SOURCE: PRIMUS Telecommunications Group, Inc.

Primus Telecommunications Group, Inc.

August 15, 2011 07:00 ET

PTGi Announces Globility's Sale of Canadian Wireless Spectrum Assets for C$15 Million

MCLEAN, VA--(Marketwire - Aug 15, 2011) - Primus Telecommunications Group, Incorporated (PTGi) (NYSE: PTGI), a global facilities-based integrated provider of advanced telecommunications products and services, announced that Globility Communications Corporation (Globility), a Canadian local exchange carrier, has entered into an agreement to sell its 3.5 GHz fixed wireless spectrum licenses in 29 rural and urban markets across Canada for C$15 million. The license transfer is subject to Industry Canada approval.

PTGi indirectly owns a 45.6% interest in Globility, in compliance with Canadian telecommunication laws.

Peter D. Aquino, Chairman, President and Chief Executive Officer, stated, "PTGi is in full agreement with Globility's decision to monetize these non-core investments. This strongly complements PTGi's focus of investing in Canada in areas in which we can build sustainable long-term advantages for growth."

Forward-Looking Statements
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission (SEC). All statements, other than statements of historical fact, included herein that address activities, events or developments that PTGi expects, believes or anticipates will or may occur in the future, including anticipated benefits and other aspects of the stock repurchase program, are forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, PTGi at the time this news release is issued. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially including, among other things, those outlined in our filings with the SEC, including PTGi's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q on file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. Except as required by law, PTGi does not intend to update or revise its statements made in this press release, whether as a result of new information, future events or otherwise.

About Globility
Globility is a registered Canadian Competitive Local Exchange Carrier. Globility operates in most major urban areas across Canada. As a result of a recent merger with its wholly owned subsidiary, MIPPS Inc., Globility also became the holder of fixed wireless spectrum licenses and assets across Canada.

About PTGi
PTGi (Primus Telecommunications Group, Incorporated) is a leading provider of advanced communication solutions, including, traditional and IP voice, data, mobile services, broadband Internet, collocation, hosting, and outsourced managed services to business and residential customers in the United States, Canada, Australia, and Brazil. PTGi is also one of the leading international wholesale service providers to fixed and mobile network operators worldwide. PTGi owns and operates its own global network of next-generation IP soft switches, media gateways, hosted IP/SIP platforms, broadband infrastructure, fiber capacity, and data centers located in Canada, Australia, and Brazil. Founded in 1994, PTGi is headquartered in McLean, Virginia.

Contact Information

  • Investor Contact:
    PTGi
    Richard Ramlall
    SVP Corporate Development and Chief Communications Officer
    703-748-8050
    ir@ptgi.com

    Lippert/Heilshorn & Assoc., Inc.
    Carolyn Capaccio
    Vice President
    212-838-3777
    ccapaccio@lhai.com