Cellular Technical Shares To Be Distributed In Connection With Nationwide Cellular/MCI Merger Agreement.SEATTLE--(BUSINESS WIRE)--May 22, 1995--Cellular Technical Services Company, Inc. (NASDAQ/NMS:CTSC CTSC Cathepsin CTSC Clinical and Translational Science Center (University of California at Davis) CTSC Chenega Technology Services Corporation CTSC Canadian Technical Security Conference (Burlington, ON, Canada) )("CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS. (2) (Common Type System) The data typing used in . ") today announced that the shares of CTS owned by Nationwide Cellular Service, Inc. (NASDAQ/NMS:NCEL NCEL Naval Civil Engineering Laboratory NCEL Naval Civil Engineering Lab (Port Hueneme, CA) NCEL National Commodity Exchange Ltd NCEL Navy Contractor Experience List ) will be distributed to Nationwide shareholders in connection with Nationwide's announced merger agreement with MCI Communications Corporation (NASDAQ/NMS:MCIC MCIC Macedonian Cultural and Information Centre (UK) MCIC Missing Children Investigation Center MCIC Managed Care Information Center MCIC Manitoba Crop Insurance Corporation MCIC Macedonian Center for International Cooperation ). Nationwide has announced that it will distribute its CTS shares prorata at a rate of approximately .38 CTS shares for each share of Nationwide held. It is expected that this distribution will take place in the third quarter this year prior to the closing of the Nationwide merger with MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. . Six of Nationwide's board members and two of its largest individual shareholders have indicated that they are pleased to have the opportunity to participate directly in CTS's exciting future growth prospects and have agreed to lock up, for various time periods of up to one year, all or a substantial portion of the CTSC shares that they will receive as a spin-off dividend from the merger with MCI. Approximately 1.3 million shares, or 33 percent of the total shares to be distributed, will be subject to the lock-up agreement Lock-Up Agreement A legally binding contract between the underwriters and insiders of a company prohibiting these individuals from selling any shares of stock for a specified period of time. . Cellular Technical Services develops, markets and supports real-time information management systems for the wireless communications industry. The Company's innovative technologies and open systems philosophy help cellular carriers obtain real-time information and maximize value, control and flexibility of their systems. CONTACT: Cellular Technical Services Company, Inc. Joseph D. Pititto, 516/887-0494 or Lippert/Heilshorn & Assoc. Laura Wilker (ext. 106) Bharti Malkani (ext. 119) 212/838-3777 |
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