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OLD DOMINION CAPITAL CREATED TO INVEST IN CELLULAR TELEPHONE SYSTEMS NEW PARTNERSHIP FUNDED AT $23.5 MILLION

 OLD DOMINION CAPITAL CREATED TO INVEST IN CELLULAR TELEPHONE SYSTEMS
 NEW PARTNERSHIP FUNDED AT $23.5 MILLION
 ALEXANDRIA, Va., Nov. 9 /PRNewswire/ -- Principals of Columbia Cellular Corp. and Boston Communications Group, with funding from four leading venture capital firms, have formed a new partnership through which they will direct $23.5 million in investment capital to the cellular telephone industry.
 The partnership -- Old Dominion Capital Limited Partnership -- will operate from offices in Alexandria, Va., and Boston. Funding has been obtained from Burr, Egan, Deleage & Co.; Highland Capital Partners; Grotech Partners; and Hancock Venture Partners.
 Targeted investment activities in the industry will include the purchase of minority equity interests in companies providing cellular service in Rural Service Areas (RSAs); purchase of minority equity interests in companies providing cellular service in Metropolitan Service Areas (MSAs), and placement of capital via debt and equity instruments to provide funds for operations, system expansion, acquisitions and "cash outs" to existing owners.
 "We continue to witness excellent operating fundamentals in this industry, especially the positive results among many start-up RSAs," said Paul J. Tobin, chairman of Old Dominion Capital Corp., the corporation formed to manage the partnership. "Nonetheless, there is an overall shortage of available capital for these companies."
 Mark J. Kington, president of Old Dominion Capital Corp., added: "The creation of this fund reflects our enthusiasm for the cellular industry and our commitment to its long-term development."
 Interested parties may inquire about funding by calling Mark Kington at 703-519-3582.
 -0- 11/09/92
 /CONTACT: Mark Kington of Old Dominion Capital Corp., 703-519-3582/ CO: Old Dominion Capital Limited Partnership ST: Virginia, Massachusetts IN: TLS SU:


AH -- NY095 -- 8818 11/09/92 15:00 EST
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Publication:PR Newswire
Date:Nov 9, 1992
Words:278
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