Mercator Partners Acquisition Corp. Completes Acquisitions Creating Global VNO Leader
RESTON, VIRGINIA(October 16, 2006) - Mercator Partners Acquisition Corp.
(OTCBB:MPAQ - News, MPAQB - News; "Mercator Partners" or the "Company") today
announced the acquisition of all the outstanding shares of Global Internetworking, Inc.
and European Telecommunications & Technology Limited following approval by its
stockholders. Mercator Partners will change its name today to Global Telecom &
Technology, Inc. As a result of the acquisition of these companies, Mercator Partners'
outstanding shares of Class B common stock have been automatically converted into
shares of Mercator Partners' common stock. In accordance with the proxy, the Company
was able to consummate the stock purchases by having stockholders of Global
Internetworking and European Telecommunications & Technology and other parties due
proceeds from the acquisitions agree to defer cash payments of over $6.2 million at the
closing of the acquisitions. The Company has issued 6% promissory notes to the
stockholders for their deferral. These notes become due on June 30, 2007.
The Company will be contacting the OTC Bulletin Board to cease trading in its shares of
Class B common stock under the MPAQB symbol. Until that occurs, shares trading under
the symbols of MPAQ and MPAQB shall represent the same class of shares of common
stock. The Company is in the process of completing its application to list its common
stock, Class W and Class Z warrants on Nasdaq. Mercator Partners plans to supplement
this press release through the filing of a Form 8-K by Friday, October 20, 2006.
This press release contains statements about future events and expectations, which are
"forward-looking statements." Any statement in this release that is not a statement of
historical fact may be deemed to be a forward-looking statement. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors which may
cause the company's actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by
such forward-looking statements. These factors should be considered in evaluating the
forward-looking statements, and undue reliance should not be placed on such statements.
Contact:
Mercator Partners Acquisition Corp.
Rhodric Hackman, 703-995-5534
rch@mercatorpac.com
