First Avenue Networks Completes Merger, Changes Name to FiberTower Corporation; Company Announces Senior Management Team and Bo
August 30 2006 - 6:00AM
Business Wire
First Avenue Networks Inc. (Nasdaq:FRNS) today announced that it
has competed its merger with FiberTower Corporation. Old FiberTower
Corporation is now a wholly owned subsidiary of the Company, and
the Company has changed its name to FiberTower Corporation. Trading
in the Company's stock will continue on The Nasdaq Global Market
under the Company's new ticker symbol "FTWR." On May 15, 2006, the
Company and old FiberTower entered into a merger agreement to
combine the two companies in an all-stock transaction. Pursuant to
the terms of the merger agreement, holders of shares of old
FiberTower capital stock will receive 0.3040542 shares of the
Company's common stock for each share of old FiberTower capital
stock. The Company will issue approximately 73.9 million shares and
assume approximately 4.2 million stock options in connection with
the merger. The Company's senior leadership team includes: Michael
Gallagher, president and CEO; Thomas Scott, senior vice president
and CFO; Eric Botto, senior vice president, technology; David
Leeds, senior vice president, sales; Harpinder Singh Madan, senior
vice president, marketing; Ravi Potharlanka, senior vice president,
operations; and Ferdi Schell, senior vice president, systems. The
Company's new board of directors is comprised of representatives
from both First Avenue's and old FiberTower's former boards as well
as representatives from the wireless industry. John Beletec has
been appointed executive chairman of the board. Other board members
include: Mike Gallagher, CEO, FiberTower Corporation; Bandel
Carano, general partner, Oak Investment Partners; Randall A. Hack,
board member, Crown Castle International Corporation; John Kelly,
CEO, Crown Castle International Corporation; John Muleta, president
and CEO, M2Z Networks; Darryl Schall, Tudor Investment Corporation;
Steven Scheiwe, president, Ontrac Advisors, Inc.; and Neil Subin,
managing director and president, Trendex Capital Management. About
FiberTower Corporation FiberTower (NASDAQ:FTWR) is a backhaul and
access provider focusing on carrier, enterprise and government
markets. With its nationwide spectrum footprint in 24 GHz and 39
GHz bands, carrier-class networks in 14 major markets, and customer
commitments from the top 5 wireless carriers in the US, FiberTower
is the leading alternative carrier in the burgeoning backhaul
space. FiberTower also delivers high capacity transport and access
solutions that are highly reliable, scalable and cost-effective,
satisfying the ever increasing demand for mission and business
critical connectivity. For more information, please visit us at
www.fibertower.com Forward Looking Statements Statements included
in this news release which are not historical in nature are
"forward-looking statements" within the meaning of Section 21E of
the U.S. Securities Exchange Act of 1934 and the U.S. Private
Securities Litigation Reform Act of 1995. Forward looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. These
include, without limitation, statements regarding expected benefits
and value of the merger, increased demand for the services,
strategy, forecasts of revenues, earnings estimates, statements
regarding contracts, work or revenue opportunities that may be
secured in the future, and related information, all of which are
based on current factual information and certain assumptions about
future events which management believes to be reasonable at this
time. There are many risks, uncertainties and other factors that
can prevent the achievement of goals or cause results to differ
materially from those expressed or implied by these forward-looking
statements including, without limitation, anticipated synergies
from the merger not being achieved, inherent risks of integrating
two companies, changes in demand for services from external factors
including general economic conditions or changes in wireless demand
or technology affecting network expansion strategies at and
financing opportunities for wireless carriers and other customers,
delays in the award of new work, the termination or reduction of
existing projects due to changes in the financial condition or
business strategies of the wireless carriers and other customers,
dependence on hiring and retaining professional staff and key
personnel, fluctuations in quarterly results from a variety of
internal and external factors including changes in the estimates
with respect to the completion of fixed-price contracts, lengthy
sales cycles especially with respect to larger contracts that may
account for a significant portion of the anticipated revenues,
intense competition in the marketplace especially from competitors
with greater financial resources and financing capabilities, and
those risk factors described in the Company's filings with the
Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
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