Citizens Utilities Acquires Rhinelander Telecommunications, Inc.STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 2, 1998-- Cash-for-Stock Transaction Includes Local Exchange, Long-distance, Data, Cellular and Cable Television Citizens Utilities (NYSE NYSE See: New York Stock Exchange : CZN, CZNPr) announced today that it completed the acquisition of Rhinelander Telecommunications, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : RLNT) in a cash-for-stock transaction. Rhinelander Telecommunications, Inc. will continue to operate under that name as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Citizens Utilities. Located in north central Wisconsin Central Wisconsin is a colloquial term for a region of Wisconsin. This region generally coincides with the Wausau-Rhinelander Television Market. Counties in Central Wisconsin
Leonard Tow, Citizens Utilities' chairman and chief executive officer, said, "This transaction is part of our strategy to continue to expand our national telecommunications footprint. In addition to its clustered access lines, Rhinelander's wireless operations overlay the local telephone exchange properties, allowing us to offer bundled services to customers. We will also capitalize upon Rhinelander's successful penetration of surrounding markets with long-distance, cable television and Internet product offerings." Citizens Utilities provides telecommunications and public utility services, including gas distribution, electric distribution, water distribution and wastewater treatment services to 1.8 million customers in 21 states. Citizens Utilities owns 83% of Electric Lightwave, 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 : ELIX) and has a significant investment in Centennial Cellular Corp. Citizens Utilities announced on May 18, 1998 that it intends to separate its telecommunications and public utility businesses into two stand-alone, publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. . The separation is expected to be complete in the second half of 1999. For more information, please visit Citizens Utilities website at www.czn.net. |
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