Cingular Wireless and Sunshine PCS Complete Sale of Spectrum Licenses; Sunshine PCS Sells Cingular Three Florida PCS Licenses For $13,750,000.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 31, 2003 Sunshine 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. Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : SUNPA.PK) has completed the previously announced sale of three licenses in Florida to Cingular Wireless for $13.75 million in cash. Concurrent with this transaction, Sunshine PCS acquired all of the outstanding shares of its three series' of Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and warrants to purchase 4,300,000 shares of its Class A Common Stock from Lynch Interactive Corporation for a total of $7,587,000. It also acquired from the holder, thereof, all of its outstanding shares of Class B Common Stock for approximately $613,862. Sunshine PCS is in the process of evaluating all of its alternatives with respect to the remaining proceeds of the sale and will consider all options as to their potential use. This press release contains certain 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. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, future action or inaction in·ac·tion n. Lack or absence of action. inaction Noun lack of action; inertia Noun 1. by the Board of Directors and stockholders and Sunshine PCS and regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities with respect to the matters referred to in this press release. Although Sunshine PCS believes that the assumptions contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Sunshine PCS or any other person that the objectives and plans of Sunshine PCS will be achieved. |
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