Phonetime's YTD Revenue Over $50 Million

Phonetime Inc., one of Canada's leading suppliers of long distance telecommunication services, today announced that as of the end of July its revenue has exceeded $50 million for the year-to-date, more than doubling last years total revenues. In addition it has processed over 1.5 billion minutes of long distance traffic so far in 2007.

Phonetime attributes its surge in revenue in 2007 to the Company's decision to expand into wholesale markets world-wide. In addition to the dynamic growth of its wholesale operation, Phonetime's retail operation Call Select has also achieved record sales, contributing consistent monthly revenues of over $1 million with higher margins. Completing Phonetime's vertically integrated sales strategy, the Company has also seen improved sales growth of its legacy phone card business.

Wayne Silver, Phonetime's President and CEO, stated that, "it's clear we are offering exceptional value to both our wholesale and retail clients. Our annual sales volume of long distance traffic is very significant and gives us buying power equalled by only the incumbent Canadian telephone companies. Moreover, we believe these results are a testament not only to the size of our world-wide network, but also to the quality of our services and the superior efforts of our staff. As a result, we look forward to continued revenue growth."

Rodney Franklin, Phonetime's Chairman and CFO, commented, "The fact that significant revenue is derived from both our retail and wholesale services validates our earlier strategic decision to diversify our service offerings and expand our network facilities into Europe and develop a presence in the United States. We are confident that as we trend towards $100 million in revenue, our position as an important supplier of international telecommunications services will be recognized by the financial markets."

Source:
http://biz.yahoo.com/ccn/070808/200708080406412001.html?.v=1