EX-99.1
13
exh99-1_1392167.htm
PRESS RELEASE
exh99-1_1392167.htm
EXHIBIT
99.1
PRESS
RELEASE
GLOBAL
TELECOM & TECHNOLOGY COMPLETES ACQUISITION
OF
WBS CONNECT
Transaction
Combines Large Customer Base With Strong Operations Platform For Future
Growth
McLean, VA, December 16, 2009
-
Global
Telecom & Technology, Inc
. ("GTT") (OTCBB: GTLT), a leading global
network integrator that provides its clients with a broad portfolio of wide-area
network and IP transit services, today announces the completion of its
acquisition of privately held WBS Connect, LLC. ("WBS Connect").
This news
comes on the heels of the parties' receipt of the regulatory approval for the
acquisition from the Federal Communications Commission.
With this
acquisition, GTT adds over 400 customers and a broader IP transit and Ethernet
product suite. Additionally the company's network infrastructure now
spans over 60 points of presence in major metro markets throughout North
America, Asia and Europe.
The final
purchase consideration consisted of 500,870 shares of GTT common stock, $1.3
million in cash, seller notes, an earn out opportunity for the sellers, and the
assumption of certain WBS Connect liabilities and its working
capital.
WBS
Connect co-founders and managing directors Scott Charter and Mike Hollander will
remain with the organization and serve on the Global Telecom & Technology
leadership team. "It's a truly rewarding opportunity to bring value through our
products and technology to an organization of this caliber, while enhancing the
experience for our customers", states Scott Charter, the newly-assigned Chief
Marketing Officer at GTT.
"We're
thrilled to welcome Scott Charter and Mike Hollander to the GTT team", states
Rick Calder, President and Chief Executive Officer of GTT. "We believe that
adding WBS' talents, resources and complementary product set into our robust GTT
company portfolio further enhances our ability to deliver additional value to
our customers".
"With the
close of this transaction, GTT reaches an important milestone in its evolution
as a leading global network integrator", continues Calder. "This acquisition
leverages our past financial successes and positions the company for the next
level of growth. By layering WBS Connect's services onto our existing
operational platform, we can expand our EBITDA and enhance our financial
profile."
About
Global Telecom & Technology
GTT is a
global network integrator providing a broad portfolio of Wide-Area Network (WAN)
and IP transit services. With over 800 supplier relationships worldwide, GTT
combines multiple networks and technologies such as traditional OC-x, MPLS and
Ethernet, to deliver cost-effective solutions specifically designed for each
client's unique requirements. GTT enhances its client performance through its
proprietary Content Management Database (CMD), providing customers with an
integrated support system for all of its services. GTT is committed
to providing comprehensive solutions, project management and 24x7 global
operations support. Headquartered in McLean, Virginia, GTT now has offices in
Denver, London and Dusseldorf, and provides services to more than 700
enterprise,
government,
and carrier clients in over 80 countries worldwide. For more information visit
the GTT website at www.gt-t.net.
Forward-Looking
Statements:
This
release may contain "forward-looking statements" or other information related to
the company's future growth, expenditures, personnel, product and service
enhancements and deployments, strategy or other materials GTT releases to the
public or files with the United States Securities & Exchange Commission
("SEC"). You should consult any further disclosures on related subjects in our
annual reports on Form 10-K, our quarterly reports on Form 10-Q and current
reports on Form 8-K filed with the SEC. Such forward-looking statements are and
will be subject to many risks, uncertainties and factors relating to our
operations and the business environment that may cause our actual results to be
materially different from any future results. Additional information concerning
these and other important factors can be found under the heading "Risk Factors"
in GTT's annual reports on Form 10-K and quarterly reports on Form 10-K filed
with the Securities and Exchange Commission. Statements in this release should
be evaluated in light of these important factors.
