IDT Corporation Purchases Telewest Stake From Microsoft |
NEWARK, N.J. - May 28, 2003 - IDT Corporation (NYSE: IDT, IDT.C) announced that it has purchased Microsoft’s (NASDAQ: MSFT) stake in Telewest Communications PLC (NASDAQ ADR: TWSTY; LSE: TWT) for $5 million in cash.
IDT purchased 636,056,024 ordinary Telewest shares and 60,322,654 limited voting shares. Telewest is currently negotiating a financial restructuring. If the restructuring were effected, IDT’s ownership interest in Telewest would be approximately 0.7%.
As of March 31, 2003, Telewest, the second largest cable provider in the United Kingdom, had 1.3 million cable subscribers and 1.6 million residential telephony subscribers.
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by SEC Form 10-K (under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. These factors include, but are not limited to, the following not limited to, those described in our most recent report on: potential declines in prices for our products and services; our ability to maintain and grow our retail telecommunications services, particularly our prepaid calling card business; availability of termination capacity; financial stability of our customers; our ability to maintain carrier agreements with foreign carriers; effectiveness of our marketing and distribution efforts; increased competition, particularly from regional bell operating companies; our ability to manage our growth; competitiveness of our Winstar subsidiary; impact of government regulation; our ability to obtain telecommunications products or services required for our products and services; and general economic conditions, particularly in the telecommunications markets. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
|
May 28, 2003 |
Give Feedback |
|