dba Telecom Announces Financing for VoIP Strategy
dba Telecom Corporation
For Immediate Release
Trading Symbol: DBA
Canadian Venture Exchange
dba Telecom Announces Financing for VoIP Strategy
January 11, 2001; North Vancouver, B.C.: dba Telecom Corporation (CDNX: DBA) announces a private placement for a $1,500,000 convertible loan. The loan will help complete dba’s entry into the Voice over Internet Protocol (VoIP) marketplace.
dba Telecom will pay interest at 10% per annum on the convertible loan, with the loan reaching maturity in 2 years and convertible into units at $0.10 per unit. Each unit will consist of one share of dba Telecom and one share purchase warrant allowing the holder to purchase additional shares at $0.10 per share. Subscriptions have been received to date for $450,000.
During the past 6 months, dba Telecom has been changing its product portfolio to become a major VoIP telephony solutions provider. Negotiations are well underway with several companies who have technologies compatible with dba's SmarTalk telephones. The current round of financing will provide bridge funds to complete one or more of these transactions.
Garry Hines, President & CEO of dba Telecom said, “During the past few months, dba has been preparing for entry into the VoIP market. We have restructured our corporation, reduced overheads, and formed strategic alliances and agreements with industry leaders and innovators. As next generation networks are rolled out, dba will be positioned as a leading supplier of VoIP devices. dba is shifting from a designer and developer of analogue telephones, into VoIP technologies and will be seeking additional equity financing to maximize strategies and revenue.”
Known internationally as “The SmarTalk Company,” dba Telecom designs, develops, and supplies a unique range of telecommunication solutions for the VoIP, Centrex, Computer Telephony and Communication Server markets. dba Telecom has sales and support offices in Canada and the U.S. with engineering, marketing and administration located in Vancouver. The Company’s shares are traded on the Canadian Venture Exchange under the symbol DBA.
The CDNX has neither approved nor disapproved the information contained herein
Contact:
dba Telecom Corporation
1225 E. Keith Road, Unit 1
North Vancouver, BC, Canada V7J 1J3
Tel: (604) 903-3900; Fax: (604) 985-4128
Email: invest@dbatele.com
Website: www.dbatele.com
The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions, and projections using available information. The Company cautions that actual financial results could differ materially from the current expectations for a number of factors. |
