First Avenue Networks Closes Acquisition of Teligent Assets
18 Janeiro 2005 - 10:00AM
PR Newswire (US)
First Avenue Networks Closes Acquisition of Teligent Assets
CHARLOTTESVILLE, Va., Jan. 18 /PRNewswire-FirstCall/ -- First
Avenue Networks, Inc. (OTC:FRNS) (BULLETIN BOARD: FRNS) , a leading
provider of fixed wireless solutions, today announced that it
completed the acquisition of substantially all of the assets and
fixed broadband wireless operations of Teligent, Inc. First Avenue
issued approximately 25.2 million common shares and warrants to
purchase an additional 2.5 million common shares, or approximately
39% of its fully diluted shares, at the close of the transaction.
This acquisition supports First Avenue's growth initiatives, which
focus on serving telecom network segments where high capacity fixed
wireless offers a demonstrable competitive advantage. The company
acquired 24 GHz spectrum licenses, radio assets and fixed wireless
operations from Teligent, including an operational cellular
backhaul network in New York City with over 65 links. First Avenue
plans to continue to operate wireless links for mobile traffic
backhaul, metropolitan transport and fiber extensions to bridge
critical network gaps. "This transaction represents a significant
milestone for First Avenue Networks and the fixed wireless
industry," said Dean Johnson, president and CEO, First Avenue
Networks. "We believe our combined spectrum assets, operations
portfolio and strategic partnerships put First Avenue Networks in a
very favorable market position." First Avenue now holds
approximately 600 MHz of spectrum at 24 GHz and 39 GHz in the top
75 U.S. markets. Ubiquitous national coverage, additional spectrum
depth in the largest metropolitan areas and the complementary
characteristics of its licenses distinguish First Avenue as having
the premier collection of millimeter wave spectrum assets. About
First Avenue Networks First Avenue Networks (OTC:FRNS) (BULLETIN
BOARD: FRNS) , a leading provider of high capacity fixed wireless
solutions, facilitates the rapid deployment to portions of the
telecom network where fixed wireless offers a demonstrable
competitive advantage. Available to service providers through a
turnkey operation or licensed spectrum lease, First Avenue's fixed
wireless services are cost and capital effective, quickly
provisioned and easily scaled to meet growing capacity demands
without complexity. First Avenue Networks holds approximately 600
MHz of spectrum at 24 GHz and 39 GHz in the top 75 U.S. markets,
covering virtually the entire United States. For more information,
please visit the company's web site at http://www.firstavenet.com/
or call (434) 220-4988. The above information includes
forward-looking statements regarding the benefits of the announced
acquisition, securities trading and the provision of services by
the Company and other opportunities in the Company's marketplace.
These statements are not guarantees of future performance. Known
and unknown risks, uncertainties, and other factors, including
without limitation, the risk that the Company will not obtain the
expected benefits of the acquisition, the risk that the Company
will be adversely affected by consummating the acquisition, capital
constraints, changes to or failure to execute the Company's
strategy and business plan, non-renewal or revocation of FCC
licenses, variable customer demand, technological risks, ability to
manage growth, competition and government regulation and other
risks may cause actual results to differ materially from the future
results implied or expressed in the forward-looking statements.
Many of these risks and uncertainties are further discussed in our
most recent filings with the Securities and Exchange Commission,
including our annual report on Form 10-K for the fiscal year ended
December 31, 2003. The Company does not undertake to and expressly
disclaims any obligation to update or revise its forward-looking
statement publicly to reflect any change in these forward-looking
statements, or in events, conditions or circumstances on which any
such statements may be based, or that may affect the likelihood
that actual results will differ from those set forth in the
forward-looking statements. DATASOURCE: First Avenue Networks, Inc.
CONTACT: Linda Pitt of GAJ Services Inc., +1-859-291-1005, , for
First Avenue Networks, Inc. Web site: http://www.firstavenet.com/
Copyright