Effective date expected and waas April 1, 1999, new symbol on April 1 then another new symbol April 5; 99% of old shareholders approved the reorganization plan - why would they approve a plan if it would eliminate ALL of their holdings and they were to get nothing of the new issues. I hope this information calms people down. I read one poster who 1) wants to be reimbursed for his trade on April 1 by the brokerage if it is not good for him; but 2) wants to keep his shares if it is beneficial immediately for him. It would be nice if people would help one another out and read prior to jumping on a band wagon then bitching about the decision they made rather than finding out some facts. Makes everyone jittery when they read garbage complaining even those who do lots of research, like me. I am holding this long and WIRL. Can't lose on these; but take some time to read into a company prior to jumping in and out of an issue following Sirk or others. They give good tips - but it is up to you to follow your own trading abilities. You have to be aware of hte trading character type of those you follow - many are in and out of an issue 2 to 3 times in one day and I doubt many of us are capable much less willing to invest in a strategy like that. Just my very humble opinion (I have lots of them and have been chewed out, so if you tire of reading my posts, skip them please) Happy Easter everyone, and lets hope we get out of the war debacle as quickly as possible; Clinton's leaving stains everywhere.
DALLAS (March 19) BUSINESS WIRE -March 19, 1999--
TELECONFERENCE ANNOUNCEMENT
Management will hold a conference call to discuss the developments noted in this press release on
March 22, 1999, at 2 p.m. (EST).
Investors can participate by dialing: 888/603-7037, pass code 1102815.
Heartland Wireless Communications, Inc., a provider of wireless broadband network and multichannel
subscription television services at 2.1 GHz to 2.7 GHz, today announced that the U.S. Bankruptcy Court
for the District of Delaware has confirmed its prenegotiated plan of reorganization (the "Plan"), which was
filed under Chapter 11 of the U.S. Bankruptcy Code on December 4, 1998.
The company noted that the Plan received the support of all classes of creditors voting on the Plan,
including the holders of over 99% in principal amount of the company's senior notes. The company also
announced that concurrently with its emergence from Chapter 11, it intends to change its corporate name
to Nucentrix Broadband Networks, Inc. ("Nucentrix"), to more accurately reflect its new business plan
focus.
As disclosed in prior public filings, the confirmed Plan provides, among other things, for the conversion of
$325 million of senior and subordinated debt into approximately 100% of the outstanding common stock
of the reorganized company. The company expects to emerge from Chapter 11 with approximately $12
million in net long-term debt relating to FCC spectrum licenses in over 80 markets, and available cash of
at least $25 million.
On the effective date of the Plan, which the company expects to be April 1, 1999, the company will
change its name to Nucentrix Broadband Networks, Inc. and restructure its business in the following four
wholly owned subsidiaries: Nucentrix Internet Service, Inc. ("Nucentrix Internet"), Nucentrix Telecom
Services, Inc. ("Nucentrix Telecom"), Nucentrix Spectrum Resources, Inc. ("Nucentrix Spectrum") and
Heartland Cable Television, Inc. ("Heartland Cable").
Nucentrix Internet will operate the company's high-speed Internet access business. The company
currently operates one high-speed Internet business in Sherman and Denison, Texas, which provides
Internet access to medium-sized businesses and SOHOs at speeds of up to 1.54 Mbps. The company
currently is constructing a similar system in Austin, Texas, which it expects to launch under the
Nucentrix(tm) name in May 1999. The company plans to roll out similar services in other markets.
Nucentrix Telecom will be formed to test, develop and operate wireless broadband IP (Internet Protocol)
telephony services, including wireless local loop voice services.
Nucentrix Spectrum will own the company's MMDS spectrum rights, including BTA (basic trading area)
licenses, MMDS channel licenses and leases and WCS (wireless communications service at 2.3 GHz)
spectrum rights, as well as the company's wireless transmission facilities and site leases.
Heartland Cable will operate the company's existing subscription television business, which serves
approximately 158,000 subscribers in 57 markets and offers combined MMDS and DIRECTV(R)
programming in 51 of the 57 markets. This business will continue to operate under the name Heartland
Cable Television(tm).
Carroll D. McHenry, who will remain Chairman and CEO of Nucentrix, stated, "We are extremely pleased
that our financial restructuring was confirmed by the court and overwhelmingly approved by those voting
on the plan. Now we can focus our efforts on exploiting the value of our broadband spectrum with new
business applications such as high-speed Internet access and, over the long term, point to multipoint
wireless voice services. We believe the name change will help reflect this redirection of our focus. We
want to position Nucentrix to respond quickly to what we see as significant demand for high-speed
communications services that are affordable to small and medium-size businesses, and we are
committed to making this happen."
The company stated that certain conditions were required to be satisfied or waived before the Plan could
become effective, including filing a shelf registration statement on Form S-1 with the Securities and
Exchange Commission for shares of common stock of Nucentrix to be held by persons who may be
considered affiliates of the reorganized company, and filing certain information with the Federal
Communications Commission relating to the transfer of MMDS channel rights to the reorganized
company. The company believes that all conditions to the effectiveness of the Plan will be satisfied or
waived by the anticipated effective date of the Plan.
Heartland Wireless Communications, Inc. provides wireless broadband network and multichannel
subscription television services in the 2.1 GHz to 2.7 GHz range. Heartland operates a high-speed
Internet access business in one market, and provides wireless subscription television service to
approximately 158,000 subscribers in 57 markets. Heartland currently holds broadband wireless
spectrum rights in over 80 small to mid-size markets in the central United States. DIRECTV is a
trademark of DIRECTV, Inc., a unit of Hughes Electronics Corporation.
Except for any historical information contained in this press release, this press release contains
forward-looking statements that involve risks and uncertainties, including the risk of not consummating
the Plan, the inability to obtain financing and other risks and uncertainties described in the company's
10-K for the period ended December 31, 1998 (which the company expects to file with the SEC on or
before March 31, 1999), the company's 10-Q for the period ended September 30, 1998, and other SEC
reports of Heartland Wireless Communications, Inc. In particular, there can be no assurance that the
company will be able to obtain the capital necessary to launch wireless broadband IP services such as
Internet access services in additional markets or to test, develop and operate wireless broadband IP
telephony services.
na/da*
CONTACT: Heartland Wireless Communications, Inc., Dallas
Carroll D. McHenry, 972/633-4037
or
Marjean Henderson, 972/633-4035
KEYWORD: TEXAS DELAWARE
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
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