Citizens Utilities Receives PSC Approval to Acquire Ogden Telephone Company.STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 27, 1997--Citizens Utilities (NYSE NYSE See: New York Stock Exchange : CZN) announced today that the New York Public Service Commission has approved its acquisition of Ogden Telephone Company. The parties expect the transaction to close by year-end. Citizens and Ogden entered into an agreement in February 1997 which provides for the merger of Ogden Telephone Company with 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. The resulting corporation, to be named Ogden Telephone Company, will continue to provide high-quality local and long-distance service to existing and future customers as part of the Citizens Communications family. Citizens agreed to acquire the common stock of Ogden for a purchase price of $23 million. Holders of Ogden Common Stock will receive shares of Citizens Common Stock in exchange for their shares in Ogden. Leonard Tow, Chairman and Chief Executive Officer of Citizens, welcomed the Ogden Telephone Company, stating, "This is an important addition to the Citizens family and will benefit all stakeholders." Philip T. Evans, President of Ogden, stated, "We are excited about the merger and we believe it will provide new opportunities to the shareholders, customers and employees of Ogden." Citizens Utilities provides telecommunications and public services, including natural gas, electricity, water and wastewater treatment, to 1.7 million customers in 20 states. Citizens Communications, an integrated communications provider, offers local telephone, long-distance, cellular, paging, Internet access, network sales and other communications products and services to customers in 12 states, including over 285,000 customers in New York State. Citizens also has investments in Centennial Cellular Corp. (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 : CYCL) and Hungarian Telephone and Cable Hungarian Telephone and Cable Corp. (HTCC) (AMEX:HTC) is a telecommunications company based in Seattle, Washington, USA. It provides a variety of telecommunications services in Hungary through its subsidiaries, Hungarotel Tavkozlesi Rt. and Pantel Tavkozlesi Kft. Corp. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : HTC HTC HTML (Hyper Text Markup Language) Component HTC High Tech Computer Corp (Taiwan, China) HTC Hennepin Technical College (Minnesota) HTC High-Throughput Computing ) and owns Electric Lightwave, Inc. (ELI Eli (ē`lī), in the Bible, high priest and judge of Israel, teacher of the boy Samuel. 1. (language) ELI - An early system on the IBM 705 and IBM 650. [Listed in CACM 2(5):16 (May 1959)]. 2. ), a leading competitive provider of communications services for business and long-distance carriers in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . ELI has filed a Form S-1 Registration Statement with the Securities and Exchange Commission for an offering of its common stock and expects the offering to occur in November of this year. For more information on Citizens, please visit its Web site at http://www.czn.net. CONTACT: Citizens Utilities Brigid M. Smith 203/329-5042 bsmith@czn.com or Ogden Telephone Company Maureen Howard 716/352-7203 |
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