Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: BudLong who wrote (17198)	6/29/1999 11:29:00 AM
From: Dave Swanson	Respond to of 25711

PAYP sells real estate....... -------------------------------------------------------------------------------------------------------------------------------------- Tuesday June 29, 10:53 am Eastern Time Company Press Release 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. -------------------------------------------------------------------------------- Contact: Howard Bronson & Co., New York 212/867-6160 -------------------------------------------------------------------------------- More Quotes and News: Pay Pop Inc (OTC BB:PAYP - news) Related News Categories: telecom -------------------------------------------------------------------------------- Help -------------------------------------------------------------------------------- Copyright © 1999 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving ina public database, redistributing via a computer network or in a printed form. See our Important Disclaimers and Legal Information. Questions or Comments?