Centennial Communications to Explore Alternatives for Its Southwest Properties.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)--June 26, 2000 (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) Centennial Communications Corp. announced today that is has retained Waller Capital Corporation to act as its financial advisor to explore alternatives with respect to its Southwest properties. Centennial's Southwest properties consist of rural service areas (RSA's) in and around Yuma, Arizona (Arizona 4) and Imperial, California (California 7) representing 311,000 Pops and over 22,000 cellular subscribers. The Southwest properties also include paging and SMR (Specialized Mobile Radio) The communications services used by police, ambulances, taxicabs, trucks and other delivery vehicles. Throughout the U.S., approximately 3,000 independent operators are licensed by the FCC to offer this service, which provides always-on operations. Centennial is one of the largest independent wireless telecommunications service providers in the United States and the Caribbean with approximately 18.7 million Net Pops and over 585,500 wireless subscribers. Centennial's domestic operations have approximately 6.2 million Net Pops and over 416,500 wireless subscribers. Centennial de Puerto Rico is a fully integrated provider of communications services in Puerto Rico, utilizing a PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. license that covers 3.8 million Pops in Puerto Rico and the U.S. Virgin Islands and a Competitive Local Exchange Carrier license to operate in Puerto Rico. Centennial de Puerto Rico has approximately 169,000 wireless subscribers. In addition, the Company owns 70% of a PCS license in the Dominican Republic representing approximately 6.2 million Net Pops, 51% of a 800 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. license in Jamaica representing approximately 1.3 million Net Pops and holds minority shares representing approximately 1.2 million Net Pops in U.S. cellular operations controlled and managed by other operators. Welsh, Carson, Anderson & Stowe (WCAS WCAS Weinberg College of Arts and Sciences WCAS Warfighter Communication Assessment System (US DoD) ) and an affiliate of The Blackstone Group are controlling shareholders of Centennial. WCAS is a private investment firm based in New York and founded in 1979. WCAS currently manages over $8 billion in private equity capital and focuses primarily on the telecommunications, information services and healthcare industries. The Blackstone Group is a New York based private investment bank whose current corporate investment vehicle, Blackstone Capital Partners III Merchant Banking Fund, LP, has approximately $3.8 billion in committed capital. `Safe Harbor" Statement Under 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 1995: Information in this release that involves Centennial's expectations, beliefs, hopes, plans, 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 any such forward-looking statement. These statements are not guarantees of future performance, and actual results could differ materially from our current expectations. |
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