GRAND RAPIDS, Mich., Nov. 29 /PRNewswire-FirstCall/ -- BestNet
Communications Corp. (the "Registrant") (OTC Bulletin Board: BESC) announced
today that on or about November 22, 2004, Softalk, Inc., the licensor under
the license for the use of the technology with which the Registrant conducts
its business, has alleged that the Registrant has breached the terms of the
License Agreement, as amended, and is seeking to terminate the License
Agreement and has demanded the commencement of arbitration proceedings to
determine the issues. Those proceedings have not yet commenced. If and when
they actually commence, they will be conducted before an arbitrator in
Toronto, Ontario, Canada.
The Registrant intends to contest the matter vigorously and to assert one
or more counterclaims against Softalk.
If Softalk were to prevail in the arbitration, the Registrant's license
could be terminated and, while it could continue to service its existing
customers, could not expand its customer base and its current business would
be materially adversely affected.
No estimate has yet been made of the possible cost of the arbitration
proceedings to the Registrant.
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: 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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