MISSISSAUGA – Long distance service provider Phonetime signed a consent agreement on Monday with the Competition Bureau on the marketing of pre-paid long-distance phone cards.
Phonetime paid the $300,000 as per the agreement, an amount that the company said that it had accrued two years ago in its 2007 financial results. It will also offer a refund with proof of purchase for most of the purchase price to individuals who bought Bravo and Bravo Atlantic phone cards.
"The focus of our operations has evolved considerably since the investigation began and phone cards now represent less than 5% of our overall sales”, said president and CEO Wayne Silver, in the announcement. “This year, more than 80% of our revenue will be derived outside of Canada, as we have evolved our company into a leading worldwide international ‘carrier’s carrier’ of wholesale long-distance minutes. We are pleased to have resolved this matter."
