According to Wainhouse Research, the Canadian conferencing services market totaled $178 million in 2005 and is expected to grow to an estimated $316 million in 2010, representing compound annual growth of 12%.
"Enunciate is the fastest growing and one of the top three conferencing providers in Canada," said Marc F. Beattie, CSP Practice Manager & Partner at Wainhouse Research. "It is well-positioned with a suite of leading technology solutions and a refreshing emphasis on service and personal customer contact. The acquisition will give Premiere Global a leading position in one of the most attractive markets for conferencing services in the world."
In other news, Premiere Global announced that it has repurchased 1.3 million shares of its common stock during the current quarter under its Board-approved open market share repurchase plan, for total consideration of approximately $10 million. Since May of 2006, the Company has repurchased nearly 3.7 million shares, or approximately 5% of diluted shares outstanding, for total consideration of approximately $28 million.
"We are excited to gain considerable share in the vibrant and growing Canadian market with the acquisition of Enunciate," said Boland T. Jones, Founder, Chairman and CEO of Premiere Global Services, Inc. "We continue to execute on our strategy of investing our cash flow and liquidity in selective acquisitions to grow our business and in our ongoing share repurchase plan."
About Premiere Global Services, Inc.
Premiere Global Services, Inc. is a global outsource provider of business process solutions that enable enterprise customers to automate and simplify their critical business processes and to communicate more effectively with their constituents.
We innovate communication technologies and deliver solutions in four core business practices: Conferencing Solutions, Document Solutions, Marketing Automation Solutions and Alerts & Notifications Solutions. We deliver these solutions via our global, on-demand platforms to an established customer base of approximately 60,000 corporate accounts, including a majority of the Fortune 500. Customers apply our solutions in order to increase efficiency, to improve productivity and to raise customer satisfaction levels.
With global presence in 19 countries, Premiere Global Services' corporate headquarters is located at 3399 Peachtree Road NE, Suite 700, Atlanta, GA 30326. Additional information can be found at www.premiereglobal.com.
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 Premiere Global Services' forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological change; the development of alternatives to our services; market acceptance of our new services and enhancements; integration of acquired companies; service interruptions; increased financial leverage; our dependence on our subsidiaries for cash flow; continued weakness in our legacy broadcast fax business; foreign currency exchange rates; possible adverse results of pending or future litigation or infringement claims; federal or state legislative or regulatory changes; general domestic and international economic, business or political conditions; 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" section of our Annual Report on Form 10-K for the year ended December 31, 2005 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2006. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.