Chadmoore Wireless Shareholders Approve Agreement With Nextel Communications, Inc.Business Editors LAS VEGAS--(BUSINESS WIRE)--Jan. 29, 2002 Chadmoore Wireless Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MOOR Moor Any member of the Muslim population of Spain, of mixed Arab, Spanish, and Berber origins. North African Muslims (called by their Latin name Mauri—i.e., natives of Roman Mauretania) invaded Spain in the 8th century and, under the Umayyad and Almoravid dynasties, ) announced that at the special meeting the Company's shareholders approved the Agreement and Plan of Reorganization with Nextel Communications Nextel Communications, styled NEXTEL, (Former NASDAQ: NXTL) which is now known as the Sprint Nextel Corporation was a telecommunications firm based in the United States. Known for providing a nation-wide mobile communications system. , Inc. The agreement is expected to close in early February 2002. The asset sale remains subject to the satisfaction of customary closing conditions contained in the Agreement and Plan of Reorganization, as described in Chadmoore Wireless Group's Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. dated December 14, 2001. Subsequent to the closing of this transaction, Chadmoore will be dissolved and all of its remaining assets will be liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. . This press release contains forward looking statements as that term is used in Section 21E of the Securities Exchange Act of 1934. These statements contain words such as "intends", "planned", "future", "expects" and "believes" and include statements regarding the Company's strategy. Although the Company believes that the expectations reflected in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that actual results may differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation, the risk that the proposed transaction with Nextel Communications, Inc. will not be completed or that it will not be completed on terms that are as favorable to the Company and its shareholders as the transaction that is currently proposed, regulatory delays or denials both in connection with the proposed transaction with Nextel and in connection with the Company's business generally, the lack of availability of sources of capital to fund the Company's operations and the repayment of the Company's significant outstanding debt in the event that the proposed transaction with Nextel is not completed, the lack of any presently established alternate purchaser of the Company's assets or other acquisition partner in the event that the transaction with Nextel is not completed, fluctuations in demand, loss of subscribers, the quality and price of similar or comparable 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, the existence of well-established competitors who have substantially greater financial resources and longer operating histories, adverse results in pending or threatened litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , consequences of actions by 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. , and general economic conditions. The forward looking statements should be considered in the context of these and other risk factors disclosed in the Company's filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-KSB and Quarterly Reports on Form 10-QSB available online at http://www.sec.gov. All forward looking statements are based on information available to the company on the date hereof, and the Company assumes no obligation to update such statements. |
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