Shared Technologies Cellular to double revenues with acquisition of PTC Cellular Inc.WETHERSFIELD, Conn.--(BUSINESS WIRE)--Sept. 12, 1995--Shared Technologies Cellular Inc. (STC STC Supplemental Type Certificate (FAA) STC Society for Technical Communication STC Subject to Change STC Surf the Channel (website) STC Sound Transmission Class STC Singapore Turf Club ) (Nasdaq:STCL STCL School of Teaching and Curriculum Leadership STCL Source Term Control Loop ) today announced that it has signed a letter of intent to purchase assets of PTC (PTC, Needham, MA, www.ptc.com) Long a world leader in mechanical computer-aided design, manufacturing and engineering software, PTC, through acquisitions and reorganization, has transformed itself into a leading provider of Internet-based B2B solutions for discrete manufacturers. Cellular Inc. (PTCC PTCC Peterborough Town Cricket Club (UK) PTCC Physical Therapy Clinical Center PTCC Passenger Tariff Coordinating Conference PTCC Priorities and Tasking Control Committee PTCC Performance, Time to Market, Product Cost, Project Cost ), a wireless reseller An organization that sells wireless services under its own name, but uses the networks of other service providers. For example, before it exited the business in 2002, WorldCom sold cellular services under the WorldCom Wireless brand, using the actual networks of Verizon, AT&T and others. that provides in-car cellular telephone service to travelers in the U.S. car rental marketplace. PTCC currently operates under exclusive national contracts with Avis Rent A Car System Avis Rent A Car System, LLC is a car rental company headquartered in Parsippany, New Jersey USA. Avis, Budget Rent a Car and Budget Truck Rental are all units of Avis Budget Group. Inc. and Budget Rent a Car to provide in-car cellular phones. STC would also purchase 15,000 in-car phones, patents pending and a highly advanced computer operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . Terms of the acquisition were not disclosed. This agreement, which will double STC's revenues upon completion, should be finalized in the next 30 days. PTCC, (annual revenues of $11 million), developed a highly advanced computer operating system and in-car cellular phone. The system incorporates several automated cellular fraud prevention systems including transparent and automated use of cellular carrier PIN Codes, which virtually eliminates cloning on its new phones. STC plans to strategically deploy these phones with rental companies as well as with other transportation entities. "The acquisition of PTCC is an important element in our growth strategy," said Sean P. Hayes, executive vice president. "STC currently commands the lead in the portable cellular phone rental marketplace. The addition of in-car cellular services will position STC as a leader in the cellular phone rental industry. Additionally, the merging of carrier contracts and the increased volume of business will allow STC to achieve improved economies and increased margins." Shared Technologies Cellular is America's leader in portable cellular phone rentals. Through marketing agreements with Hertz, National and Budget car rental companies, Delta Shuttle, major hotels, and a national toll-free reservations number, travelers can rent portable cellular phones at sales points nationwide. Shared Technologies Cellular, headquartered in Wethersfield, is the largest provider of portable cellular phone rentals services in the United States. Other STC services include a cellular resale and agency business, which provides cellular equipment sale, services and installations, and nationwide activation services. STC is also engaged in the management of cellular debit (prepaid) technology systems, which allow cellular subscribers an easy pay-as-you-go option. STC has cellular rental operations in more than 65 cities nationwide including STC franchise locations. PTCC, headquartered in Miami, is a unique type of wireless reseller that provides in-car public wireless telephone services primarily to car rental companies. In addition to long-term agreements with Avis and Budget, PTCC also has in-car agreements with the two largest licensees of Avis: Avis Grand, which operates the Avis Los Angeles Market, and Hayes Leasing, which operates the Dallas-Ft. Worth Markets. PTCC also has cellular resale agreements with facility-based carriers throughout the United States, including NYNEX NYNEX New York-New England & X for the Unknown (Telephone Company) NYNEX New York Network Exchange , Bell Atlantic Mobile, US West, AT&T Wireless/McCaw and Airtouch. Peoples Telephone Company, PTCC's majority shareholder, entered into the wireless marketplace through the acquisition of two companies, Carifone in May of 1992 and Portable Cellular Communications (PCC PCC prothrombin complex concentrate. ) in Aug. 1993, which together, became PTC Cellular. CONTACT: STC Vincent DiVincenzo, 203/258-2400 or PTC F.J. Pollak, 305/593-9667 x 144 or W.T. Blase bla·sé adj. 1. Uninterested because of frequent exposure or indulgence. 2. Unconcerned; nonchalant: had a blasé attitude about housecleaning. 3. Very sophisticated. & Associates Inc. (For Media Relations) 212/371-5219 |
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