Wholesaler PTGi voluntarily delists from NYSE to cut costs

PTGi Holding, a global wholesale provider to wireless and wireline operators, has asked to be delisted from the New York Stock Exchange as part of a broader effort to reduce operational costs.

The provider said it will file a Form 25 with the Securities and Exchange Commission (SEC) to deregister its stock by or around Nov. 18 and expects the delisting from the NYSE will "become effective 10 days after the filing date of the Form 25."

When the shares have been delisted from NYSE, PTGi expects its shares will be quoted on the Pink OTC Markets Inc. electronic quotation service, "if market makers commit to make a market in the Company's shares."

By no longer having to bear the annual accounting and legal costs and administrative issues with SEC reporting obligations and staying in compliance with the Sarbanes-Oxley Act, PGTi said it will be able to more effectively focus on its remaining International Carrier Services (ICS) business unit.

The delisting is just one of a number of a number of moves it has made over the past year to realign itself as a wholesale player. Part of the ICS division includes its USA Domestic Voice Termination service that interconnects with major U.S. operators.

In July, PGTi sold its North American retail telecommunications operations in the United States and Canada to affiliates of York Capital Management. Earlier, it completed its $195.7 million sale of its Australian unit to M2 Telecommunications Group.

For more:
- see the release

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