International FiberCom Acquires Premier Cable
Communications
PHOENIX--(BUSINESS WIRE)--June 15, 2000--International FiberCom, Inc. (Nasdaq/NM: IFCI - news) Thursday announced the acquisition, effective June 2, 2000, of Lake Worth, Fla.-based Premier Cable Communications, a privately held company specializing in underground and aerial installation of telecommunications infrastructure, including residential installations or ``drops'' for telecommunications providers.
Premier has more than 300 permanent employees and maintains 17 locations in 10 states East of the Mississippi. For the year ended Dec. 31, 1999, Premier had revenues of $17 million and was profitable. The acquisition, which was valued at $15 million, will be accounted for as a pooling of interests. Further terms were not disclosed.
International FiberCom Chairman & Chief Executive Officer Joseph Kealy commented: ``The need for increased telecommunications capacity is critical and there is more demand than our entire industry can supply. Premier has an impressive history that stretches back more than 25 years.
``Premier has a strong client list and geographic coverage that complements our existing footprint and will expand our service capabilities into new markets, as well as enhance our capabilities in certain markets we already serve. Additionally, Premier adds valuable 'last mile' capabilities that are increasingly important to our customers.
``Premier brings us key technical staff, a critical factor in our growth,'' Kealy said. ``We believe that this will be an excellent combination that will allow us to serve our clients -- wired and wireless -- more efficiently as a result.''
Premier Cable President Michael Johnson commented: ``This alliance with International FiberCom allows us to be a player in a much larger arena. As the communications industry converges, it becomes increasingly important to work for the biggest and the best customers, and to be able to provide a broad service base. We believe that we can achieve greater success as part of International FiberCom.''
International FiberCom is a leading end-to-end solutions provider for the telecommunications industry, offering a broad range of engineering-based solutions designed to enable and enhance voice, data and video communications through fixed and wireless networks.
The company designs, deploys, and manages internal and external networks infrastructure for leading wireline, wireless and broadband telecommunications providers in the United States. |
