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Technology Stocks : STAR Telecommunications (STRX)
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To: Bill McCullen who wrote (521)1/20/1999 9:59:00 AM
From: Spaw  Read Replies (1) of 780
 
To ALL:
The deal is FINALLY done:
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Jan. 20, 1999--STAR
Telecommunications, Inc. (NASDAQ:STRX) today announced that it has received final approval from the Securities and Exchange Commission on its proposed acquisition of PT-1 Communications, Inc., the nation's largest provider of prepaid calling cards. The acquisition will be completed through the issuance of 15.3 million shares of STAR common stock and the payment of $19.5 million in cash to the PT-1 stockholders. The acquisition remains subject to final shareholder approval, which is scheduled for February 3, 1999.
"We are excited to culminate this acquisition with the upcoming shareholder vote," said Chris Edgecomb, Chairman and CEO of STAR. "Today's events bring us closer to realizing the great synergies between the companies that we first envisioned when we began the process last year. I believe yesterday's news that AT&T intends
to acquire SmarTalk Teleservices, a provider of calling card services, strongly validates the value of the prepaid debit card business as an effective way to market end-to-end telecom services to the consumer. It is gratifying to know that with the combination of STAR and PT-1, we will be the largest calling card company in America. I look forward to closing this transaction and beginning the next chapter in STAR's future."
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