American Tower Systems to Acquire Micronet.BOSTON--(BUSINESS WIRE)--July 8, 1997--American Tower Systems ("ATS"), a wholly-owned subsidiary of American Radio Systems Corp. (NYSE NYSE See: New York Stock Exchange :AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. ), announced today that it has entered into an agreement to acquire the assets of Micronet Inc. ("Micronet"). The purchase price will be approximately $70.25 million. Micronet, based in Jamison, Pa., is one of the leading antenna site providers in the Mid-Atlantic region of 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. with 127 tower sites in service, in addition to others currently under development. Micronet's towers are strategically located in densely populated areas, including the MSA's of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Philadelphia, Washington and Baltimore. Additionally, Micronet owns twenty (20) towers situated between Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , and thirty-five (35) towers covering the areas of Texas surrounding Dallas, Houston, Austin, San Antonio, and Corpus Christi. ATS is also acquiring Micronet's video transport operations, which transport video, voice, and data by satellite and terrestrial microwave networks, utilizing two (2) teleports and a series of towers. One teleport is situated outside of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and connects New York City to Philadelphia and Washington, D.C. The other is located outside of Dallas and connects all major Texas cities. Including the Micronet acquisition, ATS will own and/or manage more than 600 tower sites nationwide. Alan Box, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of ATS, commented, "We are delighted to be acquiring one of the leading tower and teleport companies in the country. This transaction will substantially enhance ATS' existing presence in the Mid-Atlantic states, Texas, and California. It also gives us a foothold in the video transport business, which is very profitable and synergistic with our core investment in towers. Micronet represents a strategic addition of towers and talented management, both of which are welcome components in our quest to become the leading national provider of tower and related services to the rapidly growing wireless industry." American Tower Systems develops, acquires, manages and markets antenna sites for the wireless communications industry. ATS is headquartered in Boca Raton, Fla., with regional offices in Connecticut, Massachusetts, Pennsylvania, Washington D.C., South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Florida and California. American Radio Systems Corp. began trading shares publicly in June, 1995. The company owns and/or programs and markets approximately 100 radio stations in Boston, Seattle, Cincinnati, Baltimore, Pittsburgh, Portland, Sacramento, St. Louis, Charlotte, Kansas City, Hartford, Las Vegas, Austin, Buffalo, San Francisco/San Jose, West Palm Beach, Rochester, and Fresno. The company also has options and/or agreements to buy additional radio stations in Boston, Portland, San Francisco/San Jose, Pittsburgh, West Palm Beach and Riverside. CONTACT: American Radio Systems Inc. Joe Winn, Bruce Danziger 617/375-7500 or American Tower Systems Alan Box, Jim Eisenstein 561/998-2280 |
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