Printer Friendly

Charys Holding Company's Ayin Subsidiary Announces the Closing of The Acquisition of Complete Tower Sources, Inc. and Mitchell Site Acq., Inc.

ATLANTA -- Charys Holding Company, Inc. ("Charys") (OTCBB: CHYS) announced today that it's wholly owned subsidiary, Ayin Holding Company Inc. ("Ayin") has completed the acquisition of 100% of the stock of two highly synergistic companies; Complete Tower Sources, Inc ("CTSI") and Mitchell Site Acq. Inc. ("MSAI").

As previously announced, the acquisition of CTSI concludes the Stock Purchase Agreement dated June 20, 2006 which provided for an aggregate purchase price in the amount of $71,000,000, comprising of a Cash Component of $42,600,000 with a $5 million down payment, and a Promissory Note in the principal amount of $28,400,000 due September 30th, 2006; the Company has the right to two 30 day extensions of the due date of the Promissory Note. CTSI has been a Louisiana corporation since March 14, 2003 and is one of the largest tower construction companies in the US, providing full service in-house tower construction and installation services to the wireless industry in the gulf coast states.

The acquisition of MSAI was also completed in accordance with the Stock Purchase Agreement dated June 20, 2006 for an aggregate amount of $27,000,000, consisting of a cash component of $16,200,000 with a $2 million initial payment and a seller note for $11,300,000 due September 30th, 2006; the Company has the right to two 30 day extensions of the due date of the Promissory Note. MSAI has been a Louisiana corporation since August 13, 1998 and has been an industry leader, providing professional site acquisition and project management services to the wireless industry. Complete details will be found in the 8-K filed with the SEC.

Jimmy Taylor, President of Ayin said, "The depth and experience of the personnel within both CTSI and MSAI, along with their exceptional customer bases are only two of the many advantages we see with these transactions. This is a strong addition to the existing Ayin and to the broader Charys businesses. The level of personal commitment and the quality of services that both of these companies provide to their valuable customers is unique, if not phenomenal."

Charys President and CEO, Billy Ray, Jr. commented, "these transactions will enable Ayin and other Charys' subsidiaries to expand our geographic footprint, increasing our ability to better serve our customers and in the long term, drive shareholder value". Ray added, "Our companies have worked with CTSI and Mitchell Site Acq. for some time now, and the management teams work together very well, focusing on customer satisfaction through high quality and on time performance. This acquisition is great for our customers, and for our shareholders."

MSAI's President, Matt Mitchell commented, "We are very excited about becoming a part of the Charys and Ayin family of companies. This acquisition will afford us the synergies necessary to continue to grow our organization at a pace that would not have been possible on our own. We are also confident that our team of professionals will contribute significantly to the growth of Ayin as well."

Carrol Castille, President of CTSI, stated, "This is a unique opportunity for a very fine group of companies to pool their resources and put together a truly superior organization that will be second to none. CTSI's employees are some of the most experienced and committed professionals in the telecommunications construction industry. Becoming a part of Ayin allows us to take that experience and professionalism to the next level with the entire Charys team."

About Charys Holding Company, Inc.

Headquartered in Atlanta, Georgia, Charys Holding Company, Inc. (OTCBB: CHYS) is a publicly traded company focusing on the fragmented and underserved segment referred to as The Integrated Infrastructure Services Segment. This segment is fundamentally focused on environmental remediation and on upgrading the underpinning, infrastructure, and back office operations of the telecommunication, cable, electric, and Internet industries serving consumers, businesses and government entities. Charys' principle strategy is to acquire, through mergers and acquisitions, companies that support this underserved segment. Charys subsidiaries include: Viasys Services, Inc., Personnel Resources of Georgia, Inc., Method IQ, Inc., CCI Telecom, Inc., Digital Communication Services, Inc., Ayin Holding Company, Inc. and Crochet & Borel Services, Inc.

For more information about Charys visit http://www.charys.com.

About Corporate Evolutions, Inc.

Headquartered in New York City, Corporate Evolutions, Inc. is the ultimate concierge service in the financial industry. Corporate Evolutions, Inc. specialize in providing a multi-faceted suite of services custom designed to each of our client's needs in order to increase market awareness and facilitate corporate growth. Specializing in corporate communications, Corporate Evolutions, Inc. works in close partnership with our clients to achieve maximum presence in the Wall Street community by leveraging our existing relationships with our broad based network of broker-dealers, fund managers, and Investment funds.

For more information visit:

http://www.corporateevolutions.com/chys.php and http://www.corporateevolutions.com/

NOTE: The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

Some statements in this release, including statements regarding management's expectations for future financial results and access to capital markets, are forward-looking statements. Investors are cautioned that these forward-looking statements regarding Charys Holding Company, Inc. and its subsidiaries and its and their operations and financial results involve risks and uncertainties, including without limitation risks of accessing capital markets on terms acceptable to Charys, downturns in economic conditions generally and in the telecommunications and data communications markets; risks in product development and market acceptance of and demand for Charys products; risks of failing to attract and retain key managerial and technical personnel; risks associated with competition and competitive pricing pressures; risks associated with investing in new businesses; risks related to intellectual property rights and litigation; risks in technology development and commercialization.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Sep 5, 2006
Words:949
Previous Article:Press Registration Now Open for Business Intelligence Perspectives Conference Sept. 25-27 in Las Vegas; Industry Leaders and Pundits Will Review...
Next Article:Repros Files Shelf Registration.
Topics:


Related Articles
2004 Air Force Acquisition Training Managers Conference.
Acquisition Professional Development Program (APDP) training.
DAU takes training to Naval reservists serving in acquisition-related billets.
Air Force ACQ now update: FY 2005 DAU schedule now available for student registration.
Defense Far Supplement (DFARS) Change Notice 20040625.
New Systems Sustainment Management Fundamentals course.
Defense Far Supplement (DFARS) Change Notice 20041101.
Defense Far Supplement (DFARS) Change Notice 20041122.
The light at the end.
Howard University and Defense Acquisition University form strategic partnership.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters