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Exhibit 99.04
NEWS RELEASE
FOR IMMEDIATE RELEASE JUNE 13, 2000
[GST TELECOMMUNICATIONS LOGO]
GST RECEIVES APPROVAL TO PROCEED WITH OPEN AUCTION FOR ASSETS
(VANCOUVER, Wash.) GST Telecommunications, Inc. (Nasdaq: GSTXQ), an Integrated
Communications Provider (ICP) in California and the western United States, today
announced that an open bidding procedure has been approved for the auction of
substantially all its assets. The Company, with support of the Official
Committee of Unsecured Creditors appointed in its bankruptcy case, received
approval yesterday of open bid procedures from the District Court for the
District of Delaware with jurisdiction over the Company's bankruptcy
proceedings.
The bidding procedure stipulates that qualified buyers must submit qualified
bids no later than July 31. An auction will be conducted on August 4. Should the
Committee and the Company accept a final bid, the Company estimates a
mid-September close of sale pending Court approval and appropriate regulatory
approvals.
"We and the Committee believe that the July 31st date provides qualified bidders
ample time to complete due diligence," said Tom Malone, acting chief executive
officer of GST. "We are committed to facilitating an equal and comprehensive due
diligence process for all qualified bidders."
GST Telecommunications, Inc., an Integrated Communications Provider (ICP)
headquartered in Vancouver, Wash., provides a broad range of integrated
telecommunications products and services including enhanced data and Internet
services and comprehensive voice services throughout the United States, with a
significant presence in California and the West. Visit GST's Web site at
www.gstcorp.com.
This release may contain forward-looking statements which involve risks and
uncertainties. Our actual results may differ materially from the projections
made here. Additional factors which may affect actual results are contained in
the Company's filings with the SEC, including the report on Form 10-K for the
period ended December 31, 1999. Forward-looking statements in this release are
made pursuant to the safe harbor provisions contained in the Private Securities
Litigation Reform Act of 1995.
For more information, please contact:
GST Telecommunications, Inc.
Investor & Public Relations
(800) 667-4366
