AirTouch decides not to pursue Russian cellular investment.SAN FRANCISCO--(BUSINESS WIRE)--May 4, 1995--AirTouch Communications (NYSE NYSE See: New York Stock Exchange :ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. ) today announced that it will not exercise its option to invest in a Russian cellular company. In December, AirTouch purchased a convertible note from FGI FGI Free Government Information FGI Fashion Group International, Inc FGI Focus Group Interview FGI Federazione Ginnastica d'Italia (Italian Gymnastics Federation) FGI Finished Goods Inventory FGI Forget It Wireless which would allow it to acquire an indirect interest in a Russian cellular company. Under the terms of the agreement, the note will be repaid by August of 1996. AirTouch had until May 15 to convert its note into equity. "Our arrangement with FGI Wireless was designed to allow us to study the Russian market before making a significant investment," said Arun Sarin Arun Sarin (Hindi:अरुण सरीन) (born October 21 1954, in Pachmarhi, Madhya Pradesh, India) is the CEO of the world's biggest mobile phone company (by revenue), Britain's Vodafone Group plc. , senior vice president -- corporate development, strategy and international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. for AirTouch Communications. "After careful consideration, we have decided not to pursue the Russian wireless market at this time. While Russia may offer us an opportunity to create shareholder value in the future, for now we prefer to focus on our existing operations and other potential wireless ventures in selected international markets." AirTouch Communications is involved in cellular, paging, and vehicle location 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. and has international wireless ventures in many of the world's top markets, including Japan, Germany, Sweden, France, Spain, Italy, Portugal, Belgium, South Korea, and Thailand. The company, which is headquartered in San Francisco, serves nearly 4 million customers worldwide. CONTACT: AirTouch Communications, San Francisco Susan Rosenberg, 510/210-3910 |
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