PGi Announces Final Results of Tender Offer (PGI)

Premiere Global Services, Inc. PGI, a global leader in virtual meetings, announced today the final results of its “Dutch auction” tender offer, which expired at 5:00 p.m., New York City time, on Friday, December 3, 2010. PGi today accepted for purchase 8,104,695 shares of its common stock, including shares tendered through the conditional exercise of options, at a purchase price of $7.25 per share, for a total cost of approximately $58,759,039, excluding fees and expenses relating to the tender offer. Although the original tender offer was for a maximum of $50 million in value of PGi common stock, the total number of shares purchased in the tender offer includes an additional 1,208,144 shares purchased pursuant to PGi's right to increase the number of shares purchased by no more than 2% of its outstanding shares, without amending or extending the tender offer. Based on the final count by the depositary, a total of 10,276,068 shares of PGi's common stock were properly tendered and not withdrawn in the tender offer at a price at or below $7.25 per share (or by shareholders electing to tender at the ultimate purchase price selected by PGi), including shares tendered at such prices through the conditional exercise of options. Due to the tender offer being oversubscribed, PGi purchased only a prorated portion of the shares properly tendered by each tendering shareholder (other than “odd lot” holders whose shares were purchased on a priority basis) at the final purchase price. PGi has been informed by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, that the final proration factor for the tender offer was approximately 98.6%. Payment for the shares accepted for purchase under the tender offer will be made promptly, and all shares tendered and not purchased will be promptly returned. PGi expects to have approximately 52,259,064 shares of its common stock outstanding immediately following consummation of the tender offer. PGi is authorized to repurchase additional shares of its common stock from time to time through open market purchases, at prevailing market prices or in privately negotiated or other transactions. PGi's share repurchase program may be modified or terminated by PGi's board of directors at any time. Pursuant to Rule 13e-4(f) under the Securities Exchange Act of 1934, as amended, any such additional repurchases by PGi of shares of its common stock shall not occur until after December 17, 2010.