Global Telecom & Technology Appoints H. Brian Thompson Interim Chief Executive Officer
D. Michael Keenan Steps Down as CEO
MCLEAN, Va., February 23, 2007 – Global Telecom & Technology, Inc. (“GTT”),
(OTCBB: GTLT), a global Multi-Network Operator (MNO), today announced that
its Board of Directors, by unanimous vote of its independent directors, has
appointed H. Brian Thompson as Interim Chief Executive Officer (CEO). In
addition to his duties as CEO, Mr. Thompson will continue in his current role as
Executive Chairman.
Mr. Keenan resigned as GTT’s CEO effective February 23, 2007. He continues
to serve the company as a Director.
“Mike’s decision to step down is a mutual one. It takes a unique individual to
recognize when change is needed in an organization, particularly when it is his
role that must change. As a shareholder and member of GTT’s executive
management team, Mike had the vision to make this important and far-reaching
change,” Mr. Thompson said. “On behalf of the Board, the shareholders, and the
entire GTT family, I want to thank Mike for his efforts to bring the company to
where it is today. Mike was co-founder of Global Internetworking, now GTT’s
North American operation, and he was instrumental in helping to complete the
complex transaction between Mercator Partners, Global Internetworking and
European Telecommunications & Technology to create today’s GTT.”
“We are at a critical stage of our growth now that the transaction is complete and
integration is well underway”, Thompson continued. “The Board and I have
significant plans for this company which include continued internationalization
and expansion of our service offerings, both leading to the ultimate goal of
creation of increased shareholder value. To do so we need a telecom executive
with demonstrated success in growing emerging public entities into large global
industry leaders. The Board is in the process of conducting a search for Mike’s
successor.”
Mr. Keenan said, “As a global public company with an aggressive growth
strategy, the company needs a leader who has the experience necessary to take
GTT to the next level. As an entrepreneur I have taken the company as far as I
can. It’s time to turn over leadership of this dynamic company to an industry
leader with the strongest possible telecom, international, and public company
experience. I am pleased that Brian, who has the skill set and experience to lead
GTT through this transition, has agreed to take on this responsibility at such a
critical time.”
Mr. Thompson has been a leader in the global competitive telecommunications
industry for over three decades. He is currently Chairman of Comsat
International, and has served as Chairman and Chief Executive Officer of Global
TeleSystems Group, Inc., Chairman of Eircom, the Irish telecommunications
company and Chairman and Chief Executive Officer of LCI International.
Joining LCI in 1991, Mr. Thompson led the turnaround of the company and its
emergence as one of the fastest growing telecommunications companies in the
U.S. In June 1998, LCI was acquired by Qwest and he became Vice Chairman of
the combined company until his resignation in December 1998. Prior to that, Mr.
Thompson was Executive Vice President of MCI Communications Corporation
with responsibility for all the company’s operating divisions, including MCI
International. Earlier in his career, Mr. Thompson was a management consultant
with McKinsey & Company, where he specialized in the management of
telecommunications and technology enterprises.
About GTT
Formed in October 2006, following the acquisition by Mercator Partners
Acquisition Corp. of Global Internetworking Inc and European
Telecommunications & Technology Limited, Global Telecom & Technology, Inc.
(“GTT”) (OTCBB: GTLT) is a new type of service provider: a Multi-Network
Operator (“MNO”).
As a Multi-Network Operator, GTT does not own the infrastructure upon which its
services are provided. Instead, GTT designs solutions based on its customer’s
requirements, using a combination of telecommunications networks and
technologies. Unlike traditional network centric carriers, GTT provides best-of-
breed solutions by procuring, integrating and managing components of these
various networks on its customers’ behalf. GTT has taken the inherent
advantages of the Multi-Network Operator approach to a new level through a
combination of powerful network design and pricing tools; a global service
footprint; a deep and broad set of strategic vendor relationships; and above all,
an expert team committed to delivering outstanding end-to-end customer service.
Headquartered in McLean, Virginia and with offices in London, Paris, Dusseldorf,
New Delhi, and New York, GTT provides a global service footprint covering more
than 50 countries, and it has more than 200 customers and in excess of 100
carrier partnerships around the world. For more information visit the GTT web
site: www.gt-t.net
Forward-Looking Statement
Some of the statements made by GTT in this press release, including without
limitation statements regarding GTT’s anticipated future growth, are forward-
looking in nature. GTT intends that any forward-looking statements, as defined in
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), shall be covered by the safe harbor provisions for such
statements contained in Section 21E of the Exchange Act. Statements that are
predictive in nature, that depend upon or refer to future events or conditions, or
that include words such as “may,” “will,” “should,” “expects,” “anticipates,”
“intends,” “plans,” “believes,” “estimates,” “predicts,” “potential,” “continues” and
similar expressions are forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties that may cause the
Company’s actual future results to differ materially from those projected or
contemplated in the forward-looking statements. GTT believes that these risks
include, but are not limited to: GTT’s ability to develop and market new products
and services that meet customer demands and generate acceptable margins;
GTT’s reliance on several large customers; GTT’s ability to negotiate and enter
into acceptable contract terms with its suppliers; GTT’s ability to attract and retain
qualified management and other personnel; failure of the third-party
communications networks on which GTT depends; and competition and other
risks associated with the communications sector in general and the multi-network
operator sector in particular. Additional information concerning these and other
important factors can be found under the heading “Risk Factors” in GTT’s
Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission in November 2006, and in GTT’s other annual and quarterly reports
filed from time to time with the Securities and Exchange Commission.
Statements in this release should be evaluated in light of these important factors.
Media Inquiries:
Andrew Goldsmith
Vice President of Marketing, Strategy and Business Development
+1 703 442 5500
andrew.goldsmith@gt-t.net
Investor Inquiries:
Trish Drennan
Investor Relations
+1.703.725.7625
tdrennan@gt-t.net
