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Technology Stocks : STAR Telecommunications (STRX) -- Ignore unavailable to you. Want to Upgrade?

To: Art Baeckel who wrote (760)	9/1/2000 11:01:41 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 780

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. -------------------------------------------------------------------------------- Contact: STAR Telecommunications Investor Relations 800/899-1962 ir@startel.com or Counsel Corporation Stephen Weintraub 416/866-3000 saw@counselcorp.com