FT. MYERS, Fla., Oct. 11 /PRNewswire/ -- Palmer Wireless, Inc.
(Nasdaq: PWIR) today announced that its Board of Directors has authorized a
repurchase program of up to 600,000 shares of the Company's Class A Common
Stock, on the open market or in negotiated transactions, over the next twelve
months.
In commenting on the announcement, William J. Ryan, President and Chief
Executive Officer of Palmer Wireless, said, "The decision to authorize this
repurchase program is a clear vote of confidence in both the future prospects
of our business and the inherent value in Palmer's shares. We believe that
current market conditions do not reflect the long-term value of the Company
and therefore we will seek opportunities to repurchase our stock at attractive
levels."
Palmer Wireless, headquartered in Ft. Myers, Florida, owns and operates 17
non-wireline cellular telephone systems in Florida, Alabama, Georgia and South
Carolina covering a total estimated population of 3.8 million pops and over
250,000 subscribers. All of the Company's systems are North American
Cellular Network (NACN) and Cellular One affiliates. The Company trades on
the NASDAQ Stock Market under the symbol: PWIR.
SOURCE Palmer Wireless, Inc.
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CONTACT:
Wayne Wisehart or Jeff Green of Palmer
Wireless, Inc., 941-433-8226; or Chris Plunkett or Diana Brainerd
both of Brainerd Communicators, Inc., 212-986-6667
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