Covista Communications, Inc. Reduction of Staff.Business Editors CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Feb. 12, 2002 Covista Communications, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on symbol: CVST CVST Chinese Visiting Scholars in Toronto (Canada) ) today announced reductions in staffing totaling approximately 26% of the Company's total workforce. The staffing cuts reflect the continuing effects of the events of September 11, when Covista lost the use of its New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. telecommunications switching facility for several weeks. John Leach, Covista's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Covista has been experiencing, with many other companies, the challenge of sustaining its business in the aftermath of September 11. The cuts we have made bring our staffing levels more in line with our current business." About Covista: Covista is a facilities-based long distance telecommunications, Internet and data services provider with a substantial customer base in the commercial, wholesale and residential market segments. Its products and services include a broad range of voice, data and Internet solutions, including long distance and toll-free services, calling card, frame relay, Internet access, VPN (Virtual Private Network) A private network that is configured within a public network (a carrier's network or the Internet) in order to take advantage of the economies of scale and management facilities of large networks. , directory assistance and teleconferencing services. The wholesale division provides domestic and international termination services to carriers worldwide at competitive rates. Covista currently owns and operates switches in New York City, Newark, New Jersey, Philadelphia and Dallas, and previously has announced plans to expand to additional switch sites in Las Vegas, Chicago and Chattanooga, Tennessee. Covista previously announced that it has acquired access to nation-wide telecommunications network facilities comprising 2,822,400,000 DS-0 channel miles of additional capacity. Covista operates a Network Operations Center See NOC. Network Operations Center - (NOC) A location from which the operation of a network or internet is monitored. Additionally, this center usually serves as a clearinghouse for connectivity problems and efforts to resolve those problems. in Little Falls, New Jersey Little Falls is a Township in Passaic County, New Jersey, United States. As of the United States 2000 Census, the township population was 10,855. Little Falls was incorporated as a township by an Act of the New Jersey Legislature on April 2, 1868, from portions of to monitor its switched network, as well as call center and information technology facilities in Chattanooga to coordinate its various services. For information on becoming a Covista customer, please telephone (888) 426-8478 or visit the Company's website at www.covista.com. Information relating to forward-looking statements: This press release contains historical and forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the private securities litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. act of 1995. Investors are cautioned that forward-looking statements such as statements of the company's plans, objectives, expectations and intentions involve risks and uncertainties. The cautionary statements made in this release should be read as being applicable to all related statements wherever they appear. Statements containing terms such as "believes," "expects," "plans," "projects," "intends," "estimates," "anticipates," or similar terms, are considered to contain uncertainty and are forward-looking statements. The actual results could differ materially from those discussed. Factors that could contribute to such differences include: changes in market conditions and increased competition from other telecommunications and internet service providers; government regulations; the volatile and competitive environment for internet telephony; advances in competitive products or technologies that could reduce demand for services; availability of transmission facilities; management of rapid growth; customer concentration and attrition; the ability to successfully integrate acquired companies; the ability to successfully develop and bring new services to market; and other risks discussed in the company's SEC filings, including form 10-k Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and form 10-q Form 10-Q See 10-Q. , which can be accessed at the SEC web site at www.sec.gov. Readers of this release should understand that it is not possible to predict or identify all such risk factors. Consequently, this list should not be considered a complete statement of all potential risks or uncertainties. Covista does not assume the obligation to update any forward-looking statement, except as is required by applicable law. |
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