Phon-Net announces one for five reverse split

Apr 02, 2001, 01:00 ET from Phon-Net.com

    SEATTLE, WA, April 2 /PRNewswire/ - Phon-Net.com, Inc. (OTCBB) announced
 that effective March 30, 2001, it has effected a one-for-five reverse stock
 split of its common stock. As a result of the reverse split, each five shares
 of previously outstanding common stock will become one post-split share of
 common stock. Shareholders are not required to tender their existing
 certificates for shares, but may do so if they so desire.
     Commencing on March 30, 2001, the CUSIP Number for post-split shares of
 common stock will be 719203 20 0, and the trading symbol for the common stock
 will be "PHNT". The percentage of authorized but unissued shares of the
 Company's common stock will not be affected by the reverse split.
     Brian Collins, the Company's CEO, commented: "The reverse stock split
 will result in a capital structure more consistent with the expectations of
 the investment community, and better position the Company in its plans for
 future growth".
 
     Phon-Net.com develops and markets software products primarily to benefit
 Internet users, persons and businesses that operate Internet web sites or
 advertise on the Internet. Its current products incorporate Direct Connect
 (http://www.phon-net.com), the Company's proprietary, patent-pending software
 that enables an Internet user to seamlessly view the current web page and use
 the same single phone line connection for a conversation over the phone to
 confirm a purchase or have questions answered.
 
     The foregoing information does not constitute an offer to sell
 securities. The foregoing information includes forward-looking statements.
 Those statements are subject to known and unknown risks, uncertainties and
 other factors that could cause the company's actual results to differ
 materially from those described by the statements.
 
 

SOURCE Phon-Net.com
    SEATTLE, WA, April 2 /PRNewswire/ - Phon-Net.com, Inc. (OTCBB) announced
 that effective March 30, 2001, it has effected a one-for-five reverse stock
 split of its common stock. As a result of the reverse split, each five shares
 of previously outstanding common stock will become one post-split share of
 common stock. Shareholders are not required to tender their existing
 certificates for shares, but may do so if they so desire.
     Commencing on March 30, 2001, the CUSIP Number for post-split shares of
 common stock will be 719203 20 0, and the trading symbol for the common stock
 will be "PHNT". The percentage of authorized but unissued shares of the
 Company's common stock will not be affected by the reverse split.
     Brian Collins, the Company's CEO, commented: "The reverse stock split
 will result in a capital structure more consistent with the expectations of
 the investment community, and better position the Company in its plans for
 future growth".
 
     Phon-Net.com develops and markets software products primarily to benefit
 Internet users, persons and businesses that operate Internet web sites or
 advertise on the Internet. Its current products incorporate Direct Connect
 (http://www.phon-net.com), the Company's proprietary, patent-pending software
 that enables an Internet user to seamlessly view the current web page and use
 the same single phone line connection for a conversation over the phone to
 confirm a purchase or have questions answered.
 
     The foregoing information does not constitute an offer to sell
 securities. The foregoing information includes forward-looking statements.
 Those statements are subject to known and unknown risks, uncertainties and
 other factors that could cause the company's actual results to differ
 materially from those described by the statements.
 
 SOURCE Phon-Net.com