METROVISION OF NORTH AMERICA, INC. ACQUIRES TOUCHTEL, INC.
SYRACUSE, N.Y., Dec. 14 /PRNewswire/ -- MetroVision of North America, Inc. (NASDAQ: MVTV) announced today that it had completed the acquisition of Touchtel, Inc., a provider of multi-media public information systems for airports. The acquisition price was $768,860 and has been paid as follows: $296,860 in cash, $195,000 in 8 percent notes due in 18 months and $272,000 in restricted shares of common stock of MetroVision priced at $3.40 per share or 80,000 shares. Through the acquisition of Touchtel, MetroVision acquired long-term rights to install and operate its "Flight Channel" network at LaGuardia, Newark International, and JFK International Airports, which combined (New York/New Jersey) represent the nation's largest aviation hub. The installation at these airports will reach an attractive and upscale audience, will include large screen monitors and video walls, as well as interactive kiosk units. The monitors will be located in ticketing, baggage claim, departure/arrival, and waiting areas. Robert F. Hussey, president and CEO of MetroVision stated "the acquisition of Touchtel's airport contract is the company's first step in reaching and delivering for its advertisers a significant share of the premier air business traveler market. Upon completion of the MBTA and New York/New Jersey airport installations, our combined Commuter and Flight Channel networks will reach a monthly audience of approximately 40 million, should have major appeal to our existing advertisers, and to a potentially wider group of manufacturing and service companies who need to reach a captive and pre-qualified business travel audience." MetroVision continues to roll-out its wired cable video networks in the commuter rail and airport markets. As part of this expansion plans, MetroVision, through its investment banker Allen & Company Incorporated, is seeking strategic corporate partnerships with major media/broadcast/ equipment companies. A portion of any funds invested by such partner(s) would be used to finance the installation of MetroVision's network at the Boston MBTA System and the New York/New Jersey Airports. MetroVision owns and operates the "Commuter Channel," the only wired cable video network for the commuter rail market, and also the "Flight Channel" for the airport market. The Commuter Channel is currently installed in the PATH System in New York, the CTA in Chicago, the BART System in San Francisco, and the SEPTA System in Philadelphia. MetroVision has recently been awarded contracts to install the Commuter Channel in Boston for the MBTA (Massachusetts Bay Transportation Authority) and to pilot test the channel in LIRR (Long Island Railroad) System in New York and in Metro-North/Amtrak's Stamford, Conn. station. The Flight Channel is installed at the Syracuse Hancock International Airport and is currently being installed at LaGuardia, Newark International, and JFK International Airports pursuant to the Touchtel acquisition. -0- 12/14/92 /CONTACT: Robert F. Hussey, chief executive officer of MetroVision of North America, Inc., 212-370-3096/ (MVTV)
CO: MetroVision of North America, Inc.; Touchtel, Inc. ST: New York IN: PUB SU: TNM
LR-OS -- NY056 -- 6812 12/14/92 14:58 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 16, 1992|
|Previous Article:||DYNASTY CLASSICS CORP. AND IMPAC INTEGRATED SYSTEMS SET ARBITRATION DATE|
|Next Article:||WALLACE LABORATORIES STATEMENT ON FELBAMATE|