CAI Obtains Extension on Senior Secured Notes.ALBANY, NY--(BUSINESS WIRE)--June 25, 1998--CAI Wireless Systems, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Symbol: CAWS CAWS Create A Wrestler (video games) CAWS Community Animal Welfare Society (Salt Lake City, Utah) CAWS Close Assault Weapon System CAWS Common Arrangement of Work Sections (engineering) ) ("CAI (1) (Computer-Assisted Instruction) Same as CBT. (2) See CA. CAI - Computer-Aided Instruction " or the "Company") announced today that it has received an extension to June 30, 1998 of the maturity date of its 13% Senior Secured Notes, which notes were scheduled to mature June 24, 1998. The Company currently has $45,000,000 aggregate principal amount of the Secured Notes issued and outstanding. During the extension period, the Company intends to begin a solicitation of holders of CAI's 12 1/4% Senior Notes due 2002 and certain other impaired creditors in connection with a proposed reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. . CAI, based in Albany, NY, currently operates six analog-based MMDS (Multichannel Multipoint Distribution Service or Microwave Multipoint Distribution Service) A digital wireless transmission system that works in the 2.2-2.4 GHz range. subscription video systems in 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. , Rochester and Albany, NY, Philadelphia, PA, Washington, DC and Norfolk/Virginia Beach, VA, and provides Internet access services in Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or City and Boston. CAI also owns a portfolio of MMDS channel rights in eight additional markets, including Long Island, Buffalo and Syracuse, NY, Providence, RI, Hartford, CT, Boston, MA, Baltimore, MD and Pittsburgh, PA. In addition, CAI owns approximately 60% of CS Wireless Systems, Inc., an MMDS operator based in Plano, TX. The statements contained in this press release relating to CAI's plans and objectives of management for future operations, including plans or objectives relating to CAI's products and services, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Actual results of the Company may differ materially from those in the forward-looking statements and may be affected by a number of factors including the receipt of regulatory approvals for alternative uses of its MMDS Spectrum, the Companies' ability to attract one or more new strategic partners and their willingness to enter into arrangements with CAI on a timely basis, the terms of such arrangements, the success of CAI's trials in various of its markets, the commercial viability of any alternative use of MMDS Spectrum, consumer acceptance of any new products offered or to be offered by CAI, subscriber equipment availability, tower space availability, absence of interference and the ability of CAI to redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. or sell excess equipment, as well as other factors contained herein and in CAI's securities filings. Furthermore, the financing obtained by the Company to date will not enable CAI to meet its future cash needs.
CONTACT:Investor Relations Contact:
John G. Nesbett/Scott Henry
Lippert/Heilshorn & Associates
212-838-3777
or
Company Contact:
James P. Ashman
CFO, CAI Wireless Systems, Inc.
518-462-2632
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