Multiband Completes Sale of Business Solutions Group; Divestiture Will Allow Company to Focus on Growing Its Subscriber Services 4/4/2005 12:11:01 PM
MINNEAPOLIS, Apr 04, 2005 (BUSINESS WIRE) -- Multiband Corp. (MBND), a leading provider of voice, data and video systems to multi dwelling units (MDU's), today announced that it has completed the sale of its Business Solutions Group division to Minneapolis-based North Central Equity LLC. The sale, effective at the close of business March 31, 2005, creates an entity dedicated to the distribution of voice, data, and video services to residents of apartment buildings throughout the United States. Multiband had quietly sought to divest the division as it continued to grow its Subscriber Services Group at exponential rates.
James L. Mandel, Multiband's CEO stated, "While our business strategy has been to buy rather than sell companies, this transaction ushers in the next stage of Multiband's evolution. Although the Business Services division played an important role in the early stages of our subscriber growth, we now believe that shareholder value can be maximized by a singular focus on becoming the largest non-franchised operator in the country."
Due to the significance of the transaction, the Company has filed an automatic extension for the filing of its 10-K annual report. This action will allow the firm to present its going forward numbers in a manner which will be much easier to review and understand as the discontinued operations of the business division will be isolated and the precipitous growth associated with the subscriber division will be detailed as well.
About Multiband Corporation
Multiband Corporation, formerly Vicom, Incorporated, formed in 1975, provides voice, data and video systems and services 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. Multiband, with locations throughout the United States, has subscriber concentrations in California, Colorado, Illinois, Texas, Florida and New York. Multiband has offices in Fargo, Minneapolis, Rochester, Los Angeles, San Francisco, Denver, Chicago, New York and Tampa with satellite facilities through subcontractors in St. Louis and Dallas. For additional information, please go to multibandusa.com.
SOURCE: Multiband Corporation
Multiband Corporation, Minneapolis
James L. Mandel, 763-504-3000
or
Genesis Select Corp, Boulder, Colorado
Budd Zuckerman, 303-415-0200
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