LAS VEGAS-Specialized mobile radio operator Chadmoore Wireless Group Inc. announced it will acquire 100 percent of the outstanding stock of AirNet Inc., a wholly owned subsidiary of Universal Network Services Inc.
The transaction, valued at approximately $2 million, will exchange 437,143 shares of Chadmoore’s restricted common stock for all of the issues and outstanding stock of AirNet.
AirNet currently controls and manages licenses representing more than 300 channels. The majority of the licenses fall within the existing footprint of Chadmoore’s current operating area.
In addition, Chadmoore will form a subsidiary corporation, Newco, and will transfer all of its management and license agreements in the Virgin Islands and Puerto Rico to the subsidiary. AirNet also has agreed to transfer all of the pending licenses filed by principals/associates for those same areas to Newco.
Newco will be a joint venture between Universal Network Services and Chadmoore. Chadmoore will contribute the channels acquired from AirNet, regulatory expertise, design, engineering and construction management, to Newco.
