Chadmoore receives valuation of recently acquired assets at approximately $80 million.LAS VEGAS--(BUSINESS WIRE)--Nov. 7, 1996--Chadmoore Wireless Group, Inc. (NASDAQ/BB: MOOR), announced today that at the request of its auditor KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen Peat Marwick, it has obtained two independent valuations of the Company's recent acquisitions 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. and 800 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 Network, Inc. The Company retained the services of a nationwide investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. and a wireless industry specialist firm which valued the securities and the assets purchased in the transactions. The valuation on the assets acquired was returned at approximately $80 million which is about 2 1/2 times the purchase price paid in July 1996 for the two companies. Robert Moore, President and Chief Executive Officer of Chadmoore, said: "The Company is extremely pleased with the substantial increase in shareholder value reflected by these valuations. The completion of these acquisitions, bringing our total channel position to over 7,000, will position us to strongly pursue additional acquisitions." Chadmoore Wireless Group, Inc. is engaged in the business of wireless communication 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 2 million radio users, with total industry sales of over $200 million. Chadmoore now manages over 7,000 SMR frequencies serving a population in excess of 60 million. The company owns and operates SMR systems in Memphis, Tenn. and Little Rock, Ark. with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. gross revenues in excess of $2 million. 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 Joseph A. Mansi/Paul Holm 212/682-6300 ext. 205/201 |
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