Sygnet Wireless Inc. said it is exploring strategic alternatives, including the possible sale of the company, and has retained Lehman Brothers Inc. as its financial adviser. The company said the decision comes after the increasing pace of consolidation in the cellular industry. Several second-tier carriers have been the subject of merger activity recently, including a merger between 3600 Communications Co. and Alltel Corp. and American Cellular Corp.’s acquisition of PriCellular Corp. Sygnet’s revenues grew by more than 21 percent to $22.2 million for the quarter ended March 31, compared with revenues of $18.3 million during first quarter 1997. Revenue increases were a result of subscriber growth and roaming revenues, said the company. Sygnet reduced its net loss for the quarter to $5.2 million, or 57 cents per share, compared with a net loss of $6.3 million, or $1.15 per share, during the same period a year ago. Sygnet owns and operates cellular systems under the Cellular One and Wilcom Cellular brand names in Ohio, Pennsylvania and New York.
Bell Atlantic Corp. said its board of directors moved up the appointment of Ivan Seidenberg as the company’s chief executive officer to June 1. Seidenberg, former vice chairman, president and chief operating officer, will replace former CEO Raymond Smith, who will remain chairman of the company. Seidenberg will retain the vice chairman and president titles. The company also announced a two-for-one stock split of its common shares as a 100 percent dividend payable on June 29.
Microcell Solutions Inc. of Canada announced its Fido Service began May 1 throughout Edmonton, Alberta. Fido is a Global System for Mobile communications network. The service features an airtime package of per-second billing with no locked-in contract. Fido also is available in Victoria, Vancouver, Calgary, Hamilton, Toronto, Oshawa, Ottawa-Hull, Montreal and Quebec.
