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Global Telecom & Technology Completes Acquisition of WBS Connect
Transaction Combines Large Customer Base With Strong Operations Platform for Future Growth
| Quelle: Global Telecom & Technology
MCLEAN, VA--(Marketwire - 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.