Global Signal Inc. to Acquire 235 Wireless Communications Towers SARASOTA, Fla., July 29 /PRNewswire-FirstCall/ -- Global Signal Inc. (NYSE:GSL) announced today that it has signed a definitive asset purchase agreement with Lattice Communications, LLC to acquire 235 wireless communications towers for an aggregate purchase price of $115.0 million. The tenants on these towers include the big six wireless carriers, as well as subsidiaries of Cinergy Corp. Cinergy has multi-year leases on many of these sites and utilizes these towers for their private communications and microwave network. The towers to be acquired are located primarily in Indiana, Ohio, Alabama, Kansas and Georgia. The acquisition is expected to close in the fourth quarter of 2004 and is subject to customary closing conditions. David Grain, President of Global Signal, commented, "Adding the Lattice assets to our portfolio is consistent with our goal to increase the revenue we derive from telephony and investment grade tenants." Global Signal owns or manages over 3,300 wireless communications towers and other communications sites. Global Signal is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to our ability to deploy capital, close acquisitions and increase revenues. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "target(s)," "project(s)," "believe(s)," "seek(s)," "estimate(s)" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Global Signal can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Global Signal's expectations include, but are not limited to, our continued ability to acquire new towers at attractive prices which will generate returns consistent with expectations; the possibility that the towers that we have acquired and will acquire may not generate sufficient additional income to justify their acquisition; and other risks detailed from time to time in Global Signal's SEC reports including its Form S-11 filed June 2, 2004. Such forward-looking statements speak only as of the date of this press release. Global Signal expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. Contact: Gail Scalfaro Director of Investor Relations 941-308-5227 DATASOURCE: Global Signal Inc. CONTACT: Gail Scalfaro, Director of Investor Relations, Global Signal Inc., +1-941-308-5227 Web site: http://www.gsignal.com/

Copyright