CARROLLTON, Texas-CellStar Corp. said it has agreed to sell its Movil Amigo prepaid
operation in Venezuela to Movilnet, the cellular operator subsidiary of CANTV.
As part of the sale, CellStar said it
was awarded an exclusive two-year contract under which it will provide Movilnet with all of the supply services for
prepaid phone kits. These services include importing phones into the country, warehousing, inventory management,
handset programming, packing and distribution of the kits to points of sale.
Terms of the sale were not disclosed,
but CellStar said it expects to recognize a gain of approximately $5 million related to the sale of assets in the second
quarter.
