World Access and Star Telecom Extend
Merger Agreement
PR Newswire - October 09, 2000 18:45
ATLANTA and SANTA BARBARA, Calif., Oct. 9 /PRNewswire/ -- World
Access, Inc. (Nasdaq: WAXS) and STAR Telecommunications Inc., (Nasdaq:
STRX) announced today that they have amended their merger agreement to
extend the term of the agreement from September 30, 2000 to December 31,
2000. The transaction is currently undergoing SEC review and is subject to,
among other things, completion of SEC review and the approval of the
shareholders of World Access and STAR Telecom. The merger is expected to
close in the fourth quarter of 2000. All other conditions of the agreement
remain unchanged.
About World Access
World Access is focused on being a leading provider of bundled voice, data
and Internet services to small- to medium-sized business customers located
throughout Europe. In order to accelerate its progress toward a leadership
position in Europe, World Access is acting as a consolidator for the highly
fragmented retail telecom services market, with the objective of amassing a
substantial and fully integrated business customer base. To date, the Company
has acquired several strategic assets, including FaciliCom International, which
operates a Pan-European long distance network and carries traffic for
approximately 200 carrier customers, and NETnet, with retail sales operations
in 9 European countries. NETnet's services include long distance, internet
access and mobile services. Located strategically throughout the United States
and 13 European countries, World Access provides end-to-end international
communication services over an advanced asynchronous transfer mode internal
network that includes gateway and tandem switches, an extensive fiber network
encompassing tens of millions of circuit miles and satellite facilities. For
additional information regarding World Access, please refer to the Company's
website at www.waxs.com .
About STAR Telecom
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, dial- around
services and international toll free services. For more information, visit STAR's
website at www.startel.com .
This press release may contain financial projections or other forward- looking
statements made pursuant to the safe harbor provisions of the Securities
Reform Act of 1995. Such statements involve risks and uncertainties which
may cause actual results to differ materially. These risks include: potential
inability to identify, complete and integrate acquisitions; difficulties in expanding
into new business activities; delays in new service offerings; the potential
termination of certain service agreements or the inability to enter into additional
service agreements; and other risks described in the Company's SEC filings,
including the Company's Annual Report on Form 10-K for the year ended
December 31, 1999, as amended, the Company's Quarterly Report on Form
10-Q for the quarter ended March 31, 2000, as amended, the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, as
amended, and the Company's Registration Statements on Forms S-3 (No.
333-79097) and S-4 (No. 333-37750), all of which are incorporated by
reference into this press release.
CONTACT: Investor Relations, World Access, Inc., 404-231-2025
SOURCE World Access, Inc.
/CONTACT: Michele Wolf, V.P. of Investor Relations of World Access, Inc.,
404-231-2025/
/Web site: startel.com
waxs.com /
(WAXS STRX) |
