Kailash,
GTSG
and yet another 10 million shares..hey, if you're in debt 1.5 billion.. offer up more shares..
Thursday April 1, 9:30 pm Eastern Time
Company Press Release
SOURCE: Global TeleSystems Group, Inc.
GTS Announces 'Secondary' Offering of
10 Million Shares by Existing Holders
McLEAN, Va., April 1 /PRNewswire/ -- Global TeleSystems Group,
Inc. (GTS) (Nasdaq and Easdaq: GTSG) announced today that it expects to file with the U.S. Securities and
Exchange Commission (SEC) a prospectus supplement to the previously filed ''shelf'' registration statement for an
underwritten public offering of common stock owned by certain affiliates and other shareholders. Selling
shareholders have indicated that they currently anticipate offering an aggregate of approximately 10 million shares for
sale in the offering, although final decisions regarding the amount that will be offered, if any, will be made only at the
pricing of the offering. The selling shareholders are expected to include George Soros associates; Alan B. Slifka and
affiliates; Apax Funds Nominees; and Warburg, Pincus Ventures. These shares are covered under shelf registrations
previously filed with the SEC by the company.
The shares registered under the shelf registration statements, including the shares to be sold in the secondary
offering, have been filed with the SEC, but have not yet become effective. Such securities may not be sold nor may
offers to buy be accepted prior to the time such registration statements become effective. This announcement shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any
state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such state. Such offers to sell will be made only by means of a prospectus.
Global TeleSystems Group is a leading independent owner and operator of telecommunications companies
throughout Europe. GTS serves customers in 20 European countries and operates a broadband network with points
of presence in 22 cities in Europe. The company has six primary lines of business: GTS Carrier Services, which
provides cross-border transport in Europe to other telecommunications companies; GTS Access Services, which
provides facilities-based access services to businesses throughout Europe; GTS Business Services -- Western
Europe, which offers voice, data, Internet and other telecommunications services to businesses; GTS Wholesale
Services, which provides switched and other value-added services to carriers; GTS Business Services --
Commonwealth of Independent States (CIS), where GTS is a leading alternative provider of high quality
telecommunications services in Moscow, Kiev, St. Petersburg and other cities in Russia and the CIS; and GTS
Mobile Services -- CIS, which operates cellular businesses in Russia and Ukraine.
Headquartered in the metropolitan Washington, D.C. area, GTS's affiliates have offices in London, Brussels,
Moscow, Budapest, Kiev, Prague and Paris.
For further information, visit GTS's website at www.gtsgroup.net, or contact: Robert Capozzi of GTS,
703-918-4548, or fax, 703-918-0371, or pager, 800-331-4741, or bcapozzi@gtsgroup.com.
This press release includes forward-looking statements that involve risk and uncertainty. Although the company
believes its expectations reflected in such forward-looking statements are based on reasonable assumptions, no
assurance can be given that such projections will be fulfilled. Any such forward-looking statement must be
considered along with knowledge that actual events or results may vary materially from such predictions due to,
among other things, political, economic or legal changes in the markets in which GTS does business, competitive
developments or risks inherent in the company's business plan. Readers are referred to the documents filed by GTS
with the U.S. Securities and Exchange Commission, specifically the most recent reports filed under the Securities
Exchange Act of 1934 and registration statements filed pursuant to the Securities Act of 1933, which identify
important risk factors.
SOURCE: Global TeleSystems Group, Inc.
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