Shared Technologies Cellular Inc. announced it signed a letter of intent with MCI WorldCom’s
prepaid services division to provide prepaid cellular services nationwide under MCI WorldCom’s brand name, and
through its extensive distribution network. An agreement is expected to be signed within 45 days, said
STC.
Metrocall Inc. announced it entered into a marketing alliance agreement with AT&T Wireless Services Inc.
calling for Metrocall to distribute AT&T Wireless’ Digital PCS products and its Digital One Rate service plans,
beginning Feb. 1 via its various sales channels.
Centennial Communications reported it increased both wireless
service subscribers and total revenue by 58 percent in 1998. The company said it added 400,000 wireless customers
before Christmas. Centennial operates primarily in rural communities in the United States and connects larger
metropolitan areas such as Chicago, Detroit and Indianapolis.
Convergys Corp. said Cincinnati Bell Inc. distributed
137 million shares of Convergys’ stock to shareholders to complete its spinoff from Cincinnati Bell. Convergys was
formed by the consolidation of Matrixx Marketing and CBIS, both previously subsidiaries of Cincinnati
Bell.
Chadmoore Wireless Group Inc. announced it received credit committee approval from a major finance
company for $21 million of senior debt financing, which will help launch commercial specialized mobile radio services
in the rest of Chadmoore’s SMR dispatch markets. Closing is expected to occur soon. Funds will be used primarily to
purchase system infrastructure and for working capital.
Price Communications Corp. announced its board of
directors approved a five-for-four common stock split in the form of a 25-percent dividend payable Jan. 25 to
shareholders of record Jan. 12. “Our board, as well as numerous Wall Street analysts, believe our current stock
price is undervalued and investors have expressed difficulty in acquiring shares because of large institutional and
individual holdings,” said Robert Price, president of Price Communications. “We are hopeful that our stock
splits, which will bring our outstanding shares (though still closely held) to approximately 28 million shares, will create
more liquidity.”
