Press Release Archive

PTEK Secures $140 Million Credit Facility Commitment

May 11, 2004

ATLANTA, GA, May 11, 2004 - Ptek Holdings, Inc. (NASDAQ: PTEK), a leading provider of innovative business, data and communications services, today announced that it has secured a commitment from Bank of America, N.A. for a new $140 million credit facility. The facility includes a $100 million three-year revolving line of credit and a $40 million three-year contingent term loan, and, when closed, will replace the Company's current $60 million line.

"We are pleased that our partners at Bank of America have increased our borrowing capacity" said Boland T. Jones, Founder, Chairman and CEO of Ptek Holdings, Inc. "The larger line demonstrates the progress we have made in growing our cash flow and improving our balance sheet in the past two years. The availability of additional funds gives us flexibility to retire debt, pursue additional accretive acquisitions or repurchase our shares in the open market."

In August 2003, the Company issued $85 million of 5.0% Convertible Notes, due August 2008. These Notes may be called for redemption prior to maturity if the Company's common stock closes at or above $10.05 per share for 20 out of 30 consecutive trading days and certain other conditions set forth in the indenture are satisfied.

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.