ICG Communications Announces Sale of Fiber Optic Technologies, Inc. to ACS Communications.ENGLEWOOD, Colo.--(BUSINESS WIRE)--Sept. 3, 1999--
indocyanine green. Communications, 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 : ICGX) announced today that it has entered into a definitive agreement with ACS (Asynchronous Communications Server) See network access server. Communications, Inc. (ACS), to sell its fiber optic division, Fiber Optic Technologies, Inc. (FOTI FOTI Flight of the Intruder (movie & game)
FOTI Fat on the Outside Thin on the Inside ).
The agreement is subject to certain regulatory approvals, but is expected to close during the fourth quarter of 1999. ACS will acquire all FOTI operations in the all cash transaction.
"This agreement marks the successful execution of our plan to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use.
See also: Dispose our Satellite Services and FOTI divisions," said J. Shelby Bryan John Shelby Bryan (born March 12, 1946) is an American communications executive, also known for his affair with Anna Wintour, editor of Vogue magazine.
A direct descendant of Stephen F. , chairman and chief executive officer of ICG. "We are moving forward with the rest of our business plan which focuses on our core telecommunications business."
With headquarters in Austin, Texas, ACS is a full-service company providing a total solution for all network infrastructure and telecommunications needs including design, installation, testing, and maintenance of voice and data cabling. The company is privately held and has approximately 550 employees. ACS provides services throughout the Southwest including Houston, Dallas, San Antonio, Austin, Phoenix, Nashville, and San Jose.
ICG was advised on the transaction by Daniels & Associates.
About ICG Communications
With headquarters in Englewood, Colo., ICG Communications, Inc. (NASDAQ: ICGX) is a competitive telecommunications provider of high-quality, integrated communications solutions. ICG offers local, long distance and enhanced telephony, and data communications to small- and medium-sized businesses in California, Colorado, Ohio, Texas, and the Southeastern United States. The company also provides high-speed data network capabilities and services to Internet service providers Internet service provider (ISP)
Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. throughout the United States, using ICG's nationwide network. For further information on ICG, visit the company's Web site at http://www.icgcom.com.
Information and statements contained in this press release contain, expressed or implied, forward-looking disclosures that are based on the beliefs of management as well as assumptions made based on information currently available to management. These forward-looking statements and information involve risks and uncertainty, including, but not limited to, future demand for the company's services, general economic conditions, government regulations, competition and customer strategies, capital deployment, the impact of pricing and other risks and uncertainties. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, or expected. These risks are detailed from time to time in various reports filed by ICG with the SEC, including Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. filed by ICG for the fiscal year ended December 31, 1998, Forms 10-Q filed for the quarters ended March 31 and June 30, 1999.