TUCSON, Ariz., Oct 11 /PRNewswire/ -- BestNet Communications Corp.
(OTC Bulletin Board: BESC), a provider of patented Internet-based
telecommunication solutions, announced today it has redeemed all of the
outstanding shares of its Series B convertible preferred stock (the "preferred
stock") through the issuance of shares of restricted common stock.
The preferred stock was originally issued in connection with the Company's
$5 million dollar private placement completed in May 2000. The financing was
placed by Toronto based securities firm Thomson Kernaghan and Company Ltd.,
through Cedar Avenue LLC, a Cayman Island limited liability investment
company. Mark Valentine, Chairman of Thomson Kernaghan said: "Cedar Avenue
has been following BestNet closely over the last year. Unlike many other
companies in the telecom sector, the BestNet stock has performed very well.
Cedar Avenue believes that the patented Internet telecommunication technology
exclusively licensed to BestNet offers significant efficiencies and
cost-savings at a time when business and consumers are trying to reduce
expenses. BestNet is uniquely positioned to rapidly grow, based on its
innovative products and new management team. As a result, Cedar Avenue has
decided to take a long term position in the Company's stock."
BestNet Communications Corp. is an Internet-based provider of long
distance, conference calling and e-commerce communication services. BestNet's
service uses access and control of the Internet with existing telephone
infrastructure (i.e., the public switched telephone network) to complete
calls. The Company provides access to its services via the web, desktop and
handhelds including Palm(TM), Pocket PC(R) and Blackberry(TM) devices. The
patented Bestnetcall.com system provides toll quality, global access, low
rates, real-time billing and call management features. Bestnetcall.com is
used by business and residential customers in over 120 countries. To learn
more about Bestnetcall, visit our website at: http://www.bestnetcall.com
This press release contains certain forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. This information may involve risks and uncertainties that
could cause actual results to differ materially from such forward-looking
statements. Factors that would cause or contribute to such differences
include, but are not limited to, those factors detailed by BestNet
Communications Corp in its filings with the Securities and Exchange
Commission.
For further information please contact BestNet Communications Corp.,
+1-520-750-9093, ext. 207.
SOURCE BestNet Communications Corp.
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http://www.bestnetcom.com
Company News On-Call:
http://www.prnewswire.com/comp/111429.html
CONTACT:
BestNet Communications Corp.,
+1-520-750-9093, ext. 207
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