Atlantic Tele-Network Announces Sale of U.S. Retail Wireless Business to AT&T
Allied, based in
"We are pleased that
Commenting on the use of proceeds once the transaction is completed, Mr. Prior said, "We have a disciplined, long-term approach to managing our portfolio and intend to balance the use of the after-tax proceeds among new acquisition opportunities, a possible reduction in debt outstanding, investments in our existing lines of business and returns to shareholders through dividends."
The transaction is subject to customary closing terms and conditions and
regulatory approval from the
Following the close of the sale, Atlantic Tele-Network's businesses will
consist of Commnet, serving rural communities primarily in the Southwest
Conference Call Information
Cautionary Language Concerning Forward Looking Statements
This press release contains forward-looking statements regarding the proposed transaction, including whether the transaction will be completed and, if so, the expected timetable for any such completion and the expected uses of proceeds, which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements, including: (i) the ability to receive the requisite regulatory consents and approvals to consummate the transaction; and (ii) the satisfaction of the other conditions to completion of the transaction and (iii) with respect to the use of proceeds, at this time, ATN has no specific plans with respect to the use of proceeds following the completion of this transaction and is currently evaluating such plans; the timing, manner and extent to which such proceeds are deployed may be affected by future market conditions, potential changes in tax laws and ATN's ability to develop corporate investment and strategic opportunities meeting ATN's criteria. 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 press release.
Sard Verbinnen & Co.
Chief Financial Officer
News Provided by Acquire Media