EXHIBIT 99
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EGLOBE, INC. NEWS RELEASE
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FOR IMMEDIATE RELEASE TRADING SYMBOL: EGLO
DATE: November 1, 2000 STOCK EXCHANGE: NASDAQ
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Company Contact: Agency Contacts:
Allen Mandel Jeffrey Volk/Stephen Axelrod, CFA
Senior VP Corporate Affairs Wolfe Axelrod Weinberger Assoc. LLC
(800) 688-0092 (212) 370-4500
email: [email protected]
eGLOBE ANNOUNCES REVERSE STOCK SPLIT
Washington, D.C., November 1, 2000 -- eGlobe, Inc. (Nasdaq NM:
EGLO) eGlobe announced today that its Board of Directors has approved a
one-for-4.7 reverse stock split of its outstanding common shares. The reverse
stock split will be effective upon filing of a charter amendment relating to the
reverse stock split, expected to occur on Monday, November 13, 2000. Authority
to implement the stock split was obtained from stockholders at eGlobe's recent
stockholder meeting.
eGlobe will pay cash in lieu of any fraction of a share that
any stockholder would otherwise receive. The price for such fractional share
will be based on the closing market price of eGlobe's common stock on the day
preceding the filing date of the charter amendment.
After effectiveness of reverse stock split, eGlobe's transfer
agent will notify eGlobe's stockholders and request that stockholders surrender
their certificates representing shares of pre-split common stock to the transfer
agent so that certificates representing the appropriate number of shares of
post-split common stock, together with a cash payment in lieu of any fractional
share, may be issued in exchange.
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About eGlobe
eGlobe is a leading global provider of enhanced Internet
services for the world's telephone companies and Internet Service Providers.
eGlobe's services include: Voice over IP, telephone-based portal, unified
messaging services and customer support. eGlobe originates traffic in more than
100 territories and countries and terminates anywhere in the world. eGlobe
provides its services principally to large national telephone companies, to ISPs
and portals.
Certain statements in this news release are "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 and involve known and unknown risks, uncertainties and other factors
that may cause the Company's actual results, performance or achievements to be
materially different from the results, performance or achievements expressed or
implied by the forward looking statement. Factors that impact such forward
looking statements include, among others, the ability of the Company to attract
additional business, the ability of the Company to successfully integrate
acquisitions and mergers, complete software development and offer new products,
changes in expectations regarding restructurings, including tax liabilities and
reductions in cost, possible changes in collections of accounts receivable,
risks of competition, price and margin trends, changes in worldwide general
economic conditions, changes in interest rates, currency rates and worldwide
competition.
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