PACIFIC TELECOM TO MERGE SUBSIDIARY WITH CASCO TELEPHONE
VANCOUVER, Wash., April 1 /PRNewswire/ -- Pacific Telecom Inc. (PTI) (NASDAQ: PTCM) announced today that it has signed a definitive agreement to merge a wholly owned subsidiary with Casco Telephone Co. (Casco). The terms of the merger, which involves cash and PTI stock, provides that Casco will continue in business as a subsidiary of PTI. Casco, located northeast of Green Bay, Wis., serves approximately 1,200 access lines, 1,200 CATV subscribers and owns a partnership interest in the Wisconsin RSA No. 10 cellular market, representing approximately 20,000 pro-rata POPs (population equivalents). The transaction is subject to certain approvals, including approval by the FCC and is expected to close in the second quarter of 1993. C.E. Robinson, PTI's chief executive officer, commented that, "the Casco transaction further demonstrates our commitment to develop our local exchange operations through strategic acquisitions in our operating regions. Casco has a long history of providing quality service in rural Wisconsin and PTI intends on continuing this tradition of quality. We look forward to working with the employees of Casco and the communities it serves." Mike Gotstein, president of Casco, added that "PTI's reputation for providing quality telecommunication services and commitment to rural communities make this an attractive combination for Casco, its employees and our service area." Pacific Telecom Inc. is one of the nation's leading telecommunications companies, providing local telephone, cellular telephone and long-distance services in the Midwest, West and Alaska. Pacific Telecom Inc. is an 87-percent-owned subsidiary of PacifiCorp (NYSE: PPW). -0- 4/1/93 /CONTACT: Brian M. Wirkkala, vice president-treasurer, of Pacific Telecom, 206-696-0983/ (PTCM PPW)
CO: Pacific Telecom Inc.; Casco Telephone Co.; PacifiCorp ST: Washington, Wisconsin IN: ?
LM-SG -- SE012 -- 2172 04/01/93 15:43 EST
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|Date:||Apr 1, 1993|
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