Millennium is receiving $8 million and the satisfaction of certain inter-company loans. BTC will be the sole shareholder of the amalgamated Logic.
Logic will continue to operate in its current offices at Richmond House on Par-la-Ville Road. A distinct board of directors for Logic will preserve its operational autonomy. Continuing on with Logic Communications are Peter C. Durhager, President, and Neil Speight, Chief Financial Officer.
"The telecommunications and information technology industries today cross international boundaries and companies must be positioned to compete globally," noted Mr. Durhager. "Consolidations such as this are occurring worldwide. This amalgamation will combine the resources of BTC and the infrastructure, technical staff and global relationships built by Logic, propelling Logic to the next level of development and competition."
BTC spokesperson Karla Lacey-Minors added, "The benefits of this merger are impressive - enhanced products and services for customers, and growth of Bermuda's information technology economy which will benefit the country as a whole. As BTC continues to enrich its infrastructure and basic services, Logic will use them to increase its offerings of value-added services."
Logic was formed in November 1997 when Bermuda companies Business Systems Ltd. and Internet (Bermuda) Ltd. Combined operations. The Logic merger will not affect Millennium's two Bahamian subsidiaries, Digital Systems (Bahamas) Limited and Internet (Bahamas) Limited.
For more information, please contact:
Millennium International Limited
Contact: Joanna Douglas, Marketing Manager
Tel: 296-9670
Fax: 295-1149
E-mail: jdouglas@logic.bm
The Bermuda Telephone Company Limited
Contact: Karla Lacey-Minors, AVP
Corporate Communications
Tel: 296-2433
Fax: 296-4368
E-mail: kjlaceyminors@btc.bm