Dead no more? This may do the trick:
Thursday February 18, 9:55 am Eastern Time
Company Press Release
LCC International, Inc. Announces New Business Strategy
Company to focus on its towers and services businesses
MCLEAN, Va.--(BUSINESS WIRE)--Feb. 18, 1999-- Spin off of product
businesses to be considered
Steven Gilbert joins LCC's Board of Directors
LCC International, Inc. (NASDAQ: LCCI - news), one of the world's
largest RF engineering and wireless telecommunications consulting firms,
announced a new business strategy that will allow the Company to focus
entirely on its towers and core telecom services businesses.
LCC also announced that Steven J. Gilbert, Chairman of Gilbert Global
Equity Partners, L.P., joined its Board of Directors.
The Company, and its subsidiaries including Microcell Management, Inc.,
continues to believe that it is uniquely positioned to capitalize on
opportunities for global tower ownership, RF engineering and network
deployment services. LCC plans to expand its position in the tower
business by leveraging its 16 years of experience in providing services
to over 200 operators in over 50 countries.
Dr. Rajendra Singh, interim president and chief executive officer said,
''There are several formidable tower companies that have emerged over
the past year, but none with our global customer base and ability to
identify tower opportunities. Our personnel are present, standing
side-by-side with our clients, during each phase of network deployment
when tower opportunities first present themselves.''
LCC intends to maximize the value of the Company's products businesses
while eliminating any adverse impact they have had on the company's
performance. LCC is selecting an investment-banking firm to pursue
various alternatives including a sale, joint venture or spin-off. The
Company will be considering all options for its hardware and software
businesses during this process.
Depending on the recommendation of its investment bankers, the Company
may elect to change the presentation of its financial results for the
year ended December 31, 1998. For this reason, the Company will delay
the reporting of its final audited results for the fourth quarter and
full calendar year 1998 and is also delaying its previously scheduled
conference call to discuss these financial results.
Dr. Singh continued, ''Over the past few months, our primary focus has
been to develop a new strategic vision, streamline the company's cost
structure, enhance operational efficiency, and address the Company's
continuing capital requirements. We have our strategy, and will now
focus on implementation.
''We achieved a break-even run rate in the month of December as planned.
Now that these two steps are complete, we are better positioned to
obtain the capital required to realize our strategic vision. We are also
actively engaged in a search for a new president and chief executive
officer who can provide the leadership necessary to execute the
strategy.''
Commenting on the decision to entertain alternatives for the Company's
product's businesses, Don Rose, chief operating officer said, ''This is
very much driven by our belief that these businesses can be stronger
with the appropriate focus and partners.
''No matter what option we pursue, we will ensure that LCC maintains
access to these products to support our ongoing engineering and
deployment services. And, our customers will continue to receive
world-class product support, and will benefit from ongoing product
development.''
LCC is very pleased to announce that Steven J. Gilbert, Chairman of
Gilbert Global Equity Partners, L.P., has joined its Board of Directors.
Gilbert Global Equity Partners manages a billion-dollar private equity
Fund.
From 1992 to 1997 Mr. Gilbert was the Founder and Managing General
Partner of Soros Capital, L.P., the principal venture capital and
leveraged transaction entity of the Quantum Group of Funds, and a
principal Advisor to Quantum Industrial Holdings Ltd.
From 1998 through 1992 he was the Managing Director of Commonwealth
Capital Partners, L.P., a private equity investment firm.
From 1984 to 1988, Mr. Gilbert was the Managing General partner of
Chemical Venture Partners (now Chase Capital), which he founded. Mr.
Gilbert has 29 years of experience in private equity investing,
investment banking and law and also serves as Director of several
multi-national high tech companies.
Dr. Singh concluded, ''We are thrilled to have Steve join our board. His
vast experience in the capital markets will be a very valuable asset for
LCC, and his diverse business background will provide additional
leadership talent for the Company.''
Statements included in this news release which are not historical in
nature are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
including, without limitation, statements regarding financing plans, the
sale or spin-off of the Company's product businesses, the hiring of new
personnel, the Company's financial performance for current and prior
years, the Company's ability to pursue new business opportunities, and
those factors highlighted in LCC International, Inc.'s Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q, which could cause the
Company's actual results to materially differ from forward-looking
statements made by the Company.
LCC International, Inc., (http://www.lcc.com) one of the world's largest
wireless consulting firms, has been serving the telecommunications
industry since 1983. The Company is engaged in three primary areas of
business: RF Engineering & Network Deployment services, Tower Ownership
& Management, and Planning & Optimization software and Field Measurement
products. |
