UPDATE: eLandia International Announces Going Private Transaction

eLandia International Inc.

announced that a special committee of its board of directors has received and approved a formal proposal from Amper, S.A., the holder of 85% of eLandia's common stock, to take eLandia private. Pursuant to the proposal, eLandia would effect a 1-for-150,000 reverse stock split of its common stock. Any shareholder holding less than one share following the reverse stock split will receive $0.65 in cash for each eLandia share held prior to the reverse stock split. As a result of the reverse stock split, it is expected that the number of beneficial shareholders of eLandia common stock will be reduced below 300 allowing the Company to deregister as a publicly reporting company under applicable Securities and Exchange Commission (“SEC”) regulations. The eLandia board of directors had previously formed a special committee comprised of all independent directors to evaluate the Amper proposal as well as third party alternatives. The special committee retained a financial advisor to assist it in, among other things, evaluating Amper's proposal as well as evaluating other proposals. The consummation of the going-private transaction is subject to certain conditions including review and approval of definitive documentation and the receipt by the special committee of a final fairness opinion from its financial advisor.