Arbinet Announces Results of 2008 Annual Meeting and Board Appointments
June 19 2008 - 5:36PM
PR Newswire (US)
Arbinet President and CEO, William M. Freeman, Appointed Chairman,
and Shawn F. O'Donnell Appointed Independent Lead Director NEW
BRUNSWICK, N.J., June 19 /PRNewswire-FirstCall/ --
Arbinet-thexchange, Inc. (NASDAQ:ARBX), a leading provider of
innovative voice and IP solutions for buying and selling
telecommunications capacity, announced that stockholders elected
William M. Freeman and John B. Penney to the Company's Board of
Directors at the 2008 Annual Meeting of Stockholders, which was
held today. Arbinet also announced that the Board of Directors
appointed Mr. Freeman, Arbinet's current President and Chief
Executive Officer, to the additional role of Chairman of the Board.
Mr. Freeman succeeds Robert C. Atkinson who, as previously
announced, is retiring as a director and as Chairman. In addition,
the Board appointed current independent director, Shawn F.
O'Donnell, as Lead Director. In this newly created position, Mr.
O'Donnell's responsibilities will include acting as a liaison with
independent directors, working with Mr. Freeman in setting the
Board agenda, and presiding at meetings when the Chairman is not
present. "Since joining Arbinet as the Company's President and CEO,
Bill and his team have made important progress in honing our
strategies, expanding our member base and laying a stronger
foundation for growth," said Mr. O'Donnell. "We are delighted that
Arbinet will continue benefiting from Bill's leadership as he
assumes expanded responsibilities as Arbinet's Chairman." "On
behalf of the Board, I want to thank Arbinet's stockholders for
their support and extend our appreciation to Bob for his years of
service to Arbinet as well as to Shawn for accepting his new role,"
said Mr. Freeman. "Arbinet's unique solutions, intelligent platform
and routing expertise provide exciting opportunities to drive
enhanced value for our stockholders and even better service for our
members. I look forward to continue working with my fellow
directors and management team to fully capitalize on these
strengths." Mr. Freeman has served as President, Chief Executive
Officer and a director of Arbinet since November 2007. Prior to
joining Arbinet, he served as Chief Executive Officer and a
director of Leap Wireless International, Inc. from 2004 to 2005 and
as President of the Public Communications Group of Verizon
Communications Inc. from 2000 to 2004. Mr. Freeman began his
executive career at one of Verizon's predecessor companies, Bell
Atlantic Corporation, where he served in a number of senior
leadership positions, including President and Chief Executive
Officer of Bell Atlantic-New Jersey and President and Chief
Executive Officer of Bell Atlantic-Washington, D.C. Mr. Freeman is
a director of CIT Group Inc., a director and Chairman of Terrestar
Corp. (previously Motient Corp.), and a director of Value Added
Holdings, Inc., a privately held communications company. He is a
founder and co-owner of Synthesis Security LLC and also serves on
the Board of Trustees of Drew University. Mr. Freeman received a
B.A. in Economics from Drew University and an M.B.A. from Rutgers
University. Mr. O'Donnell has served as a director of Arbinet since
July 2007. He is currently a Senior Director at the consulting firm
CXO, which specializes in management and operational consulting.
From 2003 through 2006, Mr. O'Donnell was a member of Capital and
Technology Advisors, a consulting firm specializing in the
telecommunications and technology sectors, serving as Chief
Operating Officer from 2005 through 2006. Previously, Mr. O'Donnell
was Executive Vice President of Network Services and Systems at
PathNet Telecommunications, Inc., from 1999 to 2001. Prior to that,
Mr. O'Donnell held several positions at MCI Telecommunications
Corporation, including Director of Transmission and Facility
Standards and Engineering. Mr. O'Donnell is currently a member of
the board of directors of Shared Technologies. He previously served
on the boards of directors of Terrestar Networks, Inc. and Mobile
Satellite Ventures, LP. Mr. O'Donnell received a B.S. degree in
Electrical Engineering from Pennsylvania State University and a
Masters in Electrical Engineering from Virginia Polytechnic
University. About Arbinet Arbinet is a leading provider of
innovative voice and IP solutions empowering communications
companies to create the most efficient and valuable global
interconnections. Arbinet offers the greatest flexibility in global
scale, platform intelligence, and managed solutions to achieve
commercial efficiency and interconnection simplicity. Arbinet
manages business relationships, back office operations and call
routing for Members who route through Arbinet approximately 2% of
the world's international voice traffic to over 1,300 destinations
worldwide. These Members include fixed line, mobile, wholesale and
VoIP carriers as well as calling card, ISPs and content providers
around the world who buy and sell voice and IP telecommunications
capacity and content. For more information about Arbinet's
solutions, visit http://www.arbinet.com/ Forward-Looking Statements
This press release contains forward-looking statements regarding
anticipated future revenues, growth, capital expenditures,
management's future expansion plans, expected product and service
developments or enhancements, and future operating results. Such
forward-looking statements may be identified by, among other
things, the use of forward-looking terminology such as: "believes,"
"expects," "may," "will," "should" or "anticipates," or the
negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy that involve risks and
uncertainties. Various important risks and uncertainties may cause
Arbinet's actual results to differ materially from the results
indicated by these forward-looking statements, including, without
limitation: the ability of Arbinet to effectively divest Broad
Street Digital Limited; members (in particular, significant trading
members) not trading on our exchange or utilizing our new and
additional services (including DirectAxcess(SM),
PrivateExchange(SM), AssuredAxcess(SM) and PeeringSolutions(SM));
continued volatility in the volume and mix of trading activity; our
uncertain and long member enrollment cycle; the failure to manage
our credit risk; failure to manage our growth; pricing pressure;
investment in our management team and investments in our personnel;
regulatory uncertainty; system failures, human error and security
breaches that could cause Arbinet to lose members and expose it to
liability; and Arbinet's ability to obtain and enforce patent
protection for our methods and technologies. For a further list and
description of the risks and uncertainties the Company faces,
please refer to Part I, Item 1A of the Company's Annual Report on
Form 10-K, filed with the Securities and Exchange Commission on
March 17, 2008, and other filings that have been filed with the
Securities and Exchange Commission. Arbinet assumes no obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise and such statements are
current only as of the date they are made. DATASOURCE:
Arbinet-thexchange, Inc. CONTACT: Jack Wynne, CFO,
Arbinet-thexchange, Inc., +1-732-509-9230; or Andrea Priest or Andi
Salas, both of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449 Web site: http://www.arbinet.com/
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