Dunkirk & Fredonia Telephone Company becomes part of Lynch Interactive.GREENWICH, Conn.--(BUSINESS WIRE)--Aug. 7, 1996--Lynch Corporation (AMEX AMEX See: American Stock Exchange :LGL LGL Legal (paper) LGL Large Granular Lymphocyte LGL Lown-Ganong-Levine Syndrome LGL Bayerischen Landesamtes für Gesundheit und Lebensmittelsicherheit LGL Luxair, Luxembourg (ICAO code) ) announced that the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Public Service Commission has approved Dunkirk & Fredonia Telephone Company joining the Lynch interactive group. In addition, the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. has approved the acquisition by J.B.N. Telephone Company, acquired by Lynch in 1993, of the Haddam and Morrowville Exchanges in Kansas. Both transactions are expected to close about September 3, 1996. These were the last regulatory approvals required in connection with the acquisitions. With these acquisitions, Lynch's total access lines would increase by approximately 11,000, to over 27,000 in six states, which would make Lynch about the 50th largest telephone company in the United States. -0- STATISTICS ON VIDEO, VOICE, AND DATA - JUNE 30, 1996
VIDEO VOICE
Direct TV Cable TV Telephone PCS Cellular
CURRENT OPERATIONS Population Covered 21,199 49,547 Customers/Access Lines Served 1,043 4,488 17,203 1,712 ACQUISITIONS IN PROCESS Population Covered 7,029,291 Customers/Access Lines Served 10,587 PRO FORMA Population Covered 21,199 7,029,291 49,547 Customers/Access Lines Served 1,043 4,488 27,790 1,712POTENTIAL ACQUISITIONS ALSO PROVIDE INTERNET SERVICES AND SECURITY ALARMS SERVICES FOR 405 AND 522 CUSTOMERS, RESPECTIVELY. THE ABOVE DATA INCLUDES (1) THE CONSOLIDATED ENTITIES OF LYNCH CORPORATION, (2) 100% OF THE POPULATION COVERED BY LICENSES WON IN THE RECENTLY CONCLUDED FEDERAL COMMUNICATIONS COMMISSION'S "C BLOCK" AUCTION OF SPECTRUM TO BE USED FOR PERSONAL COMMUNICATIONS SERVICES See PCS. BY PARTNERSHIPS IN WHICH LYNCH HAS A 49.9% EQUITY INTEREST (NOTE THESE LICENSES ARE EXPECTED TO BE AWARDED IN THE NEAR FUTURE) AND (3) NET MINORITY OWNERSHIP IN CELLULAR PARTNERSHIPS IN WHICH LYNCH CORPORATION AND SUBSIDIARIES OWN LESS THAN 25%. This release contains forward looking statements which are based upon certain assumptions of future events including satisfaction of closing conditions, award of 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. licenses and financing, and accordingly are subject to uncertainty and risk. Lynch is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a with subsidiaries in multimedia, services and manufacturing, and actively seeks acquisitions, principally in existing business areas. CONTACT: Mario J. Gabelli Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. (914) 921-5100 |
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