CableMaxx announces execution of merger agreement with Heartland Wireless Communications.Inc. (Nasdaq: CMAX CMAX - Combined Medical Assistance Exercise Cmax - Maximum Capacity CMAX - Maximum Plasma Concentration) announced today the signing of a definitive agreement with Heartland Wireless Communications, 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 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 of CableMaxx said "The merger of CableMaxx and Heartland brings together two wireless cable See MMDS. companies with high percentages of unpassed homes and will create what we believe to be the largest contiguous cluster of MMDS systems anywhere in the country." Gleason continued, "With CableMaxx's proven infrastructure in its four operating systems 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. 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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