# # #
For
GTT Media Inquiries, please contact:
Ilissa
Miller
Jaymie
Scotto & Associates
1.866.695.3629
pr@jaymiescotto.com
For
GTT Investor Relations Inquiries, please contact:
Eric
Swank
Chief
Financial Officer
1.703.442.5129
Eric.Swank@gt-t.net

EX - 99 . 1 13 exh99 - 1 _ 1392167 . htm PRESS RELEASE exh99 - 1 _ 1392167 . htm EXHIBIT 99 . 1 PRESS RELEASE GLOBAL TELECOM & TECHNOLOGY COMPLETES ACQUISITION OF WBS CONNECT Transaction Combines Large Customer Base With Strong Operations Platform For Future Growth McLean , VA , December 16 , 2009 - Global Telecom & Technology , Inc . ( " GTT " ) ( OTCBB : GTLT ) , a leading global network integrator that provides its clients with a broad portfolio of wide - area network and IP transit services , today announces the completion of its acquisition of privately held WBS Connect , LLC . ( " WBS Connect " ) . This news comes on the heels of the parties ' receipt of the regulatory approval for the acquisition from the Federal Communications Commission . With this acquisition , GTT adds over 400 customers and a broader IP transit and Ethernet product suite . Additionally the company 's network infrastructure now spans over 60 points of presence in major metro markets throughout North America , Asia and Europe . The final purchase consideration consisted of 500,870 shares of GTT common stock , $ 1.3 million in cash , seller notes , an earn out opportunity for the sellers , and the assumption of certain WBS Connect liabilities and its working capital . WBS Connect co - founders and managing directors Scott Charter and Mike Hollander will remain with the organization and serve on the Global Telecom & Technology leadership team . " It ' s a truly rewarding opportunity to bring value through our products and technology to an organization of this caliber , while enhancing the experience for our customers " , states Scott Charter , the newly - assigned Chief Marketing Officer at GTT . " We ' re thrilled to welcome Scott Charter and Mike Hollander to the GTT team " , states Rick Calder , President and Chief Executive Officer of GTT . " We believe that adding WBS ' talents , resources and complementary product set into our robust GTT company portfolio further enhances our ability to deliver additional value to our customers " . " With the close of this transaction , GTT reaches an important milestone in its evolution as a leading global network integrator " , continues Calder . " This acquisition leverages our past financial successes and positions the company for the next level of growth . By layering WBS Connect 's services onto our existing operational platform , we can expand our EBITDA and enhance our financial profile . " About Global Telecom & Technology GTT is a global network integrator providing a broad portfolio of Wide - Area Network ( WAN ) and IP transit services . With over 800 supplier relationships worldwide , GTT combines multiple networks and technologies such as traditional OC - x , MPLS and Ethernet , to deliver cost - effective solutions specifically designed for each client 's unique requirements . GTT enhances its client performance through its proprietary Content Management Database ( CMD ) , providing customers with an integrated support system for all of its services . GTT is committed to providing comprehensive solutions , project management and 24x7 global operations support . Headquartered in McLean , Virginia , GTT now has offices in Denver , London and Dusseldorf , and provides services to more than 700 enterprise , government , and carrier clients in over 80 countries worldwide . For more information visit the GTT website at www.gt-t.net . Forward - Looking Statements : This release may contain " forward - looking statements " or other information related to the company 's future growth , expenditures , personnel , product and service enhancements and deployments , strategy or other materials GTT releases to the public or files with the United States Securities & Exchange Commission ( " SEC " ) . You should consult any further disclosures on related subjects in our annual reports on Form 10 - K , our quarterly reports on Form 10 - Q and current reports on Form 8 - K filed with the SEC . Such forward - looking statements are and will be subject to many risks , uncertainties and factors relating to our operations and the business environment that may cause our actual results to be materially different from any future results . Additional information concerning these and other important factors can be found under the heading " Risk Factors " in GTT 's annual reports on Form 10 - K and quarterly reports on Form 10 - K filed with the Securities and Exchange Commission . Statements in this release should be evaluated in light of these important factors . # # # For GTT Media Inquiries , please contact : Ilissa Miller Jaymie Scotto & Associates 1 . 866 . 695 . 3629 pr@jaymiescotto.com For GTT Investor Relations Inquiries , please contact : Eric Swank Chief Financial Officer 1 . 703 . 442 . 5129 Eric.Swank@gt-t.net
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