DENVER-American Digital Communications Inc. said it reached an agreement in principle allowing Intek Diversified Corp. to acquire its 23 constructed 220 MHz sites. American Digital calculated a potential value of $3.8 million for the transaction.
According to the agreement, Intek will pay part of the purchase price by returning 1.15 million shares of American Digital common stock, which was issued in August 1996 as partial payment to finance the acquisition of Securicor transmitter equipment.
In addition, American Digital will receive 2.6 million shares of Ventel Ltd. valued at $300,000, which is currently held by Intek.
After consideration for all outstanding obligations, American Digital will receive about 500,000 shares of Intek common stock as payment for the balance due.
