MTN Completes Purchase Agreement

Friday, May 19, 2000
Maritime Telecommunications Network (MTN), a subsidiary of ATC Teleports, has finalized a definitive Asset Purchase Agreement to attain specific assets of CruisePhone for approximately $1 million.

CruisePhone, which previously filed for relief under Chapter 11 of the U.S. Bankruptcy Code, was permitted by the court to complete the sale of assets to MTN. Following a hearing, which occurred in the U.S. Bankruptcy Court for the District of New York, CruisePhone is expected to transfer all of its services to MTN on June 31.

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