Wall Street

PRIMUS Telecommunications to Sell Its Interest in India Subsidiary

MCLEAN, Va.--(BUSINESS WIRE)--May 8, 2006--PRIMUS Telecommunications Group, Incorporated (NASDAQ:PRTL) announced today that it and related entities have entered into a Share Purchase Agreement ("SPA") with Videsh Sanchar Nigam Limited ("VSNL"), a leading international telecommunications company and member of the TATA Group, whereby VSNL will purchase 100% of the stock of Direct Internet Limited ("DIL"), whose wholly-owned subsidiary, Primus Telecommunications India Limited ("PTIL"), is primarily engaged in providing fixed broadband wireless internet services to enterprise and retail customers in India.
PRIMUS owns approximately 85% of the stock of DIL through an indirect wholly-owned subsidiary. The remaining approximately 15% of the stock of DIL is owned by the manager of DIL and PTIL, who had founded the predecessor companies. The purchase consideration is approximately $16.7 million, as may be adjusted to reflect cash balances in DIL at closing. PRIMUS expects to receive approximately $14.4 million in net proceeds from the transaction, before any closing adjustments.

Online Stock Market Trading Consummation of the transaction is subject to a number of conditions precedent, which conditions are expected to be satisfied over the next few weeks. Under the SPA, PRIMUS agrees to certain non-compete provisions regarding the business of DIL and PTIL and is a party to the SPA for the purpose of guaranteeing indemnity obligations of the Primus subsidiary selling the stock of DIL.

Real estate advertising services on eBay are offered by eBay Real Estate Inc. owned subsidiary of eBay Inc. On eBay's site and in these Rules, this company is referred to as "eBay Real Estate." Selling an undivided interest in a land real estate property is not permitted. An undivided interest is defined as a partial interest by two or more people in the same property. This prohibition shall not apply to mineral rights.

Stock Investing Course PRIMUS Telecommunications Group, Incorporated (NASDAQ:PRTL) is an integrated communications services provider offering international and domestic voice, voice-over-Internet protocol (VOIP), Internet, wireless, data and hosting services to business and residential retail customers and other carriers located primarily in the United States, Canada, Australia, the United Kingdom and western Europe. PRIMUS provides services over its global network of owned and leased transmission facilities, including approximately 350 points-of-presence (POPs) throughout the world, ownership interests in undersea fiber optic cable systems, 16 carrier-grade international gateway and domestic switches, and a variety of operating relationships that allow it to deliver traffic worldwide. Founded in 1994, PRIMUS is based in McLean, Virginia.

According to the Indian Direct Selling Association, 05 was about Rs 2, 700 crore with the growth rate being sustainable at this point. At present, the majority of products sold through this route are from the home and personal care segment, largely because customers prefer personalised suggestions on what products would specifically suit them. Tomas Erikson, managing director, Oriflame India, said, "Within direct selling, the cosmetics and toiletries market has grown at 11 per cent, and with increasing awareness and aspirational levels, we will become more aggressive about our plans in India."

Stock Market Game SOURCE: Primus Telecommunications Group, Incorporated

Welcome to our French themed tapestry collection. These amazing wall hangings are of quaint French shops and cafes, the magnificent French countryside, or, created by French born artists, like Fabrice de Villeneuve. Nothing says romance like the streets of Paris and nothing adorns a wall as nicely as a French themed tapestry. Among our top selling tapestries in this category are the South of France, Lemon Stairwell and the magnificent Restaurant De La Colonne tapestry. All our wall tapestries come with a free rod, day money back guarantee.

[ Comment, Edit or Article Submission ]