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 IDT Completes Investment in STAR Telecommunications |
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Feb. 8, 2001--STAR Telecommunications Inc. (Nasdaq:STRX - news) today announced the successful closing of IDT Corp.'s (Nasdaq:IDTC - news) investment in STAR Telecommunications. IDT purchased 8,700,087 shares of common stock directly from STAR in primary issuance. Additionally, IDT acquired a three year warrant to purchase 3,389,249 additional shares, subject to anti-dilution rights. IDT had previously acquired 2,916,900 shares of STAR common stock in open market purchases following the appointment of STAR's new management team. Thus, IDT presently holds a total of 11,616,987 shares of STAR common stock, not including the shares subject to its three year warrant. IDT has agreed to grant a voting proxy for its shares to STAR's chairman and chief executive officer, Brett Messing. "We are extremely pleased to have IDT as our largest shareholder and we look forward to developing a broad-based business relationship with IDT,'' stated Messing. About STAR TelecommunicationsSTAR Telecommunications provides global telecommunications services to consumers and long distance carriers. STAR provides international and national lon distance services, international private line, dial around services and international toll-free services. Except for the historical information contained herein, this news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. STAR's future actual results could differ materially from the forward-looking statements discussed herein. A list of the factors that could cause actual results to differ materially can be found in the documents that STAR files with the SEC including those contained in STAR's Form 10-K for the period ended Dec. 31, 1999 and in other documents filed by STAR with the SEC. STAR Telecommunications Inc., Santa Barbara |
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