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EXHIBIT 99.2
BRIGHTPOINT ANNOUNCES PLAN TO REPURCHASE CONVERTIBLE BONDS
Oct. 30, 2000--Brightpoint, Inc. (NASDAQ:CELL) announced today that its
board of directors has approved a plan ("Plan") under which the Company intends
to repurchase up to 130,000 of its convertible, subordinated, zero-coupon bonds
due 2018 ("Bonds") (accreted book value of approximately $65 million at
September 30, 2000). Repurchases will be made in the open market, in privately
negotiated transactions or otherwise. The timing and amount, if any, of any
repurchases will depend on many factors, including, but not limited to, the
prevailing market price of the Bonds and overall market conditions. The Company
intends to fund the repurchases of the Bonds from working capital.
Prior to any repurchase, the Company has 380,000 Bonds outstanding with a
total accreted book value of $190 million at September 30, 2000. Each Bond
converts, at the holder's option, into 19.109 shares of the Company's common
stock. On October 27, 2000, the closing price of the common stock was $5.50 per
share. Interest on the Bonds accretes at 4% per annum. Bondholders have a right
to put the Bonds to the Company in certain circumstances, including but not
limited to, the fifth anniversary of their issuance (March 11, 2003), as well as
on the tenth and fifteenth anniversaries. The put price on March 11, 2003 is
$552.07 per Bond.
Brightpoint, Inc. is a leading provider of outsourced services in the
global wireless telecommunications and data industry. Brightpoint's innovative
services include contract manufacturing, customized packaging, prepaid and
e-commerce solutions, inventory management, distribution and other outsourced
services. Brightpoint's customers include leading network operators, e-tailers,
retailers and wireless equipment manufacturers. Additional information about
Brightpoint can be found on its website at www.brightpoint.com or by calling its
toll-free Investor Relations Information line at 877-IIR-CELL (877-447-2355).
Certain information in this press release may contain forward-looking
statements regarding future events or the future performance of Brightpoint.
These statements are only predictions and actual events or results may differ
materially. Please refer to the documents the Company files, from time to time,
with the Securities and Exchange Commission; specifically, Brightpoint's most
recent Form 10-K, Form 10-Q and Exhibits 99, thereto. These documents contain
and identify important risk factors that could cause the actual results to
differ materially from those contained in or implied by these forward-looking
statements. These risk factors include, without limitation, the ability of the
Company to complete the repurchases contemplated under the Plan, the adequacy of
the Company's working capital to complete the repurchases and overall market
conditions for the Bonds. Readers are cautioned not to place undue reliance on
these forward-looking statements which speak only as of the date these
statements were made. Brightpoint undertakes no obligation to update any
forward-looking statements contained in this press release._______________
Contact:
Brightpoint, Inc., Indianapolis, Indiana
Phillip A. Bounsall, 317/297-6100
