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Vialog Extends Exchange Offer for Senior Notes
BEDFORD, Mass.--August 1, 2000--Vialog Corporation (AMEX: VX), a leading
provider of audio, video and Internet conferencing services, announced today
that its pending exchange offer for its 12.75% Senior Notes has been extended
until September 15, 2000. Pursuant to the exchange offer, which had been
scheduled to expire on July 31, Vialog is offering to exchange shares of a newly
created series of convertible preferred stock and cash for its outstanding
Senior Notes. Vialog still plans to consummate the exchange offer prior to
September 30, 2000.
Vialog also reported that it is in continuing discussions with a number of
parties, including two major financial institutions which Vialog has been
working with since earlier this year, to arrange the financing necessary to
complete the exchange offer. Vialog stated that it remains optimistic that the
necessary financing will be available. However, if the Company is unable to
obtain this financing, it will not be able to complete the exchange offer.
The Company also stated that it has obtained new lock-up letters from
nearly all of the holders of the Senior Notes who had executed lock-up letters
earlier this year agreeing to support the exchange offer.
About Vialog
Vialog is a leading provider of teleconferencing services, including
audioconferencing, videoconferencing, web presentation; and messaging services,
such as voicemail broadcast, e-mail broadcast and fax broadcast. Vialog helps
its more than 6,000 corporate customers communicate more professionally,
efficiently and effectively by delivering superior customer service and an
extensive range of enhanced and customized conferencing solutions. Vialog's
common stock (symbol:VX) is quoted on AMEX. For more information, visit
vialog.com for direct, online access to Vialog's conferencing and messaging
services.
Statements in this press release that are not based on historical facts may
be considered forward-looking statements that involve risks and uncertainties,
including but not limited to: changes in the market, new products and
announcements from other companies, changes in technology, and the impact of
competitive products and pricing. Additional information on the factors that
could affect the Company's financial results is included in the Company's 1999
Form 10-K and other Company reports, which are filed with the Securities and
Exchange Commission.
Contact:
Vialog
Michael E. Savage, (978) 975-3700
