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Exhibit 99.1
[LOGO OF PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED]
FOR IMMEDIATE RELEASE
CONTACT:
--------
Jordan Darrow
PRIMUS Telecommunications
(212) 703-0116
[email protected]
PRIMUS TELECOMMUNICATIONS COMPLETES $10 MILLION
INVESTMENT FROM INKTOMI CORPORATION
McLEAN, VA -- January 10, 2001 -- PRIMUS Telecommunications Group,
Incorporated (Nasdaq: PRTL), a global facilities-based Total Service Provider
offering an integrated portfolio of data, Internet, e-commerce, applications
hosting and voice services, today announced it has received an investment from
Inktomi Corporation (Nasdaq: INKT) of $10 million in exchange for 2,862,254
restricted shares of PRIMUS common stock. The Inktomi investment is part of a
strategic alliance created between the two companies in June 2000.
PRIMUS Telecommunications Group, Incorporated (Nasdaq: PRTL) is a global
facilities-based Total Service Provider offering bundled data, Internet, digital
subscriber line (DSL), e-commerce, web hosting, enhanced application, virtual
private network (VPN), voice and other value-added services. The Company owns
and operates an extensive global network of owned and leased transmission
facilities, including over 300 IP points-of-presence (POPs) and Internet peering
relationships throughout the world, ownership interests in over 23 undersea
fiber optic cable systems, 23 international gateway and domestic switches, a
satellite earth station and a variety of operating relationships that allow the
Company to deliver traffic worldwide. PRIMUS has been expanding its e-commerce
and Internet capabilities with the deployment of a global state-of-the-art
broadband fiber optic ATM+IP network. Founded in 1994 and based in McLean, VA,
the Company serves corporate, small- and medium-sized business, residential and
data, ISP and telecommunication carrier customers primarily located in the North
America, Europe and Asia-Pacific regions of the world. News and information are
available at the Company's Web site at WWW.PRIMUSTEL.COM.
***
The statements in this release are "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. Such statements are based on current
expectations, are not strictly historical statements, and may differ materially
from actual results. Forward looking statements include without limitation,
those regarding management's plans, goals, expectations, guidance, objectives,
strategy, and timing for future operations and products such as roll-out of our
network or data centers, product plans and performance, predictions or
expectations of future growth, management's assessment of market factors, the
availability of financing and future financial performance. Among factors that
could cause actual results to differ materially are changes in business
conditions; changes in the telecommunications or Internet industry or the
general economy or capital markets; DSL, Internet and telecom competition;
changes in service offerings or business strategies; inability to lease space
for data centers at commercially reasonable rates; difficulty in provisioning
Voice over IP services; changes in the regulatory schemes and regulatory
enforcement in the markets in which we operate; restrictions on our ability to
follow certain strategies or complete certain transactions as a result of our
capital structure or debt covenants; the possible inability to raise capital
when needed, or at all; risks associated with PRIMUS's limited DSL, Internet and
web-hosting experience and expertise, entry into developing markets, the
possible inability to hire and/or retain qualified sales, technical and other
personnel, particularly as we continue to attempt to grow our data-centric
services, and managing rapid growth; and risks associated with international
operations (including foreign currency translation risks); dependence on
effective information systems; dependence on third parties to enable us to
expand and manage our global network and operations; and dependence on the
implementation and performance of PRIMUS's global ATM+IP communications network.
These factors are discussed more fully in PRIMUS's public filings, including its
most recent 10Q and 10K filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date these statements were made. PRIMUS
disclaims any intention or obligation to update or revise any forward looking
statements, whether as a result of new information, future events or otherwise.
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