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Exhibit 99.1
EGLOBE, INC. NEWS RELEASE
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FOR IMMEDIATE RELEASE TRADING SYMBOL: EGLO
DATE: APRIL 18, 2001 STOCK EXCHANGE: OTCBB
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COMPANY CONTACT:
Allen Mandel
202 822 8981
EGLOBE FILES VOLUNTARY CHAPTER 11 PETITION
WASHINGTON, D.C., APRIL 18, 2001 -- EGLOBE, INC. (OTCBB: EGLO) today announced
that it has filed a voluntary petition for relief, for itself and 16 U.S.
subsidiaries, under Chapter 11 of the United States Bankruptcy Code with the
United States Bankruptcy Court for the District of Delaware in Wilmington,
Delaware. The Company's operations outside the U.S. are not included in the
petition.
During this process, eGlobe plans to continue operating its Latin American IP
and satellite business, its VOIP and enhanced service operations in the Asia
Pacific region, its OASIS call center and its Vogo networks business. eGlobe has
arranged for debtor in possession financing, which it believes will allow it to
continue to explore strategic alternatives with respect to its business and
properties.
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ABOUT EGLOBE
EGLOBE is a global provider of enhanced Internet services for the world's
telephone companies and Internet Service Providers. eGlobe's services include:
Voice over IP, voice portal, unified messaging services and customer support.
eGlobe provides its services principally to large national telephone companies,
to ISPs and portals.
Certain statements in this news release are "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 and involve
known and unknown risks, uncertainties and other factors that may cause the
Company's actual results, performance or achievements to be materially different
from the results, performance or achievements expressed or implied by the
forward looking statement. Forward-looking statements are identified by the use
of such terminology as "believes," "expects," "may," "will," "should,"
"anticipates," "plans," "estimates," and "intends" or derivations or negatives
thereof or comparable terminology. Accordingly, such statements involve risks
(known and unknown) and uncertainties. These risks and uncertainties include the
Company's ability to timely and fully complete its plan of reorganization, which
in turn will depend on a multitude of factors, including the timely approval of
the plan by the bankruptcy court and affected parties, the availability of
sufficient capital to fund the Company's operations during the bankruptcy
proceedings and the continued willingness of the Company's customers, vendors
and employees to maintain their relationships with the Company during this
period. The Company undertakes no obligation to update or advise upon any such
forward-looking statement.
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