Chadmoore Wireless Group announces strategic acquisitions; Acquisitions valued at $34 million.LAS VEGAS--(BUSINESS WIRE)--June 24, 1996--Chadmoore Wireless Group Inc. (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 BB: MOOR), a provider of Specialized Mobile Radio See SMR. (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 ) wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. services, today announced the separate acquisitions of all of the stock of CMRS (Commercial Mobile Radio Service) An organization that provides cellular, PCS, mobile radio, paging and other wireless services. A good source of information can be found at http://wireless.fcc.gov/cmrsreports.html. Systems Inc. (CMRS) and 800 SMR Network Inc. (800) in a transaction valued to total over $34 million. The $34 million acquisition consideration is comprised of $3.5 million cash with the balance in Chadmoore common stock and options. Through separate acquisitions, Chadmoore obtained 10 year management rights and options to acquire channels, nationally, bringing the total number of channels under contract by Chadmoore to over 7,000; 275 of which strengthen Chadmoore's position in its mid-south region and add significant channel densities in most of its current geographical service areas. These acquisitions expand Chadmoore's service areas with the potential to serve a population in excess of 60 million people. The respective service areas of CMRS and 800 will significantly increase the service capabilities of Chadmoore in each of its underlying markets with a potential of operations in every state. Robert Moore, president and chief executive officer of Chadmoore said, "These acquisitions will have significant impact on the landscape of the SMR industry and we believe this will position Chadmoore as a major provider of SMR wireless services and the second largest manager of licenses in the U.S. following Nextel." He added, "The effect of the acquisitions is very beneficial to Chadmoore, resulting in a 400% increase in our assets and a significant strengthening of our balance sheet." Chadmoore Wireless Group Inc., is engaged in the business of wireless communications utilizing 800 MHZ SMR frequencies throughout the Midwest and Southeast. SMR, one of the fastest growing types of wireless communications in the United States, currently services over two million radio users, with total industry sales of more than $200 million. Chadmoore now manages SMR frequencies to serve a population in excess of 60 million. The company's flagship operation in Memphis, currently serves 3,300 business subscribers. CONTACT: Chadmoore Wireless Group Inc. William Bossung, 702/891-5255 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Paul Holm/Joe Mansi, 212/682-6565, ext. 201/205 e-mail: KCSA@aol.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion