Let the fire sale begin...
STAR Telecom's European Subsidiary Attracts Interest
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Aug. 3, 1999--STAR Telecommunications Inc. (Nasdaq:STRX - news) disclosed today that it has received expressions of interest from outside parties regarding their interest to acquire STAR's European subsidiary known as STAR Telecommunications Deutschland, GmbH.
STAR has retained Deutsche Banc Alex Brown as an advisor to properly review all strategic alternatives available for the subsidiary, including the previously discussed spin-off into a separate company.
''The combination of current interest in STAR Germany, combined with the current valuations we see on European competitive telecommunication companies, has led us to give serious consideration to interesting proposals,'' commented Chris Edgecomb, Chairman and CEO of STAR. ''We are actively evaluating a range of strategic alternatives for our European entity. Our obvious goal is to maximize value for our shareholders and this will remain at the forefront of our strategy as we consider alternatives.''
About STAR Telecommunications
STAR Telecommunications provides global telecommunications services to consumers, long distance carriers, multinational corporations and Internet service providers worldwide. STAR provides international and national long distance services, international private line, prepaid calling cards, dial around services and international toll free services. Visit STAR Telecom at www.startel.com
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