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I-Link links up with financial firm in $10 million stock-swap deal

DRAPER — I-Link Inc., a Draper-based Internet protocol voice and data communications company, has formed a strategic and capital partnership with Counsel Corp., a company that provides financial and management resources to information technology enterprises.

Under the agreements, Counsel Communications LLC, a wholly-owned subsidiary of Counsel Corp., will make an initial $10 million capital investment in I-Link.

In a separate agreement, Winter Harbor has surrendered the warrants it holds to acquire 33,540,000 I-Link common shares back to I-Link in exchange for the issuance by I-Link to Winter Harbor of 5 million common shares.

Also, Counsel and Winter Harbor LLC have consummated the acquisition by Counsel of all the I-Link debt and equity securities held by Winter Harbor, except for those 5 million common shares.