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January 18, 2007
LOS ANGELES -- 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.
Peopleline Telecom Inc. (Pink Sheets: PLLN)
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