Tricom Announces Sale of Its Central American Trunking Assets
February 19 2004 - 4:36PM
PR Newswire (US)
Tricom Announces Sale of Its Central American Trunking Assets SANTO
DOMINGO, Dominican Republic, Feb. 19 /PRNewswire-FirstCall/ --
Tricom, S.A. today announced that it has sold its Central American
trunking assets to a group of Panamanian investorsfor a purchase
price of approximately $12.5 million payable in stages. Estimated
net proceeds, after transaction expenses and liabilities directly
related with Central America, will total approximately $9 million.
Receipt of a portion of the expected net proceeds is contingent on
satisfaction of customary closing conditions including all
necessary regulatory approvals. The sale also supports the
Company's drive to increase operating efficiency and improve its
competitive performance. "The sale of our Central American assets
is part of our continuing strategy to maximize and grow the value
of our core businesses," said Carl Carlson, Tricom's Chief
Executive Officer. "This transaction advances our objectives of
focusing our efforts and resources on areas with the greatest
potential for long-term growth and to improve our overall
competitiveness." Lehman Brothers advised the Company in the sale,
which has been approved by the Company's Board of Directors. The
investor group has assumed ownership of all of the Company's assets
in Central America, which include Tricom's digital trunking network
in Panama, as well as the Company's radio frequency rights in
Guatemala and El Salvador. About TRICOM Tricom, S.A. is a full
service communications services provider in the Dominican Republic.
The Company offers local, long distance, mobile, cable television
and broadband data transmission and Internet services. Through
Tricom USA, the Company is one of the few Latin American-based
long-distance carriers that is licensed by the U.S. Federal
Communications Commission to own and operate switching facilities
in the United States. Through its subsidiary, TCN Dominicana, S.A.,
the Company is the largest cable television operator in the
Dominican Republic based on its number of subscribers and homes
passed. For more information about Tricom, please visit
http://www.tricom.net/ Cautionary Language Concerning
Forward-Looking Statements Statements in this press release that
are not strictly historical in nature are forward-looking
statements. These statements are only predictions based on current
information and expectations and involve a number of risks and
uncertainties. Actual events or results may differ materially due
to various factors. Factors which may cause actual results to
differ materially from those discussed herein include economic
considerations that could affect demand for telecommunications
services and the ability of the Company to make collections,
inflation, regulatory factors, legal proceedings, exchange controls
and occurrences in currency markets, competition, and the risk
factors set forth in the Company's various filings with the
Securities and Exchange Commission, including its most recently
filed Annual Report on Form 20-F.The Company undertakes no
obligation to revise these forward-looking statements to reflect
events or circumstances after the date hereof. For Further
Information Contact: Miguel Guerrero, Investor Relations Ph (809)
476-4044 / 4012 E-mail: For additional information, please visit
Tricom's Investor Relations website at http://www.tdr-investor.com/
or contact our Investor Relations department at the above numbers.
DATASOURCE: Tricom, S.A. CONTACT: Miguel Guerrero, Investor
Relations of Tricom, +1-809-476-4044 or 4012, or Web site:
http://www.tricom.net/ http://www.tdr-investor.com/
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