Ptek Acquires Connect-Us Group Communications
Acquisition of Conferencing Services Provider Expected to be Accretive to Revenue and Earnings
ATLANTA, GA, September 01, 2004 -
Ptek Holdings, Inc. (NASDAQ: PTEK ), a leading provider of innovative business, data and group communications services, today announced the acquisition of Connect-us Group Communications for $8.9 million net of working capital. Ptek funded the purchase with the Company's bank credit facility.
Virginia-based Connect-us offers a full suite of audio and data conferencing services and has an annualized revenue run rate of approximately $6 million, based on first half 2004 results. Its operating results will be reflected in Ptek's consolidated financial statements beginning today, and the Company believes the purchase will be accretive to revenue and earnings.
"Connect-us has built a growing business catering to small- and medium-sized enterprises," said Boland T. Jones, Ptek's Founder, Chairman and CEO. "We believe its customers will benefit from Premiere Conferencing's broad suite of collaborative solutions, industry-leading client services and global presence."
About Ptek Holdings, Inc.
Ptek Holdings, Inc. is a leading provider of innovative business, data and group communications services for global enterprises. Companies use our audio and data conferencing solutions to conduct group meetings and presentations over the phone or Web. We also enable our customers to process and deliver large quantities of individualized, business critical information, such as electronic statements and invoices, financial transaction and travel confirmations, and drug prescriptions, via our global ASP platform. Ptek serves companies in nearly every business sector, including healthcare, technology, publishing, financial services, travel and hospitality. Our services are marketed under the Premiere Conferencing and Xpedite® brand names.
Ptek Holdings' corporate headquarters is located at 3399 Peachtree Road NE, Suite 700, Atlanta, GA 30326. Additional information can be found at www.ptek.com.
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Forward-looking and cautionary statements
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Ptek's forward-looking statements, including, but not limited to, the following factors: technological change; the development of alternatives to our services; our ability to manage our growth; integration of acquired companies; possible adverse effects on our financial condition if we are unable to retain IBM as a customer at the levels currently forecasted; possible adverse results of pending or future litigation or infringement claims; service interruptions; competitive pressures, including pricing pressures; general domestic and international economic, business or political conditions; legislative or regulatory changes; increased financial leverage; our dependence on our subsidiaries for cash flow; and other factors described from time to time in our press releases, reports and other filings with the SEC, including but not limited the "Risk Factors Affecting Future Performance" section of our Annual Report on Form 10-K for the year ended December 31, 2003. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.