ATLANTA, June 1 /PRNewswire/ -- Preferred Networks, Inc.
(OTC Bulletin Board: PFNT) (PNI), a leading outsourcing services provider to
the wireless industry, today announced that it has completed the sale of its
wholly owned subsidiary, Preferred Technical Services, Inc. (PTS), to an
affiliate of Saratoga Partners, a New York-based merchant bank. The purchase
price was $4.5 million, with $3.5 million paid in cash and the balance paid in
the form of credit for maintenance services by PTS on PNI's paging networks.
$1.75 million of the cash proceeds was used to reduce the Company's
outstanding debt under its senior credit facility.
In announcing the sale, PNI CEO Mark Dunaway, said, "We are very pleased
to have completed this transaction which will allow us to continue to focus on
our core competencies of providing outstanding network services and presenting
to the wireless industry new service offerings, such as our recently announced
Platform1(TM) and iTerminal(TM) products."
Preferred Networks, Inc., headquartered in metropolitan Atlanta, provides
outsourcing solutions to the wireless industry which allow companies to offer
branded wireless services directly to subscribers, while relying on PNI to
provide high-quality network and product services. PNI offers its services
through its Access Services Division, a provider of wholesale paging network
services and information services technical support, and through its wholly
owned subsidiary, EPS Wireless, Inc., a national provider of paging and
cellular product repair services, sales of new, used and refurbished paging
and cellular products and inventory management services. PNI's address on the
World Wide Web is http://www.pni.net .
Preferred Technical Services, Inc., headquartered in metropolitan Atlanta,
is a provider of paging network equipment installation, maintenance and
engineering services. PTS's address on the World Wide Web is http://www.pts.net .
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in this
News Release and materials filed or to be filed by the Company with the
Securities and Exchange Commission (as well as information included in oral
statements made or to be made by the Company) contains statements that are or
will be forward-looking, such as statements relating to acquisitions,
construction and other business development activities, future capital
expenditures, timing of the Company's need for additional capital, financing
sources and availability and the effects of laws and regulations (including
FCC regulations) and competition. Such forward-looking information involves
important risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by or on behalf of the
Company.
SOURCE Preferred Networks, Inc.
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Related links:
http://www.pni.net
Company News On-Call:
http://www.prnewswire.com/comp/109794.html or fax,
800-758-5804, ext. 109794
CONTACT:
David Sullivan, Vice President of Corporate
Relations of Preferred Networks, Inc., 770-582-3590
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