GRAND RAPIDS, Mich., Sept. 26 /PRNewswire-FirstCall/ -- BestNet
Communications Corp. (OTC Bulletin Board: BESC), a provider of patented and
proprietary global communication solutions, today announces approval by its
Executive Committee to temporarily reduce the exercise price on its warrants.
The warrants are currently traded under the symbol BESCW. Each warrant
entitles the holder to one share of the Company's common stock in exchange for
$.30. The exercise price of these warrants will be reduced to $0.22 (the
"Temporary Exercise Price") for a period beginning on September 26, 2005 and
ending at 5:00pm (EDT) on October 14, 2005. The exercise price of any
warrants not exercised during this period will revert back to $.30. An
aggregate of 2,122,225 shares of common stock are issuable upon exercise of
these warrants. The Company will receive net proceeds of approximately
$465,000 assuming all of the warrants are exercised. All warrants that have
not been exercised by such date will continue to trade as warrants on the Pink
Sheets.
In order to exercise the warrants, at the reduced exercise price, each
warrant holder must comply with the following steps to receive the one (1)
share of common stock for $0.22:
1) Investors should contact their broker to indicate their intent to
exercise their warrants at the Temporary Exercise Price.
2) The Brokers will transmit the instructions to the Depository Trust
Company.
3) At this time, the Depository Trust Company will collect the funds,
$0.22 per each warrant exercised for the American Stock Transfer and
Trust Co.
4) The Depository Trust Company conveys the funds and transaction
information to American Stock Transfer and Trust Co.
5) The one (1) share of common stock will be transmitted to the broker.
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 patented
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: 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.BESTNETCALL.COM
CONTACT:
BestNet Communications Corp.,
+1-616-977-9933, investors@bestnetcom.com
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