Chadmoore Wireless Group transfers rights on 57 channels in Anchorage, Alaska.LAS VEGAS--(BUSINESS WIRE)--May 21, 1997--Chadmoore Wireless Group Inc. (NASDAQ/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 services, announced today it has transferred management and option rights held on 57 channels in Anchorage, Alaska. In commenting on the transaction, Robert Moore, president and chief executive officer of Chadmoore said, "This transaction demonstrates the value of our channels and validates the valuation of our assets by ITA ITA abbr. initial teaching alphabet ITA initial teaching alphabet: a partly phonetic alphabet used to teach reading ITA n abbr (BRIT) (= initial teaching alphabet) → , as a whole." Moore added, "We plan to continue to refine our operational footprint to ensure the greatest economies of scale for our operators." Total consideration for the transaction is $684,000, or approximately twice the price Chadmoore paid for the rights in June 1996. Chadmoore originally purchased the rights for the 57 channels as part of a transaction, consummated in June 1996, which included rights to over 5,000 channels. The company said that the 57 channels were considered to be of lesser strategic value to Chadmoore because of their geographic remoteness. The transaction's closing is predicated on the buyer satisfying certain contractual requirements as defined by the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. (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. ), including completion of construction and approval for transfer. Chadmoore Wireless Group Inc. is engaged in the business of wireless communications utilizing 800 MHZ SMR frequencies throughout the Midwest and Southeastern United States. SMR, one of the fastest growing types of wireless communications in the U.S., currently services over 2.3 million radio users, with annual service revenues over $525 million. Chadmoore now manages over 7,000 SMR frequencies serving a population in excess of 50 million. Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in 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. Although Chadmoore Wireless Group Inc. believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, without limitation, fluctuations in demand, loss of subscribers, the quality and price of similar or comparable wireless communications services, regulatory delays, termination of proposed transactions, access to source of capital, and general economic conditions in the Southeast, Midwest and the United States. This release is available on the 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 website at www.kcsa.com. CONTACT: Chadmoore Wireless Group Inc. Diana Nicolai/Nancy Geller 702/891-5255 or KCSA Joseph A. Mansi/Paul Holm 212/682-6300 ext. 205/201 |
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