On January 14, 2014, DG Capital Management, LLC delivered a letter to the Board of Directors of PTGi Holding, Inc. expressing its views that more value can be generated for shareholders by operating the Company as opposed to liquidating it. DG Capital also stated that given its ownership position, it would like to meet with representatives of the Company to discuss strategies to enhance shareholder value and would like to make changes to the composition of the Board of Directors of the Company so that 1 of the 5 members of the board is an individual identified by it. Further, DG Capital requested that the Company withdraw its Form 15 filed with the Securities and Exchange Commission and not declare or pay any dividend or distribution on the Company's stock pending the changes to the Board of Directors.