Exhibit 99.1



Primus Telecommunications Group, Incorporated

Reports Fourth Quarter and Full Year 2011 Results

Excluding Divested Brazil Operations



Q4 Net Revenue of $250MM Up 37% YoY; 2011 Net Revenue Reached $989MM



Q4 Adjusted EBITDA of $24MM Up 24% YoY; Normalized Adjusted EBITDA of $26MM



2011 Adjusted EBITDA Reached $84MM; Normalized Adjusted EBITDA of $89MM



Q4 Positive Free Cash Flow of $8MM after $7MM Interest Payment



Strategic Investments for Growth Continue in Data Centers and Metro Rings



2011 Capital Program Reached $31MM

MCLEAN, VA – (MARKET WIRE) – March 14, 2012 –

Primus Telecommunications Group, Incorporated (PTGi) (NYSE: PTGI), a global facilities-based integrated provider of advanced telecommunications products and services, announced results for the fourth quarter ended December 31, 2011. PTGi completed the acquisition of Arbinet Corporation on February 28, 2011; therefore, fourth quarter 2011 comparisons are not directly comparable with prior periods. Additionally, PTGi sold its non-core Brazilian operations on December 5, 2011 for $4.3 million, the proceeds of which were primarily used to repurchase $5 million of Senior Secured Notes; these operations have been classified as discontinued for all periods.

Consolidated Results

Net revenue for the fourth quarter 2011 was $249.6 million, an increase of 36.5% from fourth quarter 2010 net revenue of $182.8 million. Contributing to the increase in net revenue was a 7.1% increase in net revenue from growth services (broadband, data center, SME VoIP, and other data services), which included a 16.4% increase in revenue associated with PTGi’s continuing data center portfolio of 11 sites worldwide. Fourth quarter continuing data center revenues were $10.7 million, and the Company’s current revenue acceleration in this space, annual data center revenue generation is tracking at approximately $42.8 million. Adjusted EBITDA was $24.3 million, an increase of 24.2% from fourth quarter 2010 Adjusted EBITDA of $19.6 million and a 9.8% increase from third quarter 2011 Adjusted EBITDA of $22.2 million. The year-over-year impact of foreign exchange translation was a positive $0.7 million to revenue for the fourth quarter 2011 and a positive $0.2 million to Adjusted EBITDA. Free Cash Flow in the quarter was $8.2 million compared to negative Free Cash Flow of $10.1 million in fourth quarter 2010.

Peter D. Aquino, Chairman, President and Chief Executive Officer, stated, “PTGi’s list of 2011 accomplishments was very meaningful, including our: debt exchange to improve our balance sheet and Free Cash Flow; ICS integration and re-launch; monetization of non-core assets; and investments in high-ROI projects. Our consistent operational and financial performance drove $89 million in Normalized Adjusted EBITDA and $58 million after capital expenditures in 2011, giving PTGi strong momentum entering 2012. Our key theme for 2012 will be our aggressive focus on capturing the enterprise segment opportunities in data centers and high capacity metro fiber while continuing our efforts to expand margins in consumer and SME broadband services. We will also continue to review strategic alternatives to increase shareholder value.”

Key Fourth Quarter 2011 Accomplishments






Completed a process to divest non-core Brazilian operations for $4.3 million including all assets and outstanding liabilities.



Applied proceeds of Brazilian sale and other cash to reduce the 10.00% Senior Secured Notes by $5 million.






Began construction on a new high density data center facility in Markham to meet strong demand from greater Toronto area businesses for mission critical and business continuity solutions, bringing Primus Canada’s national data center footprint to 8 facilities. Designed to Leadership in Energy and

The following information was filed by Hc2 Holdings, Inc. (HCHC) on Wednesday, March 14, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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