| ||
| | |
    | NSI Communications Announces Closing Of Vistar Acquisition $45 million private placement completed Montreal, Canada, January 22, 2001 -- NSI Communications Inc. (CDNX: YSI), a leading international provider of equipment for the satellite-based telecommunications sector, announced today the closing of its acquisition of Vistar Telecommunications Inc., an Ottawa-based emerging leader in the fast growing wireless data communications industry. NSI Communications acquired 99.99% (79.39% on a fully diluted basis) of the outstanding shares of Vistar for a total consideration of CA $51,198,730, including $39,688,940 in cash. France HotelsThe balance of the acquisition price was paid by the issuance of 9,565,186 NSI common shares at a price of $1.2033 per share. Concurrently with the closing of the Vistar acquisition, the Company completed a private placement with SGF Tech Inc., a subsidiary of Socit Gnrale de Financement du Qubec, and Tamimi Group, one of Saudi Arabias largest commercial and industrial groups. A total of 37,397,158 NSI common shares, also priced at $1.2033 each, were issued to these investors for gross proceeds of $45 million. Combined with two other private placements closed earlier, this brings total gross proceeds to $51.5 million, which was used for the cash portion of the acquisition and for general corporate purposes. All of the common shares issued are subject to a hold period ranging from 4 to 12 months. This transaction represents a significant milestone for NSI, said David Ben-David, NSIs President and CEO. Vistar has exceptional growth potential and together with the solid growth of NSIs core business, we expect to exceed $100 million in revenues this year. About NSI Communications Inc. NSI Communications Inc. is a leading international provider of wireless satellite-based telecommunications equipment and turnkey solutions, including full-meshed VSAT (Very Small Aperture Terminals) networks allowing for the transmission of telephone, data and video. NSI is also active in the fast growing wireless data communications industry through its newly acquired subsidiary Vistar Telecommunications Inc. Groningen cheap hotelsVistars main product, GlobalWave , provides a highly reliable, complete end-to-end, power efficient solution for asset management, monitoring and tracking. Operating over existing geostationary satellites, GlobalWave tracks, manages and monitors mobile and remote assets for customers in the transportation, oil and gas, marine and other industries, at prices competitive with terrestrial systems. hôtels CalaisNSI is a publicly traded company whose shares are listed on the CDNX under the symbol YSI. Additional information about NSI Communications is available on the companys web site at http://www.nsii.ca This document may contain certain forward-looking information and statements concerning the Company's operations, performance and financial condition, including, in particular, the likelihood of the Company's success in developing and expanding its business. These statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. About VISTAR Telecommunications VISTAR is a leader in creating and supplying end-to-end satellite and hybrid satellite/terrestrial wireless data products and services. Backed by one of North America's leading communications groups, VISTAR designs, develops and markets breakthrough technology that helps customers around the world improve their business operations. About VISTAR Datacom Located in Washington, D.C., VISTAR Datacom is a subsidiary of VISTAR Telecommunications. GlobalWave is a satellite based data-gathering system, designed and built by Vistar, that allows users to significantly increase operating efficiency. For more information, contact:
|