Press Release Archive

Ptek Acquires Conferencing Services Division Of ClearOne Communications

Acquisition Expected to be Accretive to 2004 Revenue and Earnings

Jul 1, 2004

ATLANTA, GA, July 01, 2004 - Ptek Holdings, Inc. (NASDAQ: PTEK), a leading provider of innovative business, data and group communications services, today announced the acquisition of the conferencing services division of ClearOne Communications, Inc. (OTC: CLRO), for $20.2 million net of working capital. Ptek funded the purchase with the Company's new bank credit facility.

Utah-based Let's Conference™, the conferencing services division of ClearOne, offers a full suite of audio and Web conferencing services and recorded revenue of approximately $15.6 million in calendar year 2003. Its operating results will be reflected in Ptek's consolidated financial statements beginning in the third quarter of 2004. The Company believes the purchase will be accretive to 2004 revenue and earnings and plans to revise its financial outlook when it reports second quarter results.

"Let's Conference utilizes an indirect channel strategy to generate the majority of its revenue, which provides an opportunity for growth at Premiere Conferencing," said Boland T. Jones, Ptek's Founder, Chairman and CEO. "We believe that we can offer their customers an expanded product suite, industry-leading client services and global scale."

About Ptek Holdings, Inc.

Ptek Holdings, Inc. is a leading provider of innovative business, data and group communications services for global enterprises. Companies use our audio and data conferencing solutions to conduct group meetings and presentations over the phone or Web. We also enable our customers to process and deliver large quantities of individualized, business critical information, such as electronic statements and invoices, financial transaction and travel confirmations, and drug prescriptions, via our global ASP platform. Ptek serves companies in nearly every business sector, including healthcare, technology, publishing, financial services, travel and hospitality. Our services are marketed under the Premiere Conferencing and Xpedite® brand names.

Ptek Holdings' corporate headquarters is located at 3399 Peachtree Road NE, Suite 700, Atlanta, GA 30326. Additional information can be found at www.ptek.com.

Forward-looking and cautionary statements

Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Ptek's forward-looking statements, including, but not limited to, the following factors: technological change; the development of alternatives to our services; our ability to manage our growth; integration of acquired companies; possible adverse effects on our financial condition if we are unable to retain IBM as a customer at the levels currently forecasted; possible adverse results of pending or future litigation or infringement claims; service interruptions; competitive pressures, including pricing pressures; general domestic and international economic, business or political conditions; legislative or regulatory changes; increased financial leverage; our dependence on our subsidiaries for cash flow; and other factors described from time to time in our press releases, reports and other filings with the SEC, including but not limited the "Risk Factors Affecting Future Pecember 31, 2003. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.