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Global Signal Inc. Announces Wireless Communications Towers
Acquisition
SARASOTA, Fla., June 30 /PRNewswire-FirstCall/ -- Global Signal Inc.
(NYSE:GSL) announced today that it has completed the acquisition of Tower
Ventures III LLC ("Tower Ventures") from five non-affiliated sellers for $52.0
million in cash, plus fees and expenses. Tower Ventures owns 97 wireless
communications towers concentrated in Tennessee, Mississippi, Missouri and
Arkansas.
With the acquisition of Tower Ventures, combined with other acquisitions made
from December 31, 2003 through June 30, 2004, the Company has acquired 214
wireless communications towers for $101.6 million.
David Grain, Global Signal's President, stated "The Tower Ventures acquisition
is just one example of how we are successfully deploying capital. Based on the
quality of the deals we have closed and the robust nature of our current
acquisition pipeline, we are optimistic about deploying the capital raised in
our initial public offering."
Global Signal Inc. owns and manages over 3,200 wireless communications towers
and other communications sites. Global Signal Inc. is organized and conducts
its operations to qualify as a real estate investment trust (REIT) for federal
income tax purposes.
Certain items in this press release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995
including statements relating to our abilities to deploy capital raised in our
initial public offering. These statements are based on management's current
expectations and beliefs and are subject to a number of factors that could lead
to results materially different from those described in the forward-looking
statements; Global Signal can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially from
Global Signal's expectations include, but are not limited to, continued ability
to acquire new towers at attractive prices which will generate returns
consistent with expectations; the possibilities that towers that have been and
will be acquired may not generate sufficient additional income to justify their
acquisition; and other risks detailed from time to time in Global Signal's SEC
reports. Such forward-looking statements speak only as of the date of this
press release. Global Signal expressly disclaims any obligation to release
publicly any updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with regard thereto
or change in events, conditions or circumstances on which any statement is
based.
Contact:
Gail Scalfaro
Director of Investor Relations
941-308-5227
DATASOURCE: Global Signal Inc.
CONTACT: Gail Scalfaro, Director of Investor Relations of Global Signal
Inc., +1-941-308-5227
Web site: http://www.gsignal.com/