LOS ANGELES, Jan. 17, 2007 (PRIME NEWSWIRE) -- Peopleline Inc. (Peopleline) (Pink Sheets:PLLN) today announced that on December 23, 2006 it has effected a one thousand for one (1000:1) reverse stock split and a merger with Peopleline Telecom Inc. (Pink Sheets:PPTM), which was also effective on December 23, 2006. The new name under which the Company will operate is Peopleline Telecom, Inc. This reverse split became effective January 17, 2007. As of that date, every one thousand outstanding shares will be exchangeable in one share of common stock. Any shareholder who beneficially owns a fractional share of common stock after the reverse stock split will receive one additional share of common stock in lieu of such fractional share.
Ed Gallagher, the CEO of Peopleline and now Peopleline Telecom, Inc., said, "Peopleline has been unable to adequately fund day to day operations under current conditions making it impossible to either maintain the status quo or grow the business. The restructure should alleviate both problems and also help position the Company to participate more effectively in the growing VoIP services market."
Russ McDermott, the current President and responsible for Marketing of Peopleline and the driving force behind Peopleline services is to remain the President of Peopleline Telecom, Inc.
Nick Lee, the founder and President of iBox Telecom in Los Angeles, CA has agreed to stay on the new Board as a Director of Peopleline Telecom, along with Russ McDermott, Edward Gallagher and John McDermott.
Safe-Harbor Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.