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Technology Stocks : Primus Telecommunications -- Ignore unavailable to you. Want to Upgrade?

To: Bruce Cullen who wrote (101)	3/13/1999 4:13:00 PM
From: Bruce Cullen	Respond to of 124

Business Wire TELEGROUP, INC. ANNOUNCES SALE OF CERTAIN AUSTRALIAN SUBSIDIARIES WHICH HAD BEEN PLACED IN ADMINISTRATION BUSINESS EDITORS FAIRFIELD, Iowa--(BUSINESS WIRE)--March 11, 1998--Telegroup, Inc. (NASDAQ: TGRPQ.O). On March 4, 1999, Telegroup Network Services Pty Ltd. and Switch Telecommunications Pty Ltd., both wholly-owned subsidiaries of Telegroup, Inc., were sold to Primus Telecommunications Pty Ltd. for six million Australian dollars. The sale of Telegroup Network Services excluded its subsidiaries, Newsnet International Ltd. and RediCall Pty Ltd., which are planned to be sold separately. The boards of director of Telegroup Network Services Pty Ltd. and Switch Telecommunications Pty Ltd. appointed chartered public accountants Ferrier Hodgson as Administrators to the two entities and their subsidiaries in light of their distressed financial situations. Ferrier Hodgson continues to seek to sell the Newsnet and RediCall subsidiaries or assets of those subsidiaries. Telegroup's wholly-owned subsidiary in New Zealand, Telegroup Network Services New Zealand Ltd., has been placed in liquidation. Ferrier Hodgson was appointed the liquidator of this subsidiary. This press release contains certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding planned sales of subsidiary assets. Telegroup's actual results might differ materially from those projected in forward-looking statements as a result of numerous factors. Those and other risks are described in the Company's filings with the Securities and Exchange Commission. --30--jc/ms* CONTACT: Telegroup, Inc. Robert E. Steinberg, Chief Administrative Officer Phone (515) 472-5000 E-mail: rsteinberg@telegroup.com KEYWORD: IOWA INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Copyright 1999, Business Wire