Telegroup Expands Worldwide Financial Management Tool
Fairfield, Iowa, November 4, 1997 ---Telegroup, Inc.(NASDAQ: TGRP) announced today the conclusion of a definitive agreement with PEOPLESOFT INC. for the purchase of the American English Global Version of seven financial software applications. The applications include General Ledger, Budgets, Asset Management and Payables. Telegroup has also been granted an option to purchase additional modules during the coming year.
In announcing Telegroup's implementation of this leading edge technology, Mr. Andrew Munro, Vice President, Revenue Systems said, "We are pleased to be employing a proven financial management software tool which is being provided by a major industry leader. Implementation of Peoplesoft financial modules in an open system environment will support significant improvement of Telegroup's financial management capabilities and provide our representatives around the world with superior financial management tools. This is a foundational step in Telegroup's integrated Revenue Systems for the coming year," continued Mr. Munro.
Telegroup is a leading global alternative provider of long distance telecommunications services. The Company offers a broad range of discounted international, national, value-added wholesale and enhanced telecommunications services to approximately 268,000 small- and medium-sized business, residential and wholesale customers in over 180 countries worldwide. Telegroup has achieved its significant international market penetration by developing what it believes to be one of the most comprehensive global sales, marketing and customer service organizations in the international telecommunications industry. Telegroup operates a reliable, flexible, cost-effective, digital, facilities-based network. According to Federal Communications Commission statistics, based on 1996 revenue, Telegroup was the thirteenth largest U.S. carrier of long distance traffic in 1996.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: This press release contains statements which are not historical facts and may be considered forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as statements regarding expected future performance of the Company. Telegroup's actual results might differ materially from those projected by those statements due to numerous factors, including the Company's success in developing its business plan and acquiring additional financing needed to meet this plan, foreign currency fluctuations, termination of certain operating agreements, and changes in tax law.
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