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EXHIBIT 99
[PENTASTAR LOGO]
PENTASTAR COMMUNICATIONS, INC. ANNOUNCES
COMPLETION OF $3.3 MILLION PRIVATE PLACEMENT OF
COMMON STOCK
Denver, Colorado (September 1, 2000) - PentaStar Communications, Inc. (NASDAQ:
PNTA), the largest communications services agent in the country, announced today
that it has completed the sale of 156,313 shares of common stock at a price of
approximately $21.11 per share to three selected institutional investors and a
private investor. The newly issued shares were issued in a private placement,
without registration under federal or state securities laws, and therefore, are
not freely tradeable. The investors participating in the private placement may
require registration of the securities for resale after March 1, 2001. The terms
of the private placement will be described in the Form 8-K that the Company
expects to file by September 18, 2000.
PentaStar intends to use the net proceeds to fund its strategy of acquiring
communications services agents and to support various operational initiatives.
"This investment will enable PentaStar to increase its market coverage through
the continued acquisition of communications services agents, while concurrently
focusing on operational enhancements that will augment our organic growth," said
Robert S. Lazzeri, Chief Executive Officer of PentaStar.
This press release is not intended and shall not be construed as an offer to
sell or a solicitation of an offer to buy any securities of the Company. The
offering described in this press release has been completed.
ABOUT PENTASTAR COMMUNICATIONS, INC.
PentaStar designs, procures and facilitates the installation and use of
communications services solutions that best meet customers' specific
requirements and budgets. PentaStar was formed in March 1999 to become a
national communications services agent and specializes in being the single
source provider of total communication solutions for its business customers.
PentaStar's common stock is traded on the Nasdaq SmallCap Market under the
ticker symbol PNTA. For more complete information about PentaStar, contact
PentaStar Communications, Inc., 1660 Wynkoop St., Denver, Colorado 80202, (303)
825-4400, visit the company's website at www.pentastarcom.com or send an e-mail
to [email protected].
This press release may contain forward-looking statements. Such forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results or outcomes to differ materially from those currently
anticipated. Factors that could affect actual results or outcomes include those
described in PentaStar's Registration Statement on Form SB-2, its Form 10-KSB
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dated March 30, 2000, its Form 8-K dated March 31, 2000, its Form 8-K dated
April 17, 2000 , its Form 10Q-SB dated May 15, 2000, Form 10Q-SB dated August
14, 2000 and all other Securities and Exchange Commission filings submitted as
of this date.
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CONTACT INFORMATION:
Nancy Shipp
PentaStar Communications Inc.
E-mail: [email protected]
Phone: 303-825-4400
