Strategic Alternatives to Maximize Stockholder Value
NEW YORK, Dec. 1 // -- Crescendo Partners II, L.P., Series E, which beneficially owns an aggregate of 2,809,400 shares, or approximately 4.0% of the outstanding shares, of common stock of Premiere Global Services, Inc. (NYSE: PGI) announced today that it sent a letter dated November 30, 2006 to Premiere Global, serving notice of its intention to nominate Eric S. Rosenfeld and Colin D. Watson for election to the Premiere Global Board at Premiere Global's 2007 annual meeting of stockholders. The letter also notified Premiere Global of Crescendo Partners' submission of a business proposal to amend Premiere Global's Bylaws to declassify Premiere Global's Board of Directors.
"We believe that the shares of Premiere Global are significantly undervalued and we urge Premiere Global to explore strategic alternatives to maximize stockholder value" stated Eric Rosenfeld, the managing member of the general partner of Crescendo Partners II, L.P., Series E.
Eric S. Rosenfeld has been the president and chief executive officer of Crescendo Partners, L.P., a New York-based investment firm, since its formation in November 1998. Prior to forming Crescendo Partners, Mr. Rosenfeld had been managing director at CIBC Oppenheimer and its predecessor company Oppenheimer & Co., Inc. since 1985. Mr. Rosenfeld has served or currently serves on the board of directors of over a dozen publicly-traded companies. Mr. Rosenfeld received an A.B. in economics from Brown University and an M.B.A. from the Harvard Business School.
Colin D. Watson is a seasoned executive who served as president and chief executive officer of Vector Aerospace Corporation, a company engaged in the aviation repair and overhaul industry, from November 2003 through December 2004. From April 1996 until January 2002, Mr. Watson served in various senior positions, including CEO, with Spar Aerospace Limited. From April 1974 to April 1996, Mr. Watson was president and chief executive officer of Rogers Cable TV, one of Canada's largest cable providers. He is currently a director of several publicly-traded companies, including Rogers Communications Inc. and Louisiana-Pacific Corporation. Mr. Watson received a Ba.Sc. (Mechanical Engineering) from the University of British Columbia and an MBA from the Richard Ivey School of Business at the University of Western Ontario.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Crescendo Partners II, L.P., Series E ("Crescendo Partners"), together with the other participants named herein, intends to make a preliminary filing with the Securities and Exchange Commission ("SEC") of a proxy statement and an accompanying proxy card to be used to solicit votes for the election of its nominees and support of its business proposal at the 2007 annual meeting of stockholders of Premiere Global Services, Inc., a Georgia corporation (the "Company").
CRESCENDO PARTNERS advises all stockholders of the Company to read the proxy statement AND OTHER PROXY MATERIALS AS THEY BECOME available because THEY will contain important information. Such proxy MATERIALS will be available at no charge on the SEC's web site at http://www.sec.gov. In addition, the participants in the PROXY solicitation will provide copies of the proxy statement without charge upon request. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR, MACKENZIE PARTNERS, INC., AT ITS TOLL-FREE NUMBER: (800) 322-2885 or BY E-MAIL AT: PROXY@MACKenziepartners.com.
The participants in the proxy solicitation are Crescendo Partners II, L.P., Series E, a Delaware limited partnership ("Crescendo Partners"), Crescendo Investments II, LLC, a Delaware limited liability company ("Crescendo Investments II"), Eric Rosenfeld and Colin D. Watson (the "Participants").
Crescendo Partners beneficially owns 2,809,400 shares of Common Stock of the Company. As the general partner of Crescendo Partners, Crescendo Investments II may be deemed to beneficially own the 2,809,400 shares of the Company beneficially owned by Crescendo Partners II. Eric Rosenfeld may be deemed to beneficially own 2,809,400 shares of the Company by virtue of his position as managing member of Crescendo Investments II.
Mr. Watson beneficially owns 5,000 shares of the Company.