PageNet Stakeholders Vote Overwhelmingly To Accept Plan of Reorganization and Merger with Arch Wireless
DALLAS, Oct 23, 2000 (BUSINESS WIRE) -- Paging Network, Inc. (OTC: PAGEQ chart, msgs) today announced that its banks, bondholders and shareholders have all voted overwhelmingly to accept PageNet's Plan of Reorganization under Chapter 11 of the U.S. Bankruptcy Code. The plan includes PageNet's proposed merger with Arch Wireless, Inc.
Of those voting, 100 percent of PageNet's banks, holders of 99.9 percent of PageNet's bonds, and holders of 96.4 percent of PageNet's common stock voted to accept the plan. PageNet's other creditors are unimpaired by the plan and therefore will be paid in full in accordance with their agreements with the company.
PageNet's stakeholder vote was one of the remaining hurdles to the completion of PageNet's merger with Arch. A hearing on the confirmation of the PageNet plan is scheduled for October 26, 2000. If the plan is confirmed on that date, Arch and PageNet expect to consummate the merger shortly thereafter.
Arch and PageNet announced their merger agreement last November. The merger will include an exchange of Arch common stock for PageNet's senior subordinated notes as well as a spin-off to PageNet's shareholders and bondholders of 80.5% of the stock of PageNet's wireless solutions subsidiary, Vast Solutions.
PageNet is a leading provider of wireless messaging and information services in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Canada. The company offers a full range of messaging services, including two-way wireless e-mail. PageNet's wholly-owned subsidiary, Vast Solutions, develops integrated wireless solutions to increase productivity and improve performance for major corporations. Additional information about PageNet and Vast is available on the Internet at www.pagenet.com and www.vast.com.
Arch Wireless, Inc., Westborough, MA, is a leading U.S. Internet messaging and wireless information company providing local, regional and nationwide wireless communications services to customers in all 50 states, the District of Columbia and in the Caribbean. Arch operates through sales offices and company-owned stores across the country. Additional information about Arch is available on the Internet at www.arch.com.
Arch Wireless, Inc. has filed with the U.S. Securities and Exchange Commission a registration statement on Form S-4 in connection with the debt exchange being undertaken in connection with the merger (File No. 333-93321). Investors and security holders are urged to read the registration statement carefully. The registration statement contains important information about Arch Wireless, Inc., Paging Network, Inc., the merger and related matters. Investors and security holders are able to obtain free copies of these documents through the Web site maintained by the Securities and Exchange Commission at http//www.sec.gov.
In addition to the registration statement, Arch Wireless, Inc. and Paging Network, Inc. file annual, quarterly and special reports, proxy statements and other information with the Securities and Exchange Commission. You may read and copy any reports, statements and other information filed by them at the SEC public reference rooms at 450 Fifth Street, N.W., Washington, D.C. 20549 or at the Commission's other public reference rooms in New York, NY and Chicago, IL. Please call the Commission at 1-800-SEC-0330 for further information on public reference rooms. These filings with the Commission also are available to the public from commercial document-retrieval services and at the Web site maintained by the Commission at http//www.sec.gov. You may also obtain for free each of these documents, when available, from Arch Wireless, Inc. at 508/870-6700 or write to: Investor Relations Department, Arch Wireless, Inc., 1800 West Park Drive, Suite 250, Westborough, MA 01581. |
