Century Telephone Enterprises Inc. makes $20 million investment in GO Communications Corp.ALEXANDRIA, Va.--(BUSINESS WIRE)--Nov. 29, 1995--Century Telephone Enterprises Inc. (NYSE NYSE See: New York Stock Exchange :CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) and GO Communications announced Wednesday that Century has invested $20 million in GO Communications Corp. in exchange for a minority equity interest. The companies expect to enter into additional agreements under which Century would provide certain operational and management services, subject to shareholder approval. Glen F. Post III, president and chief executive officer of Century, said: ``We view our relationship with GO as an excellent opportunity to penetrate several of the largest markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. while minimizing our risk. ``GO has a clear plan to differentiate itself from the competition and provide a first-class combination of local, long distance and mobile services over its 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. infrastructure. We look forward to participating in this exciting endeavor.'' Steven A. Zecola, president and chief executive officer of GO Communications, added: ``We are pleased to add Century to our team of investors. GO is well positioned to achieve a minimum of 25 million population equivalents (POPs) at the upcoming PCS entrepreneurs auction, and our objective is to obtain markets that will enable GO to help complete a nationwide network of PCS operators who have selected PCS 1900 technology. After the auction, we look forward to competing against the established industry players with the help of our strategic investors.'' An auction for two comparable 30 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. licenses in each region of the country held earlier this year raised $7.7 billion for the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. . The largest winners of that auction, AT&T, Sprint and PCS Primeco, received their licenses in June. The long-awaited entrepreneurs auction has been delayed on three separate occassions by court challenges filed by existing wireless licensees. On Oct. 30, the Supreme Court cleared the way for the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. to begin the entrepreneurs auction, which is currently slated to begin Dec. 18. Founded in February 1994, GO has raised more than $100 million in equity capital. In addition to Century, the company has completed equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. with ALLTEL, Fidelity Capital, Mitsubishi, Nissho Iwai and other investors primarily through a private placement offering as to which Prudential Securities has acted as placement agent. Century Telephone Enterprises, Inc., headquartered in Monroe, La., is a diversified telecommunications company See telecom company. . Century is the 16th largest local exchange telephone company, based on access lines, and the 17th largest cellular company, based on population equivalents owned, in the United States. For more information, contact GO Communications at 703/518-5073. CONTACT: Century Telephone Enterprises R. Stewart Ewing Jr., 318/388-9500 or GO Communications by Phillips and Associates Scott Phillips, 312/943-8858 |
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