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Telehop acknowledges receipt of a complaint regarding executive compensation25 September 2005
Telehop Communications Inc. ("Telehop")
(TSX V-HOP) The board of directors of the Company has received a letter from
certain minority shareholders raising a complaint about disclosure concerning
the then CEO's compensation arrangements for fiscal 2003. The letter also
alleges that the authorization of the compensation by the board of directors
was oppressive to such shareholders. The directors have reviewed the Company's
disclosure record, the deliberations of the directors and the compensation
committee for that period, and the financial statement disclosure for 2003,
and based upon such review, the board considers the allegations to be devoid
of merit. The board and the Company will vigorously defend against any
proceedings that are commenced.
About Telehop Communications Inc.
Telehop is a CRTC Licensed Class "A" Telecom Carrier, and one of the
largest alternative telecom providers to the residential & business market.
Telehop offers origination and termination services to other carriers
worldwide, including switchless resellers, and provides "WorldTalk(TM)" 'Equal
Access' Long Distance and the branded "10-10-620" and the "10-10-100" - 'Dial
Around' Services, and alternative Directory Assistance Programs. It also
provides Flat Rate 'Hop' calling in Southern Ontario and in the Metropolitan
Montreal area covering a population of approximately 8 million people, and
provides 1-800 toll free numbers and Virtual Calling Cards, allowing calls
from any phone in North America to anywhere in the world. Telehop also offers
the branded "Broadtalk(TM)" VOIP flat rate service to residential and small
business customers.
Shares Outstanding;- 12,437,000
Fully Diluted;- 13,526,500
More information on Telehop (HOP-TSX Venture) may be obtained at
http://www.sedar.com or by calling Patrick V. Farrell at (416) 494 4490
ext 399, or 1-866-530 7988 or e-mail pfarrell@telehop.com
%SEDAR: 00004365E
For further information: Please contact: Telehop Communications Inc.,
Ruth Bartholomeusz, President & COO, (416) 494-4490, 1-888-846-7654,
http://www.telehop.com
Source: http://www.newswire.ca
All trademarks and copyrighted information contained herein are the property of their respective owners.
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