Columbus International Modifies Consent Solicitation for 11.5% Senior Secured Notes due 2014 to Remove the Consent Fee and the Proposed Indenture Amendments, and to Extend the Consent Solicitation Deadline

BRIDGETOWN, Barbados, April 19, 2012 /PRNewswire/ -- Columbus International Inc. (the "Company") today announced that it is extending the expiration time for its Consent Solicitation, as modified (the "Consent Solicitation"), related to its 11.5% Senior Secured Notes due 2014 (the "Notes") -  CUSIP No. 199300AA2, ISIN US199300AA21 (Restricted Global Notes) and CUSIP No. P2894NAA5, ISIN USP2894NAA56 (Reg S Global Notes), until 5:00 p.m. (New York City time) on April 20, 2012 (the "Expiration Time"), unless further extended by the Company prior to such time.

The Company further announced that it is amending the Consent Solicitation and the Consent Solicitation Statement, dated April 5, 2012 (the "Consent Solicitation Statement"), as modified by Supplement No. 1 thereto, dated April 19, 2012 ("Supplement No. 1") as follows:

• The request for consents to enable the Company the flexibility to incur additional debt is being deleted;
• The Company's offer to pay a consent fee to each Holder who validly delivers (and does not validly revoke) a consent at or prior to the Expiration Time is being deleted;
• The Consent Solicitation is being extended; and
• The Expiration Time will be 5:00 p.m. (New York City time) on April 20, 2012, unless further extended by the Company.

As a result of the above amendments, the Company is only seeking the waiver of certain non-financial technical defaults and the extension of the grace period for the creation and perfection of security interests in certain additional collateral upon the terms set forth in the Consent Solicitation Statement and Supplement No. 1, and Holders of Notes who validly and timely deliver consents will only be waiving such defaults.  The detailed terms and conditions of the Consent Solicitation are contained in the Consent Solicitation Statement and Supplement No. 1.

Requests for assistance regarding the Consent Solicitation or requests for the Consent Solicitation Statement, Supplement No. 1 and the Consent Form should be directed to Global Bondholder Services Corporation at (212) 430-3774 or toll free (866) 794-2200.  The Company has appointed Citigroup as Solicitation Agent for the Consent Solicitation.  Questions concerning the terms of the Consent Solicitation should be directed to Citigroup at (212) 723-6106 or toll free (800) 558-3745.

This announcement is not a solicitation of consent with respect to any Notes.  The Consent Solicitation is being made solely by the Consent Solicitation Statement, Supplement No. 1 and the Consent Form, which contain the terms of the Consent Solicitation.

The distribution of this announcement in certain jurisdictions may be restricted by law.  Persons into whose possession this press release comes are required to inform themselves about, and to observe, any such restrictions.

ABOUT THE COMPANY

Columbus International Inc. is a privately held diversified telecommunications company based in Barbados.  The Company provides digital cable television, broadband Internet, digital landline telephony and corporate data services in Trinidad, Jamaica, Grenada and Curacao all of which operate under the brand name, FLOW.  Through its wholly owned subsidiary, Columbus Networks, the Company provides capacity and IP services, corporate data solutions and data center hosting throughout 22 countries in the greater Caribbean, Central American and Andean region.  Through its fully protected, ringed submarine fiber optic network spanning close to 18,000 km and its 21,000 km terrestrial fibre and coaxial network, Columbus' 1,900 employees provide advanced telecom services to a diverse residential and corporate client base of close to 500,000 customers.

FORWARD-LOOKING INFORMATION

Forward-looking statements in this announcement, including those statements relating to the Consent Solicitation, such as the scheduled expiration date and payment of the consent fee, are based on current expectations.  These statements are not guarantees of future events or results.  Future events and results involve some risks, uncertainties and assumptions that are difficult to predict.  Actual events and results could vary materially from the description contained herein due to many factors including changes in the market and price for the Notes; changes in the business and financial condition of the Company and its subsidiaries; changes in the debt markets in general; and the occurrence of events specified in the Consent Solicitation that would trigger a condition permitting termination or amendment of the Consent Solicitation.

SOURCE Columbus International Inc.