Contact Information: Contact: Jack Eversull The Eversull Group 972-378-7917 972-378-7981 (fax) E-mail: Web Site: www.atsi.net
ATSI Communications Provides Update on Share Repurchase Program
| Source: ATSI Communications
SAN ANTONIO, TX--(Marketwire - October 14, 2008) - ATSI Communications (OTCBB : ATSX ) today
reported on recent events related to the Company's ongoing Share Repurchase
Program.
On September 19, 2008, the Securities and Exchange Commission ("SEC")
issued an Emergency Order taking temporary action to respond to recent
market developments. The order by the SEC eased certain restrictions that
enable ATSI to increase the number of shares repurchased during this period
under its Share Repurchase Program. Specifically, the temporary order
removed the volume and timing limitations regarding Share Repurchase
Programs. The order was set to expire on October 2nd, but was extended to
11:59 P.M. ET on October 17, 2008.
Art Smith, President and CEO of ATSI Communications, remarked, "We are
convinced that our shares are undervalued and have continued committing
resources to the buyback of our shares. The mechanics of the SEC rules
regarding Repurchase Programs is subject to limitations, so the easing by
the SEC has aided our objective to reduce the number of shares outstanding
and build long term shareholder value."
ATSI is scheduled to report its fiscal year ending July 31, 2008 by October
31, 2008. The Company has just completed a year of significant growth and
anticipates continued progress in the fiscal 2009.
ATSI Communications, Inc. operates through its wholly owned subsidiary,
Digerati Networks, Inc. Digerati Networks is a premier global VoIP carrier
serving rapidly expanding markets in Asia, Europe, the Middle East, and
Latin America, with an emphasis on Mexico. Through Digerati's partnerships
with established foreign carriers and network operators, interconnection
and service agreements, and a NextPoint powered VoIP network, ATSI believes
it has clear advantages over its competition. ATSI also owns a minority
interest of a subsidiary in Mexico, ATSI Comunicaciones, S.A. de C.V.,
which operates under a 30-year government issued telecommunications
license.
The information in this news release includes certain forward-looking
statements that are based upon management's expectations and assumptions
about certain risks and uncertainties that can affect future events.
Although management believes these assumptions and expectations to be
reasonable on the date of this news release, these risks and uncertainties
may cause actual events to differ material from managements those contained
in this news release. The risks and uncertainties include, but are not
limited to, continuing as a going concern, availability and cost of our
present vendors and suppliers, and absence of any change in government
regulations or other costs associated with data transmission over the
Internet or termination of transmissions in foreign countries.