Multiband Announces Letter of Intent to Purchase UltraVision New Jersey and New York Subscribers 2/8/2005 8:45:00 AM
MINNEAPOLIS, Feb 8, 2005 (BUSINESS WIRE) -- Multiband, Inc. (MBND) announced today that it has signed a letter of intent to purchase the assets of privately-held cable operator UltraVision, Inc. These assets include approximately 500 New Jersey and New York-based subscribers of video services. The Company intends to introduce additional voice and data services to the subscriber base. The transaction is subject to customary due diligence and board of directors approval.
"We are very pleased to be purchasing the assets of UltraVision to add to our expanding Northeast subscriber base," said James L. Mandel, Multiband's CEO. "The transaction gives us an important foothold in the tri-state area, and we look forward to working closely with UltraVision's experienced management team to capitalize on this large-market opportunity. Between the two companies, we have a tremendous opportunity to penetrate this lucrative market."
David Boston, President, UltraVision, Inc. stated, "We are especially pleased to be joining Multiband. There is a highly strategic fit between our companies, and together we will be able to capitalize of the vast potential of the New York/ New Jersey market. "
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 encompasses 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 upscale RV and Mobile Home Parks to its portfolio and raising it's 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 multibandusa.com.
SOURCE: Multiband, Inc.
Multiband, Inc.
James L. Mandel, 763-504-3000
or
CEOcast, Inc. for Mutliband, Inc.
Ed Lewis, 212-732-4300
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