WRDP - NEWS OUT TONIGHT AND IT'S VERY HUGE!
biz.yahoo.com
Thursday November 11, 9:07 pm Eastern Time
Company Press Release
WorldPort Communications, Inc. Announces Sale of Assets to Energis plc
ATLANTA--(BUSINESS WIRE)--Nov. 11, 1999--WorldPort Communications, Inc. (OTCBB:WRDP - news) today announced that it has entered into a series of definitive agreements to sell its principal assets in an all cash transaction to Energis plc for an estimated value of $570 million.
The assets to be sold include WorldPort's 85% shareholding in WorldPort Communications Europe Holdings B.V., the parent of EnerTel N.V., the leading alternative telecommunications network provider in The Netherlands, and WorldPort's switch operations in London and New York.
Following the acquisition of EnerTel by WorldPort in June 1998, EnerTel successfully repositioned its product and service range, and this, together with a revised sales and marketing strategy, has enabled it to achieve rapid revenue growth and become EBITDA positive. The sale to Energis will enable EnerTel to further expand its network capacity and reach, and broaden its product and service portfolio.
WorldPort intends to apply a portion of the net proceeds to be realized from this sale to repay existing debt.
Salomon Smith Barney is acting as financial advisor to WorldPort on this transaction.
About WorldPort Communications, Inc.
WorldPort Communications, Inc., headquartered in Atlanta, Georgia (USA), provides international telecommunications and Internet services primarily to ISPs, long distance carriers, medium and large corporate customers in Europe and North America. WorldPort offers domestic and international voice, data, video, Internet and other telecommunication services over a network of terrestrial and undersea cables, switches, and other network equipment and through interconnection agreements with major carriers in Europe and North America. For more information, please visit the WorldPort web site at www.wrdp.com.
This press release contains certain forward-looking statements which can sometimes be identified by the use of forward-looking words such as ''may,'' ''will,'' ''anticipate''', ''plan,'' ''estimate,'' ''expect'' or ''intend.'' These statements are subject to known and unknown risks, uncertainties and other factors, including, but not limited to, the Company's limited operating history, history of operating losses, substantial indebtedness and substantial capital requirements, that could cause actual results to differ materially from those contemplated by the statements. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company's financial results may be found in the Company's public filings with the Securities and Exchange Commission. Certain of such filings may be accessed through the Securities and Exchange Commission's web site, sec.gov.
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Contact:
WorldPort Communications, Inc.
Investor Relations, 770/792-5800
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