NEWS! figured that would happen as they turn this stock around. BTW PAYP will be getting cash and holding a convertible debenture on CIXP which is presently 1.50 - 3.00 a share. They are getting out of the condos and into the telephone industry plus changing the name. As the company makes this transistion I expected old Daryl to sell a bit.
Anyway, this is a great release to me. Now Howard Bronson is on the release so that is a great tid bit also since they are assisting with the financing and so forth.
Pay Pop Sells Real Estate Holdings
ALDERGROVE, British Columbia--(BUSINESS WIRE)--June 29, 1999--
Pay Pop, Inc. (BBS:PAYP) also known as DELECOM COMMUNICATIONS LTD.
announced today that it has entered into a Letter of Intent to sell
its Dominican Real Estate condominium project to CONSTRUCTION PRODUCTS
INTERNATIONAL, INC. (BBS:CIXP). CIXP is an International Project
Development Corporation whose focus includes the manufacture and
sale of specialty construction technologies.
The Dominican project was acquired by PAYP approximately twelve
months ago. It includes 24 completed condominium units together with
plans, permits, and licenses necessary to complete an additional 96
units. The agreement calls for a total sale price of $4.4 million in
cash and convertible debentures. $900,000 will be paid in cash and the
balance will be paid in CIXP convertible debentures, at market at
time of conversion. This sale will allow PAYP to become a "pure play"
as a fully integrated telecommunications company. Finalization of the
agreement is expected within ten days.
PAYP recently announced the hiring of three new professional
service entities to assist with its transition from the Electronic
Bulletin Board to NASDAQ Small Cap. This will speed up the necessary
audit and legal documentation required to meet the entry onto NASDAQ
Small Cap. It is felt that the sale of the Dominican Condominiums
Project has greatly expedited the process.
On May 27, 1999 PAYP received unanimous approval to change its
name from PAY POP, INC. to DELECOM COMMUNICATIONS LTD. to better
reflect its core business. A new trading symbol and CUSIP Number are
currently being researched. An announcement is expected shortly.
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 Internet Protocol (VOIP) and FAX Over Internet
Protocol (FOIP). PAYP 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.
This news release includes "forward-looking statements" that
involve risks and uncertainties. The forward-looking statements in
this release are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Actual results may
differ materially due to a variety of factors, including without
limitation the company's ability to produce and market products and/or
services and other risks detailed from time to time in the company's
reports filed with the Securities and Exchange Commission.
--30--es/ny* kw/ny
CONTACT: Howard Bronson & Co., New York
212/867-6160
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: TELECOMMUNICATIONS
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