Flint Telecom Group Reduces Debt by Over $7.5 Million and
Restructures Balance Sheet
OVERLAND PARK, KS--(Marketwire - 06/09/10) - Flint Telecom Group, Inc. (OTC.BB:FLTT - News), a Telecoms Technology and Services Organization, announces that it has successfully concluded negotiations with its secured lender and a number of major debt holders, which will result in the reduction of group debt by over $7.5 million and the restructuring of existing debt on new terms over a longer period. These agreements come as part of Flint Group's previously announced intention to restructure existing debt.
Details of the settlements will be disclosed in separate 8K filings with the SEC as required.
Vincent Browne, Chairman and CEO of Flint Telecom Group commented, "We are clearly very pleased to have reached constructive agreements with our secured lender and other major debt holders. These agreements will also see them take an equity position in the business going forward and normalizes our position with them. We are also at advanced stages with the remainder of the debt holders and expect final agreements shortly also."
Mr. Browne added, "I expect that this significant reduction in debt on our balance sheet will have a positive impact on our business overall and will also now allow us to better focus on continuing to grow the business as we continue to build value for our shareholders."
About Flint Telecom Group, Inc.
Flint Telecom Group Inc. is a fast growing Telecoms Technology and Services Organization with a portfolio of companies that deliver next-generation IP communications Products and Services. The Company was founded by telecom and technology entrepreneurs with a proven track record in building global technology companies. Flint Telecom has grown both organically and through corporate activity and is traded on the OTC Bulletin Board® (OTCBB) under the ticker FLTT.OB. Additional information may be found at www.flinttelecomgroup.com
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact:
Investor Relations Contact:
Steve Keaveney
phone: 404-254-6980
