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Peopleline Ends Merger Agreement With Global Peopleline
VANCOUVER, BRITISH COLUMBIA, Jan 20, 2009 (MARKET WIRE via
COMTEX) -- Peopleline Telecom, Inc., a Nevada Company (OTCBB: PPTM), has ended an agreement to merge
with Global Peopleline Telecom, Inc. (OTCBB: GPPL) for
non-performance reasons. Under the terms of the merger, Global Peopleline was to
purchase a controlling interest in Peopleline, take over the Peopleline debt,
and finance ongoing operations. These key conditions were not met. The failure
of Global Peopleline to finance the merger has placed Peopleline in a very
difficult position and other forms of restructuring are being considered. Mr.
Edward Gallagher's role as a Director and CEO of Peopleline has also been
terminated coincident with the ending of the merger.
Statements contained in this news release, other than those identifying
historical facts, constitute "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor
provisions as contained in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements relating to the Company's future expectations,
including but not limited to revenues and earnings, technology efficacy,
strategies and plans, are subject to safe harbors protection. Actual Company
results and performance may be materially different from any future results,
performance, strategies, plans, or achievements that may be expressed or implied
by any such forward-looking statements. The Company disclaims any obligation to
update or revise any forward-looking statements.
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