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iBasis Schedules Special Shareholder Meeting To Increase Number Of Authorized Shares Of Common Stock

Increase to Support Company's Previously Announced Debt Refinancing

BURLINGTON, MA— May 17, 2004 —- - iBasis, Inc. (OTCBB: IBAS), the leader in Internet-based voice communications, today announced that it will hold a Special Meeting of Shareholders on Friday, June 18, 2004, during which shareholders will be asked to approve an amendment to iBasis' certificate of incorporation to increase the number of authorized shares of common stock, par value $0.001 per share from 85 million to 170 million.

Pursuant to the debt refinancing plan announced on April 28, 2004, the Company is seeking shareholder approval to increase the number of authorized shares of common stock to provide the flexibility to issue new shares or other securities convertible into or exchangeable for common stock necessary to support the Company's recent and continued efforts to recapitalize.

Additional information about the shareholder meeting and the debt refinancing plan is contained in the Company's most recently filed Proxy Statement and Registration Statement on form S-4, respectively.

About iBasis

Founded in 1996, iBasis (OTCBB: IBAS) is a leading provider of wholesale international telecommunications services. For the past two years the company has been named by service providers as the best international wholesale carrier in Atlantic-ACM's annual International Wholesale Carrier Report Card1. iBasis is a preferred provider for many of the largest carriers in the world, including AT&T, Cable & Wireless, China Mobile, China Unicom, MCI, Sprint, Telefonica, Telenor, and Telstra. iBasis has carried more than six billion minutes of international voice traffic over its global Cisco Powered Network™, and is one of the ten largest carriers of international voice traffic in the world2. In addition to its wholesale international telecommunications services, iBasis provides retail prepaid calling cards to major distributors, utilizing the international iBasis Network. Based on its revenue growth from 1997 through 2001, iBasis was ranked the #8 fastest-growing technology company in North America and the #1 fastest-growing technology company in New England in the Technology Fast 500 national program sponsored by Deloitte & Touche. The company can be reached at its worldwide headquarters in Burlington, Massachusetts, USA at 781-505-7500 or on the Internet at www.ibasis.com.

The New England Technology Fast 50 program is presented by Deloitte & Touche and Hale and Dorr, in association with the sponsor, Mazonson Inc. In addition, Mass High Tech and Trinity Communications are associated with the program.

   
 
 
     

 

 


 

1 ATLANTIC-ACM International Wholesale Carrier Report Card - 2002, 2003, & 2004

2 Telegeography 2003 data compared with iBasis annualized Q1 2004 traffic volume.

Assured Quality Routing, ConnectPoint, and iBasis are registered marks, The iBasis Network, Internet Central Office, Internet Branch Office, and IP CallCard are trademarks of iBasis, Inc. Cisco and Cisco Powered Network are registered trademarks of Cisco Systems, Inc. All other trademarks are the property of their respective owners.

Except for historical information, all of the expectations, projections and assumptions contained in the foregoing press release, including those relating to the company's current expectations regarding revenue growth, sources of revenue, margin improvement and future capital expenditures constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. Important factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, (i) the extent of adoption of the company's services and the timing and amount of revenue generated by these services; (ii) fluctuations in the market for and pricing of these services; and (iii) the other considerations described as "Risk Factors" in iBasis' most recent Forms 10-K and 10-Q, and the company's other SEC filings. We have no current intention to update any forward-looking statements.