Nextel Communications, Inc. To Pay Cash For Chadmoore Wireless Assets Closing Set For Thursday
LAS VEGAS, Feb 5, 2002 (BUSINESS WIRE) -- Chadmoore Wireless Group, Inc. (OTCBB: MOOR chart, msgs) announced that Nextel Communications, Inc. has exercised its right under the purchase agreement and has notified Chadmoore that it intends to pay cash for the Chadmoore assets.
Chadmoore will not exercise its right to receive, in lieu of such cash, Nextel common stock at a value of $10.00 per share. As a result, Chadmoore expects that Chadmoore and its stockholders will receive cash and not shares of Nextel common stock.
Chadmoore expects the closing of its asset sale to Nextel Communications, Inc. to take place on Thursday, February 7, 2002.
The asset sale transaction will be based on the terms defined in the Agreement and Plan of Reorganization, as described in Chadmoore Wireless Group's Proxy Statement dated December 14, 2001. Subsequent to the closing of this transaction, Chadmoore will be dissolved and all of its remaining assets will be liquidated.
This press release contains forward looking statements as that term is used in Section 21E of the Securities Exchange Act of 1934. These statements contain words such as "expects." Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that actual results may differ materially from those in the forward-looking statements. All forward looking statements are based on information available to the company on the date hereof, and the Company assumes no obligation to update such statements.
Contact:
Equity Communications
Robert Schechter, 212/499-6809; 203/952-5947
www.chadmoore.com
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02/05 15:58 Business Wire
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