And it keeps getting MORE UNDERvalued each week,, even on GOOD news,,
PTEK Holdings, Inc. (NASDAQ: PTEK)(www.ptek.com) today announced that it has
renamed its fax unit as Xpedite. Xpedite serves the business-to-business fax
needs of its 12,000 active customers, which includes 40% of the Fortune 500, by
providing reliable fax document distribution services available at any time. The
company delivers up to six million fax document pages a day and has operating
centers around the globe with message distribution nodes and sales offices in
more than 80 cities worldwide, including all leading financial centers.
The name change completes the company's transition to an independent business
unit of PTEK Holdings, allowing the market to evaluate Xpedite separately from
its other assets. PTEK Holdings recently announced it has adopted an
"opervesting" business model directed at growing its network of leading
Internet-based service providers through its strategic Internet investment arm,
PTEKVentures. Through the PTEK network, Xpedite intends to leverage its
relationships with other PTEK companies for additional revenue growth and will
have access to additional technology resources for Internet product development.
"The new `opervesting' structure allows for greater autonomy, which will enable
the market to independently value our business," said Max Slifer, President of
Xpedite. "Under the new structure, Xpedite will be able to more quickly bring
new products and services to market. We plan to capture an additional share of
the fax market by leveraging our relationships with other members of the PTEK
network, and we also will introduce new Internet-based distribution services,
such as MessageREACH(SM), our new outsourced e-mail service."
International Data Corporation (IDC) projects that the enhanced fax document
distribution market will be $2.7 billion by 2002, with an 18% compounded annual
growth rate. Xpedite is currently expanding the company's focus from fax to
Internet-enabled services.
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