MELVILLE, N.Y.-Northeast Digital Networks Inc. announced it signed a letter of intent with All
Points Telecom Inc., which plans to purchase 80 percent of Northeast Digital’s common stock, on a fully diluted basis,
for $16 million and provide a $1-million note.
A final agreement is subject to Federal Communications Commission
approval. The $17-million investment by All Points is to provide Northeast Digital capital to develop the C-block
personal communications services licenses it holds in its subsidiary Personal Communications Network.
“We
look forward to a profitable working relationship with Northeast Digital Networks, which could also become our
vehicle for future wireless investments-especially the PCS license opportunities in the upcoming FCC auctions,”
said Timothy Holly, chief executive officer of All Points.
