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Pinnacle Holdings Inc., Registers Common Stock.

SARASOTA, Fla.--(BUSINESS WIRE)--July 2, 1999--

Pinnacle Holdings Inc. (NASDAQ: BIGT), announced today that it had filed a registration statement with the Securities and Exchange Commission to register the public offering of 10,700,000 shares of its Common Stock (plus up to an additional 1,605,000 shares that may be issued to cover any over allotments).

8,350,000 shares will be offered by Pinnacle and 2,350,000 will be offered by certain stockholders of Pinnacle.

Net proceeds from the offering will be used by the company for financing acquisitions, construction projects, general working capital purposes, repayment of certain debt, and certain short term liquid investments. The company will not receive any proceeds from the sale of shares by the selling stockholders.

The offering is underwritten by Deutsche Banc Alex. Brown; Merrill Lynch & Company; Raymond James & Associates, Inc; Salomon Smith Barney; and Banc of America Securities.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Copies of a Preliminary Prospectus may be obtained from the Prospectus Department of Deutsche Banc Alex. Brown.

Pinnacle recently executed an agreement to purchase the antenna site business of Motorola, Inc., for $255 million. The sale includes approximately 1,850 antenna sites across North America and is expected to close with the third quarter of this year.

Pinnacle is the leading provider of wireless communications rental tower space in the Southeastern United States, focused on high-growth markets including Atlanta, Birmingham, New Orleans, Orlando, and Tampa. To date, the Company has completed over 260 acquisitions and upon completion of all pending acquisitions will own or manage over 3000 sites. Pinnacle is headquartered in Sarasota, Florida. For more information on Pinnacle visit its Web site at http://www.pinnacletowers.com

This press release contains forward-looking statements that involve a number of risks and uncertainties. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Such factors include, but not limited to (i) substantial capital requirements and leverage principally as a consequence of its ongoing acquisition and construction activities; (ii) dependence on demand for wireless communications; (iii) the success of the Company's acquisition and construction programs; (iv) the Company's outstanding debt and its ability to repay such debt; (v) future capital needs; (vi) risks associated with the Motorola, Inc., acquisition; and (vii) risks associated with retaining the Company's significant customers. Information concerning the factors that could cause actual results to differ materially from those expectations and estimates are contained in the risk factors section of the Company's Registration Statement on Form S-11 filed with the SEC on January 21, 1999, as to reflect events or circumstances after the date hereof.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 2, 1999
Words:564
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