EX-99.1
2
a10-8748_1ex99d1.htm
EX-99.1
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT
:
Atlantic
Tele-Network, Inc.
April 26, 2010
Michael T. Prior
Chief
Executive Officer
978-619-1300
Justin
D. Benincasa
Chief
Financial Officer
978-619-1300
Media Contact:
Lynn Morgen and Matt Haines
MBS Value Partners
(212) 750-5800
Atlantic
Tele-Network Completes Acquisition of Former Alltel Assets from Verizon
Wireless
Company to Continue Wireless Service Under Alltel Brand Name in
Acquired Markets
Salem, MA
(April 26, 2010) - Atlantic
Tele-Network, Inc. (NASDAQ: ATNI) announced today that it has completed
the purchase of certain former Alltel wireless assets from Verizon Wireless.
The total purchase price was $223 million, which includes $23 million of
acquired net working capital. The purchase was funded by a combination of cash
on hand and borrowings under the Company's current credit facility. The
acquisition, which was completed through the Company's wholly owned subsidiary,
Allied Wireless Communications Corporation (AWCC), includes wireless properties
and licenses that serve approximately 895,000 subscribers in Georgia, North
Carolina, South Carolina, Illinois, Ohio, and Idaho. The Company currently expects that these
properties will generate approximately $500 million in annual service revenues
during the first twelve months of its operation of the assets.
In addition, ATN
announced that it has acquired a license to continue use of the Alltel name and
accompanying service marks, including My Circle, in the acquired markets for an
initial term of fourteen years and a total term of up to twenty-eight years.
ATN may expand its use of the brand outside of these acquired markets subject
to covered population limitations and certain other conditions.
"We appreciate the
hard work of all parties in closing this transaction", said Michael Prior, ATN's
President and Chief Executive Officer. "We have a very experienced management
team in place at AWCC, led by Frank O'Mara, a former senior executive at
Alltel, and welcome our new employees who support these markets. Consumers recognize the Alltel brand for
value, service and choice, and we plan to continue operating our business with
the same approach in these markets".
Verizon Wireless
was required to divest these properties as part of the regulatory approvals
granted for its purchase of Alltel in January 2009. Although the Company will initially launch
service to a higher number of subscribers than previously reported, a high
percentage of this increased number are pre-paid subscribers, and the Company
currently expects to see net attrition to the subscriber base in the first year
and a higher rate of churn overall during the transition phase. The acquisition of these properties by the
Company was approved by the U.S. Department of Justice on April 7, 2010,
and by the Federal Communications Commission on April 20, 2010.
About
Atlantic Tele-Network
Atlantic
Tele-Network, Inc. (NASDAQ:ATNI), headquartered in Salem, Massachusetts,
is a telecommunications company operating advanced wireless, wireline and both
terrestrial and submarine fiber optic networks in North America and the
Caribbean. Its principal subsidiaries
include: Allied Wireless Communications Corporation, which, operating as Alltel,
provides retail wireless voice and data services for U.S. customers; Commnet
Wireless, LLC, which provides voice and data wireless roaming services for U.S.
and international carriers in rural areas throughout the United States; Guyana
Telephone and Telegraph Company, Limited, which is the national telephone
service provider for all local, long-distance and international services, as
well as a wireless service provider in Guyana; Bermuda Digital Communications
Ltd., which is the leading provider of wireless voice and data services in
Bermuda operating as Cellular One, and an early-stage wireless provider in
Turks & Caicos through its IslandCom subsidiary; Sovernet, Inc.,
which provides wireline voice and data services to businesses and homes in New
England and high capacity communications network transport services in New York
State through its ION subsidiary; and Choice Communications, LLC, which
provides wireless broadband services in the U.S. Virgin Islands.
Cautionary Language Concerning Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to,
among other matters, the future financial and operating performance of AWCC and
the Company's further operating plans.
These forward-looking statements are based on estimates, projections,
beliefs and assumptions and are not guarantees of future events or
results. Actual future events and
results could differ materially from the events and results indicated in these
statements as a result of many factors.
Such factors include, among others, (i) the ability of ATN to
operate a retail wireless business and (ii) the general performance of the
acquired Alltel assets. Additional
factors that may cause actual future events and results to differ materially
from the events and results indicated in the forward-looking statements above
are set forth
under Item 1A "Risk Factors" of the Company's Form 10-K for the
year ended December 31, 2009. The
information set forth herein speaks only as of the date hereof, and ATN
disclaims any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date of this news release.
