MCLEAN, Va., Dec. 1, 2012 /PRNewswire/ -- Gannett and DirecTV have reached an agreement regarding DirecTV's continued retransmission of Gannett stations.
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CONTACT: Jeremy Gaines, Vice President, Corporate Communications,
Web site: http://www.gannett.com/
A 428-Store Verizon Wireless U.S. Retailer
BURNABY, BC, Nov. 30, 2012 /PRNewswire/ - GLENTEL Inc. announced today that it has completed the 100% share purchase of Middletown, Connecticut-based Automotive Technologies, Inc. ("ATI") dba Wireless Zone(R), a 428-store franchise system in the United States that sells Verizon Wireless products and services.
"I am pleased to announce the successful acquisition of ATI, and to welcome ATI's employees and Wireless Zone's franchisees to the GLENTEL family," stated Tom Skidmore, GLENTEL's President and Chief Executive Officer. "The acquisition of Wireless Zone increases our already-established US presence, and with limited geographic overlap will complement the corporate stores of Diamond Wireless, one of six exclusive Verizon National Premium Retailers. The addition of ATI brings the total number of locations operated by GLENTEL in Canada, Australia, and the United States to more than 1,180."
Wireless Zone is also one of the six exclusive Verizon Wireless National Premium Retailers, operating 409 franchised and 19 corporate stores in 28 US states. As part of the share purchase agreement, key members of senior management will be subject to employment agreements, and for certain consideration will be provided with share equivalent rights in ATI, which include put and call provisions for an aggregate total of 4.2% of ATI's distributed operating profit.
The total purchase price for 100% stock and other consideration was USD $83.3 million. GLENTEL funded the acquisition through USD$22.3 million of cash and a CDN$61.0 million 5-year syndicated senior credit facility. The final purchase price is subject to a final working capital adjustment.
Combined pro forma unaudited trailing twelve-month financial highlights of GLENTEL Inc. in millions of Canadian dollars, inclusive of the recently completed acquisitions of Australian-based AMT Group and ATI, dba Wireless Zone:
_________________________________________________________________ | | Pro Forma 12-months Ended June 30, 2012 | |_____________|___________________________________________________| | | | ATI | | | | | |GLENTEL|Wireless|AMT Group| |Consolidated| | | Inc. | Zone |Allphones|Adjustments| Pro Forma | |_____________|_______|________|_________|___________|____________| |Sales | $617.7| $545.8*| $167.7| ($28.5)| $1,302.7| |_____________|_______|________|_________|___________|____________| |Normalized | | | | | | |net earnings | | | | | | |before | | | | | | |amortization,| | | | | | |finance | $48.6| $15.3| $19.2| ($3.3)| $79.8| |income and | | | | | | |expenses, | | | | | | |non-recurring| | | | | | |items, and | | | | | | |taxes | | | | | | |_____________|_______|________|_________|___________|____________|
* Includes a wholesale business that sells mobile phones and other goods and services to its franchisees
The unaudited pro forma financial information reflects pro forma adjustments and expected synergies based on currently available information and assumptions that management of GLENTEL believes provide a reasonable basis for presenting the significant effects of the completion of the share purchase transactions. Adjustments in place adjust results to account for GLENTEL's 83% ownership interest in AMT Group. The above unaudited pro forma consolidated financial information is for informational purposes only and is not necessarily indicative of what the financial position and results of operations would have been had the completion of the acquisitions occurred on or before June 30, 2011 with assumption of 12-month trailing earnings ending June 30, 2012, nor does it purport to be indicative of the financial position as of any future date or results of operations for any future period, nor the financial position as determined under GAAP. Actual figures may differ significantly from those presented above.
GLENTEL is the largest independent multi-carrier mobile phone retailer in Canada and a leading provider of innovative and reliable telecommunications services and solutions in North America. Founded in 1963 and headquartered in Burnaby, BC, Canada, GLENTEL comprises four operating divisions - Retail Canada, Retail U.S., Retail Australia and Business - that service thousands of consumers and commercial communications customers. The company operates over 1,180 stores worldwide, with more than 330 locations in Canada located nationally in retail malls, Costco Wholesale stores, and business centers; more than 210 Diamond Wireless retail locations in the United States; 428 Wireless Zone retail locations in the United States; and more than 210 retail locations in Australia. In addition, Target Canada has licensed the operation of over 125 mobile communications sales and service kiosks within its stores to GLENTEL under the brand Target Mobile(R), commencing in 2013. To its business and government customers, GLENTEL offers wireless service, rental equipment, satellite and terrestrial network systems and wireless asset monitoring. GLENTEL offers a choice of network carrier and wireless device or mobile phone to Canadian and Australian consumers and offers the family of wireless products and services of Verizon Wireless in the United States. GLENTEL operates its business under the trading names GLENTEL Wireless, WIRELESSWAVE, WAVE SANS FIL, Tbooth Wireless, La Cabine T Sans Fil, WIRELESS etc., SANS FIL etc., Mac Station, Diamond Wireless and Wireless Zone - Verizon Wireless National Premium Retailers, and Allphones in Australia.
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third-party manufacturing, managing rapid growth, limited intellectual property protection, and other risks and uncertainties described in GLENTEL's public filings with securities regulatory authorities.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.Glentel Inc.
CONTACT: Investor Relations Contact:
Jas Boparai, Chief Financial Officer
For a copy of GLENTEL's annual report or for additional information,
visit www.glentel.com or www.sedar.com.
DALLAS, Nov. 30, 2012 /PRNewswire/ -- The following statement can be attributed to AT&T Chairman and CEO Randall Stephenson:
"Following a meeting this week with the President, as well as conversations with Congressional leaders, I am more convinced than ever that a budget deal to avoid the 'fiscal cliff' must and can be found. This will require a compromise involving an increase in both tax rates and revenue in return for real and significant steps to reform entitlements and rein in federal spending. Now is the time for our nation's leaders to put aside partisan or philosophical differences and act for the good of the country as a whole. Failure to address this will result in severe market disruptions, a return to negative economic growth, and businesses pulling in investment. This can and must be avoided. It is no exaggeration to say that the future economic well-being of all Americans is riding on the outcome."
AT&T Inc. is a premier communications holding company and one of the most honored companies in the world. Its subsidiaries and affiliates - AT&T operating companies - are the providers of AT&T services in the United States and internationally. With a powerful array of network resources that includes the nation's largest 4G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet, voice and cloud-based services. A leader in mobile Internet, AT&T also offers the best wireless coverage worldwide of any U.S. carrier, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse((R)) and AT&T ?DIRECTV brands. The company's suite of IP-based business communications services is one of the most advanced in the world.
Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com. This AT&T news release and other announcements are available at http://www.att.com/newsroom and as part of an RSS feed at www.att.com/rss. Or follow our news on Twitter at @ATT.
(C) 2012 AT&T Intellectual Property. All rights reserved. 4G not available everywhere. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.AT&T Inc.
CONTACT: Mark Siegel, Cell, +1-404-345-3673, email@example.com
Web site: http://www.att.com/