14 Facts About Primus Telecom

In 1996, Primus began its global expansion by acquiring Australia's then-fourth largest telecommunications service provider, Axicorp.

Later that year, Primus Telecom acquired Telepassport LLC and the assets of USFI Inc; this expanded Primus Telecom' long distance services operations into Germany, Japan, Austria, Switzerland and South Africa.

That same year, Primus Telecom received international carrier status from Canada's Radio and Telephone Commission and signed a significant deal with Qwest for fibre and increased bandwidth capacity for their USpoints of presence.

In March 1999, Primus' Canadian subsidiary purchased Toronto-based London Telecom Group Inc Earlier in the year Primus purchased GlobalServe Communications, a privately owned Canadian Internet Service Provider.

Primus Telecom continued to pursue growth through the purchase of assets in 1999.

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Primus Telecom continued their network expansion by furthering their relationship with Qwest, they signed an agreement to purchase capacity for their nationwide fiber optic cable ring and connecting routes.

In 2003, Primus Telecom was added to the Russell 3000 index, a US equity indexes that captures the 3,000 largest US stocks based on market capitalisation.

Primus Telecom used this period of growth to move their stock from the NASDAQ SmallCap Market to the NASDAQ National Market to gain more transparency.

In 2004, Primus Telecom made their first product release in line with their new vision by releasing a high-speed VoIP Internet phone service dubbed 'Lingo'.

In 2007, Primus Telecom admitted paying more than $22 million to settle a lawsuit alleging illegal or fraudulent transfers of funds.

Primus Telecom has been named as a defendant in additional federal litigation.

Primus Telecom did not maintain effective internal control over financial reporting as of December 31,2006, due to the material weakness in the Company's internal control over accounting for income taxes.

Months later Primus Telecom successfully emerged from Chapter 11 on July 1,2009.

None of Primus Telecom' operating companies in the United States, Australia, Canada, India, Europe or Brazil were included in the restructuring.