Newly Formed GTT Launches as Global VNO Leader
MCLEAN, Va. & LONDON (BUSINESS WIRE) -- October 26, 2006 -- Following approval by its stockholders, Mercator Partners Acquisition Corp. (MPAC) has acquired all outstanding shares in European Telecommunications & Technology Ltd (ETT) and Global Internetworking, Inc. (GII) and has subsequently changed its name to Global Telecom & Technology, Inc. (GTT). GTT is a leader within a new breed of telecommunications service providers: Virtual Network Operators (VNOs). VNOs do not own the infrastructure upon which their services are provided. Instead, they design solutions based on an optimal combination of traditional telecommunications carriers' assets. VNOs then procure, integrate and manage this "best-of-breed" solution on their customers' behalf.
The new company fulfils a growing need from both enterprises and carriers for flexible, technology independent, price competitive, end-to-end global telecoms services. GTT, utilising a virtual network operator model, is focused on addressing the traditional telecom providers' points of weakness by offering high levels of customer service, turn-key, global end-to-end solutions and lower total cost of ownership.
"We are launching GTT with unique assets and capabilities", said Mike Keenan, chief executive officer, GTT. "We have a proven track record of success with blue chip customers complemented by extensive vendor partnerships. We have an innovative set of service management tools that support speed to market and top-notch customer service. And, we have a seasoned management team partnered with a world-class board of directors. Most importantly, we offer a fundamentally better way for customers to buy and manage their communications requirements because we build solutions around the needs of our customers, not the constraints of a particular network or technology."
Currently, GTT provides a global service footprint covering more than 50 countries. The company has more than 200 customers and in excess of 100 carrier partnerships around the world. ETT and GII had combined annual revenues of approximately $49 million in their last fiscal year.
GTT brings together complementary customer bases, geographical coverage and capabilities. ETT was primarily focused on servicing multinational enterprises across EMEA while GII concentrated on carrier and service provider customers in North America.
Mr. Keenan continued, "We believe that as companies' enterprise networking requirements become more complex and international in scope, the traditional "network centric" approach does not meet customers' business or service level requirements. To meet these needs, we intend to assemble customer solutions from best in class networks and offer them to our customers, along with high levels of customer service."
The new company will boast a world-class senior management team with a strong track record of success in the sector. The board of directors is headed up by Brian Thompson. Prior to joining GTT, Mr. Thompson served as chairman and chief executive officer of Global TeleSystems Group, Inc. and chairman and chief executive officer of LCI International.
Michael Keenan, co-founder and chief executive officer of GII, has become GTT's new chief executive. He has over twenty-five years of experience building, managing and investing in successful businesses. Other members of the new GTT board include: Alex Mandl, previously chief operating officer of AT&T and currently a board member of Dell Inc; Didier Delepine, formerly president, CEO and chairman of the management board of Equant and Howard Janzen, who was most recently president of Sprint Business Solutions.
"The formation of GTT is the culmination of a meticulously planned process, which includes a carefully structured approach to key markets," says Chris Britton, executive VP EMEA, GTT. "We firmly believe that this will provide our customers with enhanced choice and the opportunity to achieve broader international coverage."
This press release contains statements made as of the date hereof about future events and expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact may be deemed to be a forward-looking statement. These statements are based upon management's current beliefs or expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, together with those risk factors discussed in the company's filings with the Securities and Exchange Commission, should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date such forward-looking statement has been made.
Formed in October 2006, following the acquisition by Mercator Partners Acquisition Corp. (MPAC) of all the outstanding shares of Global Internetworking Inc and European Telecommunications & Technology Limited, Global Telecom & Technology, Inc. (GTT) becomes one of the world's leading virtual network operators (VNOs). Headquartered in McLean, Virginia, GTT will provide a global service footprint, covering more than 50 countries and has more than 200 customers and in excess of 100 carrier partnerships around the world.