Phonetime Inc, a provider of international long-distance telecommunication services, has announced that it has acquired all of the outstanding shares of Modern Digital Communications Inc ("MDCI"), a telecom company based in Victoria, B.C.

MDCI, which recently concluded a Proposal under the Bankruptcy and Insolvency Act (Canada) has an accumulated tax loss pool of approximately $4.5 million. Management believes that the acquisition of MDCI and its significant tax loss pool provides Phonetime and its shareholders the opportunity for future tax savings. The purchase price is comprised of a cash payment of $202,500 and 1 million common shares of Phonetime.
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