FT. MYERS, Fla., Feb. 3 /PRNewswire/ -- Palmer Wireless, Inc.
(Nasdaq: PWIR) today announced that it has completed the acquisition of the
Georgia 13 Rural Service Area ("RSA") cellular telephone license from Mobile
Communications Systems, L.P. for a total purchase price of approximately
$30 million.
The Georgia 13 RSA license area covers Southwest Georgia, including the
cities of Bainbridge and Thomasville and is adjacent to Palmer's Albany and
Dothan markets. This market contains over 15,000 current subscribers,
approximately 147,000 potential subscribers (pops) and expands Palmer's total
population served to over 3.9 million people.
"The addition of this service territory represents another strategic
element to our Georgia cluster and is consistent with our acquisition paradigm
of building a strong regional footprint in the southeast," commented William
J. Ryan, Palmer's President and Chief Executive Officer. "Specifically, we
see great potential for maximizing penetration rates and cash flow within this
market. We look forward to the results and benefits of assimilating this
system with Palmer's proven operating methods already at work in adjacent
territories."
Palmer Wireless, headquartered in Ft. Myers, Florida, owns and operates
18 non-wireline cellular telephone systems in Florida, Alabama, Georgia, and
South Carolina covering a total estimated population of 3.9 million with over
295,000 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 Diana Brainerd or Aaron Grazado of Brainerd Communicators, Inc., 212-986-6667
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