Geotek To Sell FCC Licenses To Nextel
Business Wire
February 12, 1999, 11:11 a.m. ET
Business Editors
MONTVALE, NJ--(BUSINESS WIRE)--Feb. 12, 1999--Geotek
Communications, Inc. (OTC:GOTKQ), announced today that it has agreed
to sell all of its 191 900 MHz licenses to Nextel Communications, Inc.
("Nextel") for a purchase price of $150 million. The sale is subject
to Bankruptcy Court and regulatory approvals, including, inter alia,
the modification to, or vacation of, a Consent Decree between, among
others, Nextel and The United States of America, which limits Nextel's
ability to acquire certain of Geotek's FCC licenses.
Geotek filed for Chapter 11 protection in June 1998. The sale of
its 900 MHz licenses to Nextel is part of its plan to pursue the
orderly wind-down of its operations and liquidation of its assets.
Geotek's equity holders are not expected to receive any distributions
pursuant to the Company's plan of liquidation or reorganization.
--30--kam/ny*
CONTACT: Investor Relations
201-930-9305
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: TELECOMMUNICATONS COMED
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