Advanced Radio Telecom completes acquisition of licenses.BELLEVUE, Wash.--(BUSINESS WIRE)--Feb. 26, 1997--Advanced Radio Telecom Corp. (ART) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ARTT ARTT, n.pr See asymmetry/range of motion alteration/tissue texture alteration/tenderness. ) today has completed its previously announced acquisitions of 38 GHz licenses and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. from CommcoCCC Inc. and Extended Communications Inc. (Extended). As a result of these acquisitions, ART currently owns, manages, or has a right to use a total of 233 licenses covering an aggregate population of approximately 156 million in 169 major U.S. markets. ART's footprint allows it to provide wireless broadband High-speed wireless transmission of data. What is "high" speed is always a changing number. Wireless systems are typically slower than land-based, wireline networks. In the past, wireless broadband started at 250 Kbps, whereas land-based broadband was generally considered to start at T1 services in 47 of the top 50 markets and 82 of the top 100 markets. ART acquired 129 38 GHz licenses from CommcoCCC in exchange for 6 million shares of ART common stock. The purchase price for Extended's interest in the ART West Joint Venture was $6 million in cash, of which $3 million had been paid in November 1996. Upon closing of the CommcoCCC acquisition, James B. Murray, Jr., a managing director of Columbia Capital Corp., joins ART's board of directors. "We look forward to having Jim Murray on the ART board of directors," said Vernon L. Fotheringham, chairman and chief executive officer of ART. "Jim has a wealth of telecommunications industry experience and will be a tremendous resource to ART as we proceed to extend our business plan." ART is a nationwide telecommunications company See telecom company. providing rapidly deployable, highly reliable, wireless broadband local telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. , which extend the reach of fiber optic and other telecommunications networks A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. . ART is addressing the growing demand for high-capacity, high-speed digital telecommunications services for business and government customers who require cost-effective, high bandwidth local access to voice, video, data, and Internet services. ART is headquartered at 500-108th Ave. NE, Suite 2600, Bellevue, WA 98004, telephone: 206/688-8700; fax: 206/688-0703. ART's home page on the worldwide web can be viewed at http://www.artelecom.com . CONTACT: Advanced Radio Telecom (ART) Lori Lawrenson, 206/990-1620 Thomas Grina, 206/990-1629 |
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