Destia's Chief Financial Officer Departs.PARAMUS, N.J.--(BUSINESS WIRE)--Oct. 8, 1999-- Destia Communications, Inc. (Nasdaq: DEST DEST Destination DEST Destroy DEST Department of Education, Science and Training (Australia) DEST Department of the Environment, Sport and Territories (Australia) ) a leader in the development of innovative telecommunications products and services, has announced that Phillip Storin has left his position as Destia's chief financial officer to return to Texas, his permanent residence of 17 years, in order to pursue new opportunities closer to home. As previously announced, Destia has entered into a merger agreement with Viatel, Inc. (Nasdaq: VYTL) in a stock transaction that is expected to close by year-end. During the interim period, Alan L. Levy, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. (and its former chief financial officer), Destia Communications, Inc., and Richard L. Shorten, Jr., senior vice president, Destia Communications, Inc. will share Mr. Storin's former duties. The merger combines Viatel's Circe network, Europe's most advanced cross-border broadband network, with Destia's retail services and extensive sales and marketing expertise to produce a company with total annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of approximately $579 million, based on second quarter 1999 revenues. The combined entity will have a significant market presence in the United Kingdom, Germany, Belgium, Switzerland and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and has strong prospects for market success in France, Italy, The Netherlands and Spain. The companies expect that merging their highly complementary businesses will yield numerous economic benefits and will accelerate their ability to offer a wide array of services, including IP and ATM-based broadband services, multimedia services and high-speed Internet See broadband. access, to end users in Europe and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Destia Communications, Inc. (www.destia.com) - formerly EconoPhone - is a facilities-based provider of domestic and international telecommunications services in North America and nine countries in Europe. Destia provides its end-users with a variety of retail telecommunications services, including international and domestic long distance, calling card and prepaid card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. , carrier wholesale transmission services and Internet access See how to access the Internet. . Certain statements herein are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). These statements are based upon the belief of Destia's management, as well as assumptions made beyond information currently available to Destia's management. Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking statements". Factors that could cause results to differ materially from those expressed or implied by such "forward-looking statements" include, but are not limited to, highly competitive market conditions; general economic conditions; the rate of expansion of Destia's network and/or customer base; inaccuracies in Destia's forecasts of telecommunications traffic or customers; changes in the availability of transmission facilities; customer retention and credit risk; changes in or developments under laws, regulations, licensing requirements or telecommunications standards; currency fluctuations; changes in retail or wholesale telecommunications rates; changes in international settlement rates; the loss of the services of certain members of Destia's senior management and other factors discussed in filings made by Destia with the Securities and Exchange Commission. The foregoing review of important factors should not be construed as exhaustive; Destia undertakes no obligation to release publicly the results of any future revisions it may make to any forward-looking statements to reflect events or circumstances after the date hereof, including the occurrence of unanticipated events. |
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