CARRIER 1 INTERNATIONAL S.A.
Carrier1 S.A. english
Carrier1 terminates exchange offer
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Luxembourg, 04-February-2002 Carrier1 International S.A. (the “Company”)
(Neuer Markt: CJN, NASDAQ: CONE) announced that it had terminated the offers
(together, the “Offers”) to purchase for cash and shares the Company’s
outstanding Senior Notes. The Company has been actively pursuing opportunities
to enter into a transaction that would enable it to continue to fund its
operations. However, its identified opportunities have recently narrowed. The
Company intends to continue to discuss the possibility of a strategic
transaction with a party but at present there is no prospect of entering into
such a transaction imminently and it is uncertain whether any transaction will
be consummated. In addition, since commencing the Offers, the Company s
business has deteriorated, including the termination of a long-term contract
that was under dispute with a major customer and a greater than anticipated
decline in its voice revenues. As at January 29, 2002, the Company had, on a
consolidated basis, approximately $90.7 million of total cash and cash
equivalents. A substantial portion of this amount, however, is held by the
Company s operating subsidiaries and is not available for the purpose of funding
the Offers. As a result of the Company s financial position as described
above, the Company has determined that it is not permitted by Luxembourg law to
issue shares under the Offers because the Notes do not meet certain valuation
requirements thus an essential condition of the Offers cannot now be fulfilled.
More Information: Keith Johnson; Carrier1; +44 20 7001 6357
end of ad-hoc-announcement (c)DGAP 03.02.2002
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WKN: 932 485; ISIN: LU0107939984; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
031923 Feb 02
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