Multiband Enters Into Letter of Intent to Acquire Subscribers of Satellite Broadcast Corporation; Acquisition to Be Immediately Additive to Cash Flow 1/10/2005 9:01:00 AM
MINNEAPOLIS, Jan 10, 2005 (BUSINESS WIRE) -- Multiband, Inc. (MBND) announced today that it has entered into a Letter of Intent to acquire the subscribers of Minnesota-based cable operator Satellite Broadcast Corporation and affiliates. Multiband will purchase approximately 500 video customers in the transaction, which will generate immediate cash flow for Multiband. The Company intends to introduce additional voice and data services to the subscriber base.
"The acquisition of these properties is highly synergistic for our growing portfolio," said James L. Mandel, Multiband's CEO. "With so many corporate facilities in Minnesota, this provides us with an excellent opportunity to expand our relationships with these landlords and their residents."
Gary Carlson, Satellite Broadcasting Corporation's CEO stated, "This is our second transaction with Multiband and marks our continued confidence in the direction the company is going. "
About Multiband Corporation
Multiband Corporation, formerly Vicom, Incorporated, formed in 1975, provides voice, data and video systems and services to business and government clients, and to multiple dwelling units (MDUs), including apartment buildings and time share resorts. The Company's products and services are sold to clients located throughout the United Sates. The Company has two operating divisions, Multiband Business Solutions and Multiband Subscriber Services, which encompass the wholly owned subsidiary corporations Multiband USA, Inc. and URON, Inc.
In July 2004, the Company acquired Rainbow Satellite LLC, a private cable operator. Rainbow, with locations throughout the United States, has subscriber concentrations in California, Colorado, Illinois, Texas, Florida and New York. In August of 2004, Multiband acquired assets from 21st Century Satellite LLC, adding 23 upscale RV and Mobile Home Parks to its portfolio and raising its owned and serviced subscriber base to over 70,000. Multiband has offices in Fargo, Minneapolis, Rochester, Los Angeles, San Francisco, Denver, Chicago and Tampa with satellite facilities through subcontractors in St. Louis, Dallas and New York. For additional information, please go to www.multibandusa.com.
SOURCE: Mutliband, Inc.
Mutliband, Inc.
James L. Mandel, 763-504-3000
or
CEOcast, Inc. for Multiband, Inc.
Ed Lewis, 212-732-4300
. |
