousand (10,000) new lines per month in Canada alone.
PAYPD provides its telecommunications products and services through its wholly owned subsidiary Delecom Communications, Inc. The combined corporate entities and seasoned management team are utilizing their extensive experience and are taking advantage of the opportunities being afforded in the current telecommunications evolution.
PAYP provides traditional services such as business telephone lines (Centrex Services) and long distance reselling and leverages this platform to provide new revenue generating services which include Voice over IP (VOIP) and Fax over IP (FOIP). PAYPD under new regulations and technologies will provide in the future a seamless convergence of voice, data and video on the same network to its customers. |
