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Technology Stocks : Premiere Technologies (PTEK)
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To: AlienTech who wrote (1135)8/14/1999 7:28:00 PM
From: bluejeans  Read Replies (3) of 1270
 
how many shares did wcom own

In November 1996, we entered into a strategic alliance agreement with
WorldCom, now known as MCI WorldCom, whereby MCI WorldCom is required, among
other things, to provide us with the right of first opportunity to provide
certain enhanced computer telephony services for a period of at least 25
years. In connection with this agreement, we issued to MCI WorldCom 2,050,000
shares of common stock valued at approximately $25.2 million (based on an
independent appraisal) and paid MCI WorldCom $4.7 million in cash. We recorded
the value of this agreement as an intangible asset. Subsequent to entering
into this strategic alliance agreement WorldCom completed a merger with MCI to
form MCI WorldCom. MCI was a competitor of ours with respect to certain
services and the total impact of the merger between MCI and WorldCom on our
strategic alliance with MCI WorldCom cannot be determined at this time.
Current activity levels under the strategic alliance agreement are
significantly below the specified minimum payment levels in the agreement and
the minimum payments ceased at the end of September 1998. We periodically
review this intangible asset for impairment and in 1998 we wrote down the
carrying value of the MCI WorldCom strategic alliance intangible asset by
approximately $13.9 million. In addition, we accelerated amortization of the
remaining carrying value of the asset starting in the fourth quarter of 1998
by shortening its estimated remaining useful life to three years from 23
years.


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