-WVT Communications allowed to restructure corporate organization.
TELECOMWORLDWIRE-July 18, 2012--WVT Communications allowed to restructure corporate organization(C)1994-2012 M2 COMMUNICATIONS http://www.m2.com
Cloud communications pioneers Warwick Valley Telephone Company (NASDAQ: WWVY) said that the New York State Public Service Commission has approved letting the company restructure its corporate organization.
The approval for restructuring its corporate organization enables the company to function with the same flexibility for deploying capital for growth and simplifying financial reporting processes as enjoyed by other diversified telecommunications companies.
In its 110th year, Warwick Valley Telephone, a regulated ILEC in the mid-Hudson Valley region of New York, has been granted the ability to transfer its regulated assets to a newly formed wholly-owned subsidiary named Warwick Valley Telephone, which will operate as a regulated subsidiary. In connection with the corporate restructuring, the company plans to change its name to WVT Communications Group and operate as a holding company. This move follows the recent acquisition of Alteva, a cloud-based unified communications solution provider, and further strengthens the company's financial and competitive viability as it continues to grow in the cloud communications sector.
The company will submit a similar petition with the New Jersey Public Service Commission for its ILEC operations in the northern region of that state. Upon approval, all of the company's ILEC operations will have been approved for the corporate restructuring, which will allow a complete transition of the company into a holding company.
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|Title Annotation:||Warwick Valley Telephone Co.|
|Article Type:||Brief article|
|Date:||Jul 18, 2012|
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