Centennial Communications Completes Sale of Interest in Sacramento-Valley Limited Partnership.Business Editors NEPTUNE Neptune, in Roman religion and mythology Neptune, in Roman religion and mythology, god of water. He was presumably an indigenous god of fertility, but in later times he was identified with the Greek Poseidon, god of the sea. , N.J.--(BUSINESS WIRE)--Nov. 21, 2000 Centennial Communications Centennial Communications (NASDAQ: CYCL) and its subsidiaries (Centennial Wireless (U.S.), Centennial Dominicana and Centennial de Puerto Rico) provide wireless and broadband telecommunications services to wireless telephone subscribers in the United States, Puerto Rico, the Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CYCL) today announced that it has completed the sale of its 23.472% limited partnership interest in Sacramento-Valley Limited Partnership to Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. for $236 million in cash. Centennial's interest represents approximately 865,000 Net Pops. Sacramento-Valley Limited Partnership provides wireless telephone service in portions of Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern and Nevada and is controlled and managed by Verizon Wireless. "We have had a long-standing goal of monetizing the value of our minority interests," said Michael J. Small, Centennial's president and chief executive officer. "The sale of our Sacramento interest to Verizon further strengthens our financial position and supports the growth of our domestic and Caribbean operations." Over the past several months, Centennial has disposed of its minority interests in the GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) Mobilnet San Francisco Partnership; Lawrence, Pennsylvania Partnership; Modoc, California Partnership; and now the Sacramento-Valley Partnership. The Company has generated aggregate proceeds of over $290 million in cash which it intends to reinvest in its domestic and Caribbean operations. Centennial is one of the largest independent wireless telecommunications service providers in the United States and the Caribbean with approximately 17.5 million Net Pops and over 664,000 wireless subscribers. Centennial's Domestic operations have approximately 6.0 million Net Pops in small cities and rural areas. Centennial's Caribbean integrated communications operation owns and operates wireless licenses for 11.4 million Net Pops in Puerto Rico, the Dominican Republic, Jamaica and the U.S. Virgin Islands, and provides voice, data and Internet services on wireline networks in the region. Welsh, Carson, Anderson & Stowe and an affiliate of The Blackstone Group are controlling shareholders of Centennial. For more information regarding Centennial, please visit our website at www.centennialcom.com. Cautionary statement for purposes of the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Information in this release that involves Centennial's expectations, beliefs, hopes, plans, projections, estimates, intentions or strategies regarding the future are forward-looking statements that involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Centennial as of the date of the release, and we assume no obligation to update or revise any such forward-looking statements. These statements are not guarantees of future performance, and actual results could differ materially from our current expectations. |
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