Considering the PCS.RT expires on Monday, this news comes a little too late.
Platinum Communications to settle $85.91-million debt
Platinum Communications Corp (C:PCS)
Shares Issued 31,746,911
Last Close 7/26/2007 $0.23
Friday July 27 2007 - News Release
Mr. Robert Matheson reports
PLATINUM COMMUNICATIONS CONFIRMS SHARE FOR DEBT EXCHANGE
Platinum Communications Corp. has entered into a debt settlement agreement with Glenbriar Technologies Inc. of Calgary to issue 390,538 common shares at 22 cents per share in settlement of debt obligations owed to Glenbriar of $85,918.22.
These obligations were incurred under a joint venture marketing agreement between the parties dated Jan. 27, 2006, which remains in full force and effect.
The last closing price for Platinum's common shares on the TSX Venture Exchange was 23 cents per share.
Closing is expected to be completed this week, subject to regulatory approval.
Robert D. Matheson is an officer, director and shareholder of both companies, and this settlement was approved by the disinterested directors of both companies.
© 2007 Canjex Publishing Ltd.
