CELLULAR TELEPHONE ENTERPRISES ACQUIRES NATIONWIDE PAGING CORP.
CELLULAR TELEPHONE ENTERPRISES ACQUIRES NATIONWIDE PAGING CORP. COLLEGE POINT, N.Y., Jan. 6 /PRNewswire/ -- Cellular Telephone Enterprises Inc. (NASDAQ: CTEL) today announced the closing of a $4.7 million acquisition of Nationwide Paging Corp. Nationwide owns and operates its own paging frequencies in the 900mhz band which are licensed by the Federal Communications Commission. It also owns over several thousand paging accounts in the New York metropolitan area. In making the announcement, Leonard D. Weiss, CTEL president, stated that the principals of Nationwide will have a 7-1/2 percent interest in CTEL. But more important, he noted, CTEL will now be able to provide a greater variety of services through the exclusive use of the radio transmitters and towers. Weiss emphasized that the acquisition will accelerate the company's expansion throughout the East Coast, permitting it to greatly broaden the revenue base and to enhance the profit margins since it will no longer be dependent on others for air time. Weiss concluded that the Nationwide acquisition transforms CTEL from a reseller of paging devices and services to an integrated operation which will provide considerably more profit opportunities for the company. CTEL is engaged in the wholesale and retail sale of radio pagers, the wholesaling of radio frequencies, the repair and reconnect of radio pagers, the installation and reconnect of mobile cellular telephones and the sale of telecommunications software. -0- 1/6/92 /CONTACT: Leonard D. Weiss, president of Cellular Telephone Enterprises, 718-353-6474 or 718-353-6507/ (CTEL) CO: Cellular Telephone Enterprises Inc.; Nationwide Paging Corp. ST: New York IN: TLS SU: TNM
GK-TS -- NY012 -- 6749 01/06/92 09:01 EST
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|Date:||Jan 6, 1992|
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