Great News for WRDP,
looks like a good buy now.
Thursday November 18, 8:09 am Eastern Time
Company Press Release
Net Proceeds to be Received From WorldPort Sale of Assets
ATLANTA--(BUSINESS WIRE)--Nov. 18, 1999--WorldPort Communications, Inc. (OTC BB:WRDP) today announced that it expects to receive between $200 to $215 million in net proceeds from the sale of its principal assets to Energis plc.
As previously announced, Energis has entered into a series of agreements to purchase 100% of WorldPort Communications Europe Holdings B.V. for an estimated aggregate value of $570 million. WorldPort owns 85% of the outstanding capital stock of WorldPort Communications Europe which is the parent of EnerTel N.V., the leading alternative telecommunications network provider in The Netherlands. As part of the transaction, WorldPort is selling to Energis certain additional assets, including WorldPort's switch operations in London and New York.
Following the repayment of WorldPort's outstanding indebtedness (including its interim loan facility) and accounts payable, the assumption by Energis of certain contractual obligations of WorldPort and the payment of applicable taxes and transaction costs, WorldPort expects to receive between $200 to $215 million of net cash proceeds from the sale.
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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