NTELOS Holdings Corp. Completes Separation of Lumos Networks Corp.
01 Novembre 2011 - 2:38PM
Business Wire
NTELOS Holdings Corp. (NASDAQ: NTLS), today announced that it
has completed the separation of Lumos Networks Corp. (“Lumos
Networks”) from NTELOS through a tax-free dividend involving the
distribution of all Lumos Networks common stock held by NTELOS to
NTELOS stockholders. Under the terms of the distribution:
- NTELOS effected a 1-for-2 reverse stock
split of NTELOS common stock, immediately prior to the distribution
of Lumos Networks common stock to NTELOS stockholders.
- In the distribution, NTELOS
stockholders received one share of Lumos Networks common stock for
every one share of NTELOS common stock they hold (post the reverse
stock split).
On November 1, 2011, Lumos Networks is beginning “regular way”
trading on The NASDAQ Stock Market LLC under the ticker symbol
LMOS. Additionally, NTELOS common stock is beginning trading on a
post 1-for-2 reverse stock split basis.
“This marks an important day in the history of NTELOS as we
begin the business of being a stand-alone wireless carrier,”
commented Jim Hyde, Chief Executive Officer of NTELOS, “I believe
the change to a wireless only company will be beneficial to NTELOS,
our shareholders and our employees.”
In addition, three new members, Mr. Rodney D. Dir, Mr. Jerry
Elliot and Ms. Ellen O’Connor Vos, were appointed to the NTELOS
Board of Directors effective at the time of the separation.
Mr. Dir is currently the President and Chief Executive Officer
of Spectrum Bridge, Inc., a wireless spectrum management company.
Previously, he was the Chief Operating Officer of Firethorn
Holdings, Inc., a privately-held company and provider of mobile
banking and mobile commerce services, which was acquired by
Qualcomm Incorporated, and was also the Chief Operating Officer of
Cincinnati Bell, Inc., a publicly-traded company and provider of
telecommunication services.
Mr. Elliott is currently the owner of Jerry Elliott Interests,
LLC, a provider of strategic capital to select businesses. His
prior professional experience includes Chief Financial Officer and
Chief Administrative Officer of The Weather Channel, a digital
media and cable network; Chief Financial Officer of Virgin Media, a
provider of wireless, cable high speed cable and wireline
communication services in the United Kingdom; Chief Operating
Officer and Chief Financial Officer of Cengage Learning, Inc., a
digital and print provider of higher education materials; President
and Chief Executive Officer of Global Signal, Inc., the owner,
lessor and manager of communication towers and other communications
sites; and President and Board member of Frontier Communications, a
publicly-traded provider of communication services.
Ms. Vos has been employed by Grey Healthcare Group, a healthcare
advertising and communications company, since 1989 and has been its
President and Chief Executive Officer since 1994. Previously she
has held officer positions with Phase Five Communications, a
medical education firm, of which she was also the founder, and with
Pfizer Inc.
“We are delighted to have Rod, Jerry and Lynn join the Board of
NTELOS. Their unique and diverse backgrounds, along with their
operational experiences will be extraordinarily valuable to NTELOS
as we continue on our journey as a leading regional wireless
provider,” said Mr. Hyde.
About NTELOS
NTELOS Holdings Corp. (NASDAQ: NTLS), operating through its
subsidiaries as “nTelos Wireless” is headquartered in Waynesboro,
VA, and provides high-speed, dependable nationwide voice and data
coverage that’s backed by the industry’s best satisfaction
guarantee. With more than 60 retail locations and operations in
Virginia, West Virginia, Pennsylvania, Kentucky, Ohio, Maryland and
North Carolina, the Company proudly delivers the best value in
wireless. Additional information about NTELOS is available at
www.ntelos.com or www.facebook.com/nteloswireless and
www.twitter.com/#!/ntelos_wireless.
SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING
STATEMENTS
Any statements contained in this press release that are not
statements of historical fact, including statements about our
beliefs and expectations, are forward-looking statements and should
be evaluated as such. The words "anticipates," "believes,"
"expects," "intends," "plans," "estimates," "targets," "projects,"
"should," "may," "will" and similar words and expressions are
intended to identify forward-looking statements. Such
forward-looking statements reflect, among other things, our current
expectations, plans and strategies, and anticipated financial
results, all of which are subject to known and unknown risks,
uncertainties and factors that may cause our actual results to
differ materially from those expressed or implied by these
forward-looking statements. Many of these risks are beyond our
ability to control or predict. Because of these risks,
uncertainties and assumptions, you should not place undue reliance
on these forward-looking statements. Furthermore, forward-looking
statements speak only as of the date they are made. We do not
undertake any obligation to update or review any forward-looking
information, whether as a result of new information, future events
or otherwise. Important factors with respect to any such
forward-looking statements, including certain risks and
uncertainties that could cause actual results to differ from those
contained in the forward-looking statements, include the risk that
the anticipated benefits from separation may be outweighed by
possible negative effects of the separation on NTELOS's business
operations or financial performance. These risks and uncertainties
are not intended to represent a complete list of all risks and
uncertainties inherent in our business, and should be read in
conjunction with the more detailed cautionary statements and risk
factors included in our SEC filings, including our Annual Reports
filed on Forms 10-K and our Quarterly Reports on Form 10-Q.
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