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Exhibit 99.2
[LOGO] AT&T Latin America
NEWS RELEASE
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AT&T LATIN AMERICA COMPLETES MERGER WITH FIRSTCOM
AND
BEGINS TRADING ON THE NASDAQ UNDER THE SYMBOL "ATTL"
FIRST DAY OF TRADING MARKS OFFICIAL LAUNCH OF THE NEW COMPANY
FOR IMMEDIATE DISTRIBUTION - TUESDAY, AUGUST 29, 2000
MIAMI - AT&T Latin America, the region's newest full-service
telecommunications provider with operations in five Latin American countries,
begins trading today of its Class A common shares on the NASDAQ National Market
under the symbol ATTL.
AT&T Latin America's public listing results from its merger with
FirstCom Corporation, which was completed yesterday after a special meeting in
New York for FirstCom shareholders. This merger is a key move in AT&T's
strategic plan for Latin America, which began with AT&T's acquisition of two
Latin American communications companies during the past year - Netstream in
Brazil and Keytech LD in Argentina.
"We are excited about the launch of AT&T Latin America, and look
forward to working with the associates of this new company to serve the needs of
business customers in the region," said C. Michael Armstrong, chairman and CEO
of AT&T. "Patricio Northland and his team bring a strong entrepreneurial
approach to the business, while sharing AT&T's standards of quality and
service."
"I am honored and delighted to lead AT&T Latin America Corp.," stated
Patricio E. Northland, president and CEO of AT&T Latin America. "With an
experienced team in place, I look forward to executing our business plan and
achieving our mission of becoming a leading provider of advanced communications
services to businesses in key Latin American markets."
Ownership of the company on a fully diluted basis is as follows: AT&T
Corp. will own approximately 58% in the form of Class B common shares; former
FirstCom shareholders will own approximately 34% of the company; SL
Participacoes, an affiliate of Promon, one of the leading engineering firms in
Brazil and former owner of Netstream, will own approximately 7%, and the former
owners of Keytech LD will own slightly less than 1%. Holders of Class A common
stock have one vote per share and holders of Class B preferred stock have ten
votes per share.
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Former FirstCom shareholders are entitled to receive one share of Class
A common stock of AT&T Latin America for each share of FirstCom common stock
they own.
The AT&T Latin America Board of Directors will be comprised of Patricio
E. Northland, who will act as chairman, five AT&T Corp. representatives and
three independent directors.
AT&T Latin America is a U.S.-based organization with a strong
in-country presence in Argentina, Brazil, Chile, Colombia, and Peru. Today the
company has more than 1,100 employees and provides advanced, last-mile voice and
data connectivity in key business markets in the five countries. As of June,
2000, AT&T Latin America's high speed fiber network reached more than 3,000
route kilometers or 95,000 fiber kilometers in eleven principal metropolitan
areas in South America, and connects data and Internet customers in Brazil (more
than 700), Chile (more than 1,000), Colombia (more than 400), and Peru (more
than 500). It offers broadband communications services through its own
high-speed networks, which are capable of carrying a variety of data, Internet,
voice, video-conferencing and electronic commerce traffic over a common IP based
platform.
AT&T Latin America also intends to offer global connectivity through
its linkages and relationships with AT&T Global Network Services (AGNS) and
Concert, and to distribute the services offered by both entities. AGNS offers a
portfolio of managed network services for enterprise connectivity,
collaboration, and network outsourcing, while Concert offers facilities based
communications solutions for multinational companies and other business
customers and institutions worldwide.
AT&T Latin America's goal is to become a strategic partner for each of
its customers, providing the advanced communications services they need. The
company intends to provide the knowledge and experience to partner with
customers to make a lasting difference to their businesses.
ABOUT AT&T CORP.
AT&T Corp.(WWW.ATT.COM) is among the world's premier voice, video and
data communications companies, serving more than 80 million customers, including
consumers, businesses and government. AT&T has annual revenues of more than $62
billion and 160,000 employees, and provides services to customers worldwide.
Backed by the research and development capabilities of AT&T Labs, the company
runs the world's largest, most sophisticated communications network, is the
largest cable operator in the U.S., and has one of the largest digital wireless
networks in North America.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: THE FOREGOING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES
THAT MAY CAUSE AT&T LATIN AMERICA AND FIRSTCOM'S ACTUAL RESULTS OR OUTCOMES TO
BE MATERIALLY DIFFERENT FROM THOSE ANTICIPATED AND DISCUSSED IN THIS PRESS
RELEASE. EXCEPT FOR HISTORICAL INFORMATION CONTAINED IN THIS PRESS RELEASE, THE
MATTERS DISCUSSED CONTAIN FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES, INCLUDING BUT NOT LIMITED TO ECONOMIC, COMPETITIVE, GOVERNMENTAL
AND TECHNOLOGICAL FACTORS DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, WHICH READERS ARE URGED TO READ CAREFULLY IN ASSESSING
THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.
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A REGISTRATION STATEMENT RELATING TO AT&T LATIN AMERICA'S CLASS A STOCK HAS BEEN
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, BUT HAS NOT YET BECOME
EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED
PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PRESS
RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY
NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR
QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
FOR FURTHER INFORMATION:
Lydia R. Rodriguez Sue Fleming
AT&T Latin America AT&T Corp.
305-774-2368 (office) 908-221-8824
305-613-6767 (cell) 908-230-3042
[email protected] [email protected]
David J. Caouette Lernardo Santiago
AT&T Corp. Brainerd Communicators
908-221-6382 212-986-6667
[email protected] [email protected]
