Advanced Radio Telecom Announces Retirement of Henry C. ''Harry'' Hirsch, Chairman and Chief Executive Officer.BELLEVUE, Wash.--(BUSINESS WIRE)--Oct. 29, 1999-- Advanced Radio Telecom Corp. (Nasdaq:ARTT ARTT, n.pr See asymmetry/range of motion alteration/tissue texture alteration/tenderness. ), today announced that Henry C. (Harry) Hirsch, chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will retire effective November 1, 1999. In light of Hirsch's planned retirement, ART's board of directors has been engaged in a search and expects to name a replacement before the end of the year. Robert McCambridge, executive vice president and chief financial officer, has been named acting president and CEO. Hirsch will be available to consult with the company during the transition period. "Harry had done an outstanding job in securing the financial future of the company and putting in place a solid, long term business strategy for a national broadband wireless See wireless broadband. network roll out. We wish him the best in his retirement," said James B. Murray, Jr., an ART director and managing director of Columbia Capital Corporation, a major stockholder in ART. "We are talking with a number of outstanding candidates to take over the management of ART, and have every confidence in Bob McCambridge and the ART team to manage the company in the interim. "The ART board of directors believes there is tremendous opportunity for ART in its current strategy of providing high-speed Internet See broadband. access services via its broadband wireless/fiber network," Murray added. "We expect to aggressively move forward in building metropolitan area networks in 40 of the top communications-intensive markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." Hirsch said, "I leave ART with a feeling of tremendous pride in this organization. Its tenacity over the past two years has been truly inspirational and a tribute to the quality of the people in this company. ART now has a solid financial base with its recent $251 million equity infusion, an ideal strategic partner in Qwest, a sound and exciting strategy of delivering high-speed IP local connectivity to businesses, its first market (in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. ) up and running, and an organization ready for the challenge. I look forward to being an investor in ART for many years to come." About ART Advanced Radio Telecom Corp. (Nasdaq:ARTT), headquartered in Bellevue, Wash., is a provider of Internet access See how to access the Internet. service to businesses at speeds up to 100Mbps. ART currently owns and operates broadband wireless metropolitan area networks in San Jose, Calif., Seattle, Portland, Ore., and Phoenix with plans to expand to 40 of the top 50 U.S. markets in the next few years. Qwest Communications International Inc. (Nasdaq:QWST) is ART's largest investor and strategic partner with ART Broadband Services, Qwest Private Line, co-marketing and co-location agreements. Addition investors include a number of high tech investment funds including Oak Investment Partners, MeriTech Capital Partners, Accel Partners, Brentwood Venture Capital, Worldview world·view n. In both senses also called Weltanschauung. 1. The overall perspective from which one sees and interprets the world. 2. A collection of beliefs about life and the universe held by an individual or a group. Technology Partners, Columbia Capital, Advent International, GE Equity, KPN KPN Koninklijke PTT Nederland (Royal Dutch Telecom) KPN Konfederacja Polski Niepodleglej (Polish conservative party) , Sonera, Bessemer Venture Capital, and Adams Capital Management. ART has a nationwide footprint of 38GHz spectrum licenses in the United States, and owns 26GHz and/or 38GHz spectrum licenses in the United Kingdom and several Scandinavian countries. For more information, please visit ART's web site at www.art-net.net. The above information includes forward-looking statements regarding the hiring of a new executive, scope and timing of network deployment, and provision of Internet access services. These statements are not guarantees of future performance. Known and unknown risks, uncertainties, and other factors, including without limitation, capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and other financial risks, customer demand, technological risks, management of growth, ability to achieve Year 2000 compliance, competition and government regulation may cause actual results to differ materially from the future results implied or expressed in the forward looking statements. Additional information about the most significant of such factors is set forth in ART's most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . The Company does not undertake to update or revise its forward-looking statements publicly even if experience or future changes make clear that any projected results expressed or implied herein will not be realized. |
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