CableMaxx announces execution of merger agreement with Heartland Wireless Communications.Inc. (Nasdaq: CMAX) announced today the signing of a definitive agreement with Heartland Wireless Communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. , Inc. in connection with a proposed merger of CableMaxx into a subsidiary of Heartland. In the merger, CableMaxx stockholders would receive newly issued publicly tradable shares of Heartland valued at $8.50 per share of CableMaxx stock subject to adjustment and CableMaxx would become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Heartland. Consummation of the merger would be subject to customary closing conditions, including approval of the stockholders of CableMaxx and appropriate regulatory approval. Tommy L. Gleason, Jr., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CableMaxx said "The merger of CableMaxx and Heartland brings together two wireless cable companies with high percentages of unpassed homes and will create what we believe to be the largest contiguous cluster of 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. systems anywhere in the country." Gleason continued, "With CableMaxx's proven infrastructure in its four operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. in Central Texas already in place, and with the addition of Heartland's adjacent markets, not only are the effective coverage areas greatly expanded, but the obvious synergies and operating efficiencies can be realized." The Heartland systems in Texas will extend the reach of the existing signal in several of CableMaxx's markets which should provide more efficient growth of wireless cable service. CableMaxx, Inc. develops, owns and operates wireless cable television systems. It currently provides service to approximately 33,000 subscribers in markets in Texas including Austin, San Antonio, Temple/Killeen, and Waco. The Company also has certain channel rights to broadcast wireless cable in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. . CONTACT: Ralph G. Kelly Chief Financial Officer (512) 345-1001 OR Tommy L. Gleason, Jr. President and CEO (314) 472-8200 |
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