C1 Begins New Era of Growth and Innovation to Elevate Connected Human Experiences

Emerges from Financial Restructuring with Deleveraged Balance Sheet and Strengthened Liquidity Which Will Enable Investments to Create and Deliver World-Class Technology Solutions

BLOOMINGTON, Minn., June 4, 2024 /PRNewswire/ -- C1, a technology solutions company, today announced that it has successfully completed its financial restructuring process. C1 has emerged with an even stronger financial foundation, enabling it to further invest in product and service innovations across infrastructure, communications and security, and provide its customers with the ability to elevate connected human experiences.

"Completing this highly consensual, expedited process positions C1 to expand investments in near-term growth initiatives," said Jeffrey S. Russell, Chief Executive Officer of C1. "We remain focused on driving modernization and innovative outcomes for our customers across infrastructure, communications and security solutions. As always, C1 is committed to bringing together the best of services, products and channels so organizations can take full advantage of technology to create elevated connected experiences for their customers."

Russell continued, "We appreciate the support of our new owners, whose investment reflects their confidence in C1's capabilities and the future of the business. With our new owners, the continued collaboration and trust of our partners, and the unwavering commitment of the talented C1 team, we are now even better positioned to deliver exceptional product and service innovation for our customers."

As a result of this process, C1 has reduced its debt by approximately 80% and CVC Capital Partners, as well as Silver Point Capital and Monarch Alternative Capital, among others, have become the majority owners of C1 and have invested $245 million in new equity into the Company.

Advisors

White & Case LLP served as legal advisor, Evercore Group, L.L.C. as investment banker, and AlixPartners LLP as financial advisor to C1.

About C1

C1, the global technology solution provider elevating connected human experiences, is transforming the industry by creating connected experiences that make a lasting impact on customers, our teams, and our communities. More than 6,000 customers use C1 every day to help them build meaningful connections through innovative and secure experiences. C1 collaborates with many of the Fortune 1000 companies and public sector organizations along with other key global industry partners to deliver solutions with a total lifecycle approach. C1 employs more than 1,500 engineers who collectively hold thousands of industry certifications throughout North America and India, including three Customer Success Centers. Learn more at onec1.com.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this filing that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend," "forecast," "foresee," "likely," "probably," "possibly" or the negative thereof or other variations thereof or other comparable terminology. Examples of such forward looking statements include, but are not limited to, statements regarding the Company's financial results, motions filed in the Chapter 11 proceeding and the dispositions of such motions, continued operations and customer and supplier programs, cash needed to support our operations, ability to lower debt and interest payments, ability to operate, ability to pay our creditors, and credit rating, among others. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control, including, but not limited to: the actions and decisions of our creditors and other third parties with interests in the Chapter 11 cases; our ability to maintain liquidity to fund our operations following the Chapter 11 cases; our ability to obtain Bankruptcy Court approvals in connection with the Chapter 11 cases; our ability to consummate any transactions once approved by the Bankruptcy Court and the time to consummation of such transactions; adjustments in the calculation of financial results for the quarter or year end, or the application of accounting principles; discovery of new information that alters expectations about financial results or impacts valuation methodologies underlying financial results; and other factors affecting the Company detailed from time to time. These and other important factors may cause our actual results or developments to differ materially from the expectations expressed or implied in the forward-looking statements. Readers of this press release are cautioned not to place undue reliance on such forward-looking statements, including C1's forecasts, and no assurance can be given that any of such statements will prove to be correct.

Contacts

C1
Kim Espinosa
Media Relations Manager
[email protected]

Joele Frank
Michael Freitag / Viveca Tress / Carleigh Roesler
212-355-4449

SOURCE C1