GRAND RAPIDS, Mich., March 9 /PRNewswire-FirstCall/ -- BestNet
Communications Corp. (OTC Bulletin Board: BESC) announced today that it is
sending a notice of pending expiration to holders of certain stock purchase
warrants that had been originally issued as components of Units consisting of
3 shares of Common Stock, 1 share of Convertible Series A Preferred Stock and
Warrants for the purchase of 1 additional shares of Common Stock.
The notice reminded the Warrant holders that the Board of Directors of the
Company has not extended the exercise period of the Warrants and they will
expire on March 31, 2006. For those who currently hold Warrants from
previously split Units, following are the instructions to exercise those
Warrants: a) Investors can contact their broker of their intent to exercise
their warrants; b) their broker will transmit the instructions to the
Depository Trust Company; c) the Depository Trust Company will collect the
funds and transmit the instructions to our transfer agent; and the investor
will receive one share of common stock per warrant exercised.
The Company had previously consented to the separate trading of the Unit
components (a "breaking up" of the Units) to those holders who elected to
convert their Preferred Stock. Those holders who did not make that conversion
are still bound by the requirement that the Unit components may be traded only
as Units and not separately.
Those holders of Units who wish to exercise the underlying Warrant may do
so in the following manner: a) Investors can contact their broker of their
intent to exercise the warrant underlying their unit certificates; b) their
broker will transmit the instructions and warrants to the Depository Trust
Company; c) the Depository Trust Company will connect the funds and transmit
the instructions to our transfer agent; our transfer agent will remit one
share of Common Stock and a Modified Unit containing the following securities:
3 shares of Common Stock and 1 share of Convertible Preferred Stock.
The Board of Directors has consented to the separate trading of the Common
Stock issued upon exercise of the Warrants prior to their expiration.
About BestNet Communications Corp.
BestNet Communications is a global solutions provider of long distance;
conference calling, ClicktoPhone and custom application-based communication
services. BestNet's services are accessed worldwide via the Internet, standard
phones and wireless devices and are delivered using standard phone lines and
equipment. This results in a cost effective high quality service for both
businesses and consumers.
Under the brand name Bestnetcall(TM) (http://WWW.BESTNETCALL.COM) the services
offer subscribers premium quality calls and conference calling, at
significantly lower rates. Calls and conference calls can also be launched via
a desktop application or handheld devices including Palm(TM), Pocket PC(R) and
Blackberry(TM) and used with any standard or wireless phone. In addition the
company's new ClicktoPhone(TM) service (http://WWW.CLICKTOPHONE.COM) enables clients
to add secure and anonymous voice communication connectivity anywhere in the
world to web sites, web banners, pictures, electronic documents, and
customized e-mail calling buttons.
Contact BestNet at:
Michael Kramarz
+1-616-977-9933
investors@bestnetcom.com
This release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the "safe harbor" created thereby. These statements
include the plans and objectives of management for future operations,
including plans and objectives. The forward-looking statements herein are
based on current expectations that involve judgments with respect to, among
other things, future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond control of the company. Although the
company believes that the assumptions underlying the forward-looking
statements are reasonable, any one of the assumptions could be inaccurate and,
therefore, can be no assurance that the forward-looking statements included in
this release will prove to be accurate.
SOURCE BestNet Communications Corp.
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Related links:
http://www.bestnetcom.com
CONTACT:
Michael Kramarz, +1-616-977-9933,
investors@bestnetcom.com
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