ATLANTA, Dec. 13 /PRNewswire/ -- Preferred Networks, Inc.
(OTC Bulletin Board: PFNT) (PNI), a leading outsourcing services provider to
the wireless industry, today announced that it has sold its product repair
wholly owned subsidiary, EPS Wireless, Inc. ("EPS") to Celestica, Inc., a
world leader in electronics manufacturing services (EMS).
Commenting on the sale, Chairman and Chief Executive Officer, Mark H.
Dunaway said, "The completion of this transaction allows PNI to focus
exclusively on our core business activities of providing wireless network
outsourcing services and technology solutions to companies." Dunaway added,
"The sale of EPS has generated a significant return on PNI's investment in EPS
since we acquired it in December 1996. The proceeds from this transaction
have enabled us to significantly reduce our total outstanding debt as well as
to restructure our senior credit facility to provide ongoing working capital
financing for PNI."
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 services and technology gateway products. PNI
offers its services through its PNI Access Services Division(SM). PNI's
address on the World Wide Web is: http://www.pni.net.
Safe Harbor Statement Under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical
facts, such as those concerning future financial performance and growth, are
forward-looking statements that are subject to risks and uncertainties,
including those identified in the Company's 1998 Annual Report on Form 10-K
and Quarterly 10-Q filings, and actual results could differ materially from
those anticipated in the forwarding-looking statements. In particular,
statements relating to the competitive position and performance of
Platform1(TM) and iTerminal(TM) and their expected performance in the market
place are forward-looking statements that are subject to risks and
uncertainties. The Company operates in a highly competitive marketplace and
new product developments by competitors can occur at any time, thereby
diminishing the attractiveness of the Company's products. Also, there can be
no assurance that the marketplace will find the price and functionality of the
Company's products attractive, which also can adversely affect product sales.
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:
Kathryn Loev Putnam, Senior Vice President
and Chief Financial Officer of Preferred Networks, Inc.,
770-582-3507
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