Thursday August 31, 6:48 pm Eastern Time
Press Release
Star Telecommunications and Counsel Communications Amend PT-1 Sale Agreement
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Aug. 31, 2000--STAR Telecommunications,
Inc. (Nasdaq:STRX - news) and Counsel Communications LLC, a subsidiary of Counsel
Corporation (Nasdaq:CXSN - news), announced today that the agreement for the sale of
STAR's PT-1 Communications, Inc. subsidiary to Counsel Communications has been
amended to extend the expiration date to Oct. 31, 2000. The extension was agreed upon to
finalize certain regulatory requirements for the sale.
``Since our announcement in June to sell the assets of PT-1 to Counsel Communications,
both companies have been working on an aggressive schedule to close the transaction,'' said
Chris Edgecomb, CEO of STAR Telecommunications. ``With both companies prepared to
close the transaction, the extension will give us the time needed to move the transaction
through the regulatory process.''
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, calling cards, dial around services and international toll-free services. Visit STAR
at www.startel.com.
About Counsel Corporation
Counsel Corporation focuses on building businesses that specialize in enabling technologies
delivered through the Internet, communications, and other technology-based enterprises.
Among the Company's recent strategic B2B portfolio investments are: a 33% stake in
Impower, Inc., an emerging leader in the rapidly growing area of transaction-based Internet
direct marketing; a 40% stake in Proscape Technologies, Inc., a leading provider of innovative
B2B fact-based sales and marketing information software systems to Fortune 1000
companies; a 26% stake in IBT Technologies, Inc., a ``pure play'' application service provider
for the e-learning industry; a 31% stake in Core Communications Corporation, a leading
provider of integrated pay-per use Internet access, billing and control services for convention,
conference and public meeting places; and Counsel Communications LLC, a subsidiary
formed to acquire, consolidate and operate Internet telephony and other
communications-related assets, which recently acquired Nexbell Communications, Inc., a
designated Cisco Powered Network member in the VOIP category which is currently deploying
a nationwide network of points of presence for delivery of IP-based voice and fax services
through the provision of a packet telephony infrastructure.
Except for the historical information contained herein, this press release contains
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21B of the Securities Exchange Act of 1934, as amended, and are
subject to the safe harbors created thereby. STAR's future actual results could differ materially
from the forward-looking statements discussed herein. A list of the factors that could cause
actual results to differ materially can be found in the documents that STAR files with the SEC
including those contained in STAR's prospectus and the Form 10-K for the period ended Dec.
31, 1999.
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Contact:
STAR Telecommunications
Investor Relations
800/899-1962
ir@startel.com
or
Counsel Corporation
Stephen Weintraub
416/866-3000
saw@counselcorp.com |
