Mississauga, ON (canadaTECH.INFO) - Phonetime Inc. (TSX: PHD), a provider of international long-distance telecommunication services, announced today that it has terminated its previously announced agreement to acquire Huntington Telecom, a Hicksville, New York based wholesaler of international long-distance minutes.

The acquisition was previously announced in January 2009 and was originally to close at the end of March, subject of a binding letter of intent between the parties.

Phonetime said the agreement was unilaterally terminated by Huntington before the audited statements were provided. While Phonetime is continuing its efforts to resolve this matter amicably and communicating with the principals of Huntington Telecom, Phonetime is also exploring all its available options.

Mississauga, Ontario based Phonetime is a leading supplier of international wholesale and retail long distance telecommunications services with network facilities in Canada, the U.S., Europe, Africa and Asia. Through its Wholesale Division, Phonetime buys and resells long-distance services to major telephone carriers around the world using its proprietary call trading platform. Through its Retail Division, Phonetime provides subscription-based long distance services to targeted ethnic consumers across Canada and competitively markets a range of pre-paid long distance phone cards.