CELLULAR COMMUNICATIONS TO DISTRIBUTE PUERTO RICO CELLULAR OPERATIONS TO STOCKHOLDERS
CELLULAR COMMUNICATIONS TO DISTRIBUTE
PUERTO RICO CELLULAR OPERATIONS TO STOCKHOLDERS
NEW YORK, Nov. 7 /PRNewswire/ -- Cellular Communications, Inc. ("CCI") (NASDAQ: COMMP) announced today the proposed distribution of shares of common stock of its subsidiary, Cellular Communications Holdings, Inc. ("Holdings"), at a share ratio as yet to be determined. The distribution is another step in a series of transactions provided for in the amended and restated agreement and plan of merger and joint venture organization, between CCI and PacTel Corporation that was approved by CCI's stockholders on Jan. 29, 1991.
Holdings, through wholly and majority owned subsidiaries and a partnership, holds cellular licenses that operate cellular telephone systems in the Commonwealth of Puerto Rico.
Accomplishment of the distribution is subject to the receipt of various regulatory approvals. CCI expects to complete the distribution in the early part of the first quarter of 1992.
/CONTACT: J. Barclay Knapp, executive vice president and chief operating officer, 614-325-2305, or Richard J. Lubasch, vice president and general counsel, 212-319-7014, both of Cellular Communications/
(COMMP) CO: Cellular Communications, Inc.; Cellular Communications Holdings,
Inc. ST: New York IN: TLS SU: JT -- NY088 -- 2393 11/07/91 16:40 EST