Phonetime Invests in Carib-tel as Jamaica Deregulates; Strategic Investment as the Caribbean Marketplace Opens Up to Competition.

Business Wire | June 26, 2002 | Copyright

Business Editors

Phonetime(TM) Inc. announced today that it has signed a Memorandum of Understanding with Carib-tel (Caribbean) Ltd., a private telecommunications company, to install and operate telecommunications equipment for Carib-tel in Kingston, Jamaica. In exchange, Phonetime will receive a 10-percentage equity stake in Carib-tel and a seat on its Board of Directors. The transaction, which has a value of approximately $500,000, remains subject to the execution of a definitive agreement and regulatory approval. The transaction is expected to close by the end of ...

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