EXHIBIT 99.1
Wednesday May 24, 8:01 am Eastern Time
Company Press Release
SOURCE: RSL Communications, Ltd.
RSL COM Delays IPO for Australian Operations Because of Market Conditions
HAMILTON, Bermuda and NEW YORK, May 24 /PRNewsire/ -- RSL Communications, Ltd.
(Nasdaq: RSLC - news) today announced that, based on the advice of its financial
advisors in Australia, it has decided to delay its 100 percent IPO of its
Australian subsidiary because of poor market conditions.
"Although potential investors recognized the achievements of the company, we do
not feel the true value of our Australian operations would be realized under
current market conditions," said Itzhak Fisher, President and CEO of RSL
Communications, Ltd. "We remain committed to pursuing this IPO at a later stage
and will monitor the public equity markets with our financial advisors so that
we are in a position to resume the process when market conditions improve."
RSL Communications, Ltd. is a facilities-based communications company that
provides a broad range of data/Internet, voice and value-added product and
service solutions primarily to small and medium sized businesses and residential
customers in selected markets around the globe. Through our subsidiary,
deltathree.com, we also own and operate a privately managed Internet Protocol
(IP) telephony network with 46 points of presence in 29 countries around the
world. For additional information on RSL Communications, Ltd. visit the website
at http://www.rslcom.com .
SOURCE: RSL Communications, Ltd.
