Destia Communications, Inc. Completes Initial Public Offering; NASDAQ Symbol - DEST.PARAMUS, N.J.--(BUSINESS WIRE)--May 12, 1999-- Destia Communications, Inc. ("Destia"), announced that it has completed its Initial Public Offering of common stock of 6.5 million shares at $10 per share, with the Company receiving net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $59.2 million. Destia began trading on May 6, 1999 on the 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 exchange under the symbol DEST DEST Destination DEST Destroy DEST Department of Education, Science and Training (Australia) DEST Department of the Environment, Sport and Territories (Australia) . The underwriters for the offering were led by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter, with Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. and Lehman Brothers acting as co-managers. The Company said the net proceeds would be used to expand sales and marketing activities, to make capital expenditures, particularly in Europe, and to fund working capital and general corporate purposes, as well as to possibly fund suitable strategic acquisitions. Destia is a facilities-based provider of domestic and international long distance telecommunications services in North America and Europe. Destia provides its customers with a variety of retail telecommunications services, including international and domestic long distance, calling card and prepaid card services, and wholesale transmission services. Certain statements herein are "forward-looking statements" (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. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide website at www.kcsa.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion