Global Telecom & Technology (GTT) Separates Series A Units and Series B Units
MCLEAN, Va.--(January 18, 2007) - Global Telecom & Technology, Inc. ("GTT")
(OTCBB:GTLT - News) today announced that it intends to exercise its right to require
the separation of its Series A Units and Series B Units as issued in GTT's April 2005
initial public offering into the securities comprising these units.
Currently, the following securities are contained within each unit:
Series A Unit: Two (2) shares of Common Stock, Five (5) Class W
Warrants, and Five (5) Class Z Warrants
Series B Unit: Two (2) shares of Common Stock, One (1) Class W
Warrant, and One (1) Class Z Warrant
Immediately following the separation, GTT will withdraw the registration of the Series A
Units and the Series B Units, and trading in the units will cease. The shares and warrants
comprising the units will continue to trade separately on the OTCBB. This separation is
scheduled to take effect by the close of business on Friday, January 19, 2007.
"Since the completion of the acquisitions, it is no longer necessary to continue the
securities structure that supported our predecessor special purpose IPO format and
brought us to this point. We can now streamline our public securities offerings to present
investors of all types opportunities to invest in GTT that are more easily understood,"
said Mike Keenan, chief executive officer, GTT. "Upon the separation of our Series A
and B units we will have a capital structure consisting of 3 securities for investors to
consider - our common stock, our Class W Warrants and our Class Z Warrants."
About Global Telecom & Technology, Inc.
Formed in October 2006, following the acquisition by Mercator Partners Acquisition
Corp. of all the outstanding shares of Global Internetworking Inc. and European
Telecommunications & Technology Limited, Global Telecom & Technology, Inc.
("GTT") (OTCBB:GTLT - News) 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 an optimal 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 are forward-looking in nature.
Actual results may differ materially from those projected in forward-looking statements.
GTT believes that its primary risk factors include, but are not limited to: developing and
marketing new products and services that meet customer demands and generate
acceptable margins; loss of key customers; negotiating and entering into acceptable
contract terms with our suppliers; attracting and retaining qualified management and
other personnel; and competition and other risks associated with the communications
sector in general and the virtual network operator sector in particular. Additional
information concerning these and other important factors can be found within GTT's
filings with the Securities and Exchange Commission. Statements in this release should
be evaluated in light of these important factors.
Contact:
Global Telecom & Technology, Inc.
Media Inquiries:
Andrew Goldsmith, +1 703-442-5500
andrew.goldsmith@gt-t.net
or
Investor Inquiries:
Trish Drennan, +1 703-725-7625
tdrennan@gt-t.net
