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CCPR ANNOUNCES AGREEMENT TO ACQUIRE ADDITIONAL INTERESTS IN SAN JUAN CELLULAR TELEPHONE AND THE ISSUANCE OF ADDITIONAL SHARES OF CCPR

 CCPR ANNOUNCES AGREEMENT TO ACQUIRE ADDITIONAL INTERESTS IN SAN JUAN
 CELLULAR TELEPHONE AND THE ISSUANCE OF ADDITIONAL SHARES OF CCPR
 NEW YORK, Feb. 28 /PRNewswire/ -- Cellular Communications of Puerto Rico, Inc. ("CCPR"), announced today that pursuant to the offer contained in its information statement/prospectus, dated Feb. 13, 1992, it had entered into agreements to acquire an aggregate of 14.5 percent of the remaining partnership interests in San Juan Cellular Telephone Company ("SJCT") that it does not otherwise own, resulting upon closing in a CCPR ownership interest in SJCT of approximately 96.5 percent. CCPR said that the consideration for these acquisitions was approximately 940,000 freely tradable shares of its common stock for several partnership interest acquisitions and approximately $700,000 in cash for one partnership interest acquisition.
 CCPR, until yesterday a wholly owned subsidiary of Cellular Communications, Inc. ("CCI"), owns and operates cellular systems in the Commonwealth of Puerto Rico. As previously announced, CCPR is being distributed today to CCI shareholders of record as of yesterday, Feb. 27, 1992, on a basis of one share of CCPR common stock for each six shares of CCI redeemable participating convertible preferred stock, Series A redeemable common stock, Class A preferred stock and Series C common stock held as of the record date.
 The number of shares of CCPR common stock to be so distributed will equal approximately 7,000,000 shares, which when added to the 940,000 shares of CCPR to be issued in connection with the SJCT acquisitions will result in an aggregate outstanding number of shares of approximately 7,940,000 shares. Acquisition of certain of the SJCT interests is subject to the satisfaction of certain closing conditions.
 The CCPR common stock has been approved for listing on the NASDAQ National Market System under the symbol "CCPR," and is expected that it will begin trading today under that symbol. In addition, CCI's Series A redeemable common stock (NASDAQ-NMS, Midwest: COMMA), the only securities of CCI that are listed for trading, will trade on an "ex." basis with respect to this distribution.
 -0- 2/28/92
 /CONTACT: Richard J. Lubasch of CCI, 212-906-8440/
 (COMMA CCPR) CO: Cellular Communications, Inc.; Cellular Communications of Puerto
 Rico, Inc.; San Juan Cellular Telephone Company ST: New York IN: TLS SU: TNM


GK-TS -- NY008 -- 3585 02/28/92 08:54 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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