* * * *

EX - 99 . 1 2 a10 - 8748 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 NEWS RELEASE FOR IMMEDIATE RELEASE CONTACT : Atlantic Tele - Network , Inc . April 26 , 2010 Michael T. Prior Chief Executive Officer 978 - 619 - 1300 Justin D . Benincasa Chief Financial Officer 978 - 619 - 1300 Media Contact : Lynn Morgen and Matt Haines MBS Value Partners ( 212 ) 750 - 5800 Atlantic Tele - Network Completes Acquisition of Former Alltel Assets from Verizon Wireless Company to Continue Wireless Service Under Alltel Brand Name in Acquired Markets Salem , MA ( April 26 , 2010 ) - Atlantic Tele - Network , Inc . ( NASDAQ : ATNI ) announced today that it has completed the purchase of certain former Alltel wireless assets from Verizon Wireless . The total purchase price was $ 223 million , which includes $ 23 million of acquired net working capital . The purchase was funded by a combination of cash on hand and borrowings under the Company 's current credit facility . The acquisition , which was completed through the Company 's wholly owned subsidiary , Allied Wireless Communications Corporation ( AWCC ) , includes wireless properties and licenses that serve approximately 895,000 subscribers in Georgia , North Carolina , South Carolina , Illinois , Ohio , and Idaho . The Company currently expects that these properties will generate approximately $ 500 million in annual service revenues during the first twelve months of its operation of the assets . In addition , ATN announced that it has acquired a license to continue use of the Alltel name and accompanying service marks , including My Circle , in the acquired markets for an initial term of fourteen years and a total term of up to twenty - eight years . ATN may expand its use of the brand outside of these acquired markets subject to covered population limitations and certain other conditions . " We appreciate the hard work of all parties in closing this transaction " , said Michael Prior , ATN 's President and Chief Executive Officer . " We have a very experienced management team in place at AWCC , led by Frank O'Mara , a former senior executive at Alltel , and welcome our new employees who support these markets . Consumers recognize the Alltel brand for value , service and choice , and we plan to continue operating our business with the same approach in these markets " . Verizon Wireless was required to divest these properties as part of the regulatory approvals granted for its purchase of Alltel in January 2009 . Although the Company will initially launch service to a higher number of subscribers than previously reported , a high percentage of this increased number are pre - paid subscribers , and the Company currently expects to see net attrition to the subscriber base in the first year and a higher rate of churn overall during the transition phase . The acquisition of these properties by the Company was approved by the U . S . Department of Justice on April 7 , 2010 , and by the Federal Communications Commission on April 20 , 2010 . About Atlantic Tele - Network Atlantic Tele - Network , Inc . ( NASDAQ : ATNI ) , headquartered in Salem , Massachusetts , is a telecommunications company operating advanced wireless , wireline and both terrestrial and submarine fiber optic networks in North America and the Caribbean . Its principal subsidiaries include : Allied Wireless Communications Corporation , which , operating as Alltel , provides retail wireless voice and data services for U . S . customers ; Commnet Wireless , LLC , which provides voice and data wireless roaming services for U . S . and international carriers in rural areas throughout the United States ; Guyana Telephone and Telegraph Company , Limited , which is the national telephone service provider for all local , long - distance and international services , as well as a wireless service provider in Guyana ; Bermuda Digital Communications Ltd . , which is the leading provider of wireless voice and data services in Bermuda operating as Cellular One , and an early - stage wireless provider in Turks & Caicos through its IslandCom subsidiary ; Sovernet , Inc . , which provides wireline voice and data services to businesses and homes in New England and high capacity communications network transport services in New York State through its ION subsidiary ; and Choice Communications , LLC , which provides wireless broadband services in the U . S . Virgin Islands . Cautionary Language Concerning Forward - Looking Statements This news release contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . These forward - looking statements relate to , among other matters , the future financial and operating performance of AWCC and the Company ' s further operating plans . These forward - looking statements are based on estimates , projections , beliefs and assumptions and are not guarantees of future events or results . Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors . Such factors include , among others , ( i ) the ability of ATN to operate a retail wireless business and ( ii ) the general performance of the acquired Alltel assets . Additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward - looking statements above are set forth under Item 1A " Risk Factors " of the Company 's Form 10 - K for the year ended December 31 , 2009 . The information set forth herein speaks only as of the date hereof , and ATN disclaims any intention or obligation to update any forward - looking statements as a result of developments occurring after the date of this news release . * * * *