Pay Pop Sells Real Estate Holdings
TUESDAY, JUNE 29, 1999 11:08 AM
- BusinessWire
ALDERGROVE, British Columbia, Jun 29, 1999 (BUSINESS WIRE via COMTEX) -- 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.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Howard Bronson & Co., New York
212/867-6160
WEB PAGE: businesswire.com
GEOGRAPHY: INTERNATIONAL CANADA
INDUSTRY CODE: TELECOMMUNICATIONS |
