ePhone Raises $3.2M

ePhone Telecom closes $3.2M financing package -- a $3,000,000 equity line of credit and $200,000 in Convertible Security

June 24, 2003

1 Min Read

HERNDON, Va. and GREENWICH, Conn. -- ePHONE Telecom, Inc. (BULLETIN BOARD: EPHO) , a global Internet telephony services provider for commercial and residential users announced today that it closed on a $3,000,000 equity line of credit and a $200,000 Convertible Security subject to effective registration with the United States Securities and Exchange Commission covering the resale of the shares.

Carmine Taglialatela, Jr., President and CEO of ePHONE commented, "This influx of funds will help develop revenues during the next quarter and allow ePhone to grow the wholesale and unlimited telephony services as we prepare for the merger with Champion Teleport."

The funding agreements were arranged through Cornell Capital Partners, LP, a US based private equity fund. Source Capital, Inc. of Westport, Connecticut was the investment banking advisor on behalf of ePHONE for the transaction. The Company will be filing an 8-K report concerning the agreements executed.

On May 9th 2003, ePHONE announced that it had agreed to merge with Champion Teleport of Greenwich, CT, an affiliate of Alphastar International. The merger will enable ePHONE to offer a full suite of value added VoIP telephony, wireless and Wi-Fi broadband services. Further, the newly merged company intends to consolidate the rapidly growing and highly fragmented wireless / Wi-Fi broadband and VoIP industries. The merger is expected to be consummated within the next several weeks. Dr. Mahmoud Wahba, President of Champion Teleport, was recently appointed to ePHONE Board of Directors.

ePhone Telecom Inc.

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