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times telecom inc (TTT) Snapshot

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times telecom inc (TTT) Details

Times Telecom Inc., together with its subsidiaries, provide telecommunications products and services to corporate and individual subscribers in Canada, the United States, and Australia. Its products and services include prepaid and post paid domestic and international long distance, voice and fax solutions, wireless telephony, 1-800 telephony solutions, voice over Internet protocol, and other integrated telecommunication services. The company also offers broadband phone services for the home or office, as well as sells cellular phone products through telemarketing and retail stores in Canada. In addition, Times Telecom provides dial up Internet access solutions, Web hosting services, and local access services. It serves approximately 300,000 residential and corporate subscribers. The company was founded in 2002 and is headquartered in Richmond, Canada.

Founded in 2002

times telecom inc (TTT) Top Compensated Officers

Chief Executive Officer, Acting Chief Financi...
Total Annual Compensation: --
President of Australia Operations
Total Annual Compensation: --
Compensation as of Fiscal Year 2014.

times telecom inc (TTT) Key Developments

Times Telecom, Inc. To Be Moved To NEX From TSX Venture Exchange

In accordance with TSX Venture Policy 2.5, Times Telecom, Inc. has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening on April 15, 2014, the company's listing will transfer to NEX, the company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Vancouver to NEX. As of April 15, 2014, the company is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies. Further to the Exchange Bulletin dated January 8, 2014, trading in the shares of the company will remain suspended. Members are prohibited from trading in the securities of the company during the period of the suspension or until further notice.

Times Telecom, Inc. Announces Management Changes, Effective October 1, 2013

Times Telecom Inc. announced that Mr. Terry Bahar has tendered his resignation to the board of directors, resigning from his position as a director and as president of the company, and Mr. David Mew has tendered his resignation to the board, resigning from the position of Vice-President, Finance, of the company. After careful consideration, the board has decided to accept Mr. Bahar's and Mr. Mew's resignations effective October 1, 2013. Mr. Bahar is resigning as a director and as President of the Company and Mr. Mew is resigning as Vice-President, Finance, of the Company as the Company is currently seeking new direction and is in the process of reorganization after material developments announced on September 30, 2013, August 29, 2013, May 6, 2013, and March 13, 2013. Mr. Alan Yong, who is a director and the Chief Executive Officer of the company, has been appointed as the acting Chief Financial Officer of the company effective October 1, 2013, following the approval of the board of the company. During his tenure as acting CFO, Mr. Yong will assume full duties of a CFO for the Company, for an initial period of six months from appointment and shall be reviewed by the Board upon expiry, or until such time that the company has sought for a suitable candidate for this position. During Mr. Yong's tenure as acting CFO, any matters that may result in conflict of interest between Mr. Yong's position as CEO and acting CFO shall be tabled before the Board for which the Board would delegate the duties of CFO on that matter to a deputy CFO.

Times Telecom, Inc. Receives Notices of Default from Bell Mobility Inc

Times Telecom, Inc. announced that it received notices of default dated August 29, 2013 from Bell Mobility Inc. pursuant to section 19.1(v) of the Bell Mobility dealer agreement dated as of January 1, 2012 between, Bell Mobility and Times Telecom's wholly-owned subsidiary, Clear Channel Communication Corp., and pursuant to section 20.1(e) of the Virgin Mobile Canada Retail partner agreement dated December 1, 2011 between, Virgin Mobile Canada, a division of Bell Mobility, and Clear Channel Communication Corp. Accordingly, Bell will be assuming the operations of the company's four retail store units located at Aberdeen Centre, Surrey Central and Crystal Mall, including the re-hiring of certain employees. The company was negatively affected by two material events: the change implemented by the CRTC (Canadian Radio-Television and Telecommunications Commission), which reduced three-year phone contracts to a maximum of two-year contracts, causing a price increase in handsets and plans, and the movement of retail sales commissions and call center proceeds resulting in the inability of Times Telecom to access proceeds from its retail sales and further impairing the company's cash flow position.

 

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