D & E Communications Inc. to Reduce Debt by $13 Million Under New FCC C-Block License Option.EPHRATA, Pa.--(BUSINESS WIRE)--June 12, 1998--D & E Investments Inc., 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 D & E Communications Inc. (D & E) (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 : DECC DECC Duluth Entertainment Convention Center (Duluth, MN) DECC Defense Enterprise Computing Centers DECC Distance Education Coordinating Council DECC Danish-Estonian Chamber of Commerce (Tallinn, Estonia) ) today announced its has selected the Amnesty Option for the Lancaster, Pa. Basic Trading Area In the US, a Basic Trading Area is a geographic region defined by the FCC where a Personal Communications Service can operate.[1] It consists of the counties surrounding a city designated as the basic trading center. (BTA (Business Technology Association, Kansas City, MO, www.bta.org). A membership association of manufacturers, dealers, distributors and service companies in the business equipment and systems industries, founded in 1994. ) C-Block License in the Federal Communications Commission's (FCC) Personal Communication Services (communications) Personal Communication Services - (PCS) Telecommunications services that bundle voice communications, numeric and text messaging, voice-mail and various other features into one device, service contract and bill. PCS are carried over cellular links, most often digital. (PCS) C-Block election notice. The FCC offered several alternatives for the partial or full return of PCS C-Block licenses. Under the terms of the option selected, the company returned the full license spectrum in return for cancellation of $13.3 million of principal and interest financed by the FCC for the acquisition of the license. D & E is part of a joint venture with Omnipoint (NASDAQ:OMPT OMPT Orthopedic Manual Physical Therapy ) that was formed to design, build and market a PCS system in the Lancaster, Harrisburg, York-Hanover and Reading BTA's. The joint venture markets its services under the name PCS One. "Returning spectrum does not effect our current service or plans to continue our build out. We have sufficient spectrum available through our joint venture with Omnipoint," noted Mrs. Anne B. Sweigart, chairman, president and chief executive officer of D & E. "Our decision today to return to this spectrum, will however, result in significant long-term savings to D & E. We can continue to provide a full contingent of services to our customers with our remaining spectrum. Should yet unforeseen services require increased spectrum, we believe we will have several options available to us at that time." The return allows the continued development of the company's business while reducing the future cash payments on the FCC loan. The return of the spectrum will require D & E to record an extraordinary loss, net of tax effect, of approximately $7.9 million. The second quarter results will include approximately $1.07 loss per share as a result of the transaction. D & E Communications is a full-service telecommunications company based in Lancaster County. Through its subsidiaries and affiliated companies, D & E Communications offers both local and long distance service, wireless service, Internet service, paging, voice, data and video communications equipment, and computer networking services. CONTACT: D & E Communications Inc. W. Garth Sprecher, 717/738-8304 |
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