First Avenue (NASDAQ:FRNS)
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First Avenue Networks Announces Effectiveness of Registration
Statement for Resale of Common Stock
MCLEAN, Va., May 13 /PRNewswire-FirstCall/ -- First Avenue Networks (OTC:FRNS)
(BULLETIN BOARD: FRNS) , a wireless carrier's carrier offering solutions for
wireless backhaul, fiber network extensions, and broadband connectivity, today
announced that the Securities and Exchange Commission declared effective its
registration statement on Form S-3 pursuant to shares of common stock sold to
institutional investors in December 2004. The registration allows holders of
the shares to resell the securities covered by the registration statement.
As announced on December 14, 2004, First Avenue Networks raised $93.3 million
in equity securities. As part of the capital raising process, the company
committed to register securities for resale. Today's announcement fulfills
this commitment.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy the securities, nor shall there be any sale of the securities
in any state in which such offer, solicitation or sale would be unlawful prior
to registration or qualification of the securities under the securities laws of
any such state.
About First Avenue Networks
First Avenue Networks (OTC:FRNS) (BULLETIN BOARD: FRNS) is a wireless
carrier's carrier. The company is leading the fixed wireless backhaul and
access evolution by building fixed wireless solutions for mobile backhaul,
bypass and fiber extensions that are cost-effective, reliable and rapidly
deployed.
Since acquiring the 39 GHz licensed spectrum assets of Advanced Radio Telecom
in 2001 and the 24 GHz assets and operations of Teligent in 2005, First Avenue
has amassed the premier collection of millimeter wave spectrum assets in the
United States. It has approximately 1.5 billion channel pops between its 24
GHz and 39 GHz spectrum licenses. First Avenue offers nationwide coverage and
added depth in major U.S. metropolitan areas, holding nearly 600 MHz of
spectrum in the top 75 U.S. markets. For more information, please visit the
company's web site at http://www.firstavenet.com/ or call (703) 873-4150.
The above information includes forward-looking statements regarding the
securities trading and the provision of services by the Company and other
opportunities in the Company's marketplace. These statements are not
guarantees of future performance. Known and unknown risks, uncertainties, and
other factors, including without limitation, risk that the Company will be
adversely affected by capital constraints, changes to or failure to execute the
Company's strategy and business plan, non-renewal or revocation of FCC
licenses, variable customer demand, technological risks, ability to manage
growth, competition and government regulation and other risks may cause actual
results to differ materially from the future results implied or expressed in
the forward-looking statements. Many of these risks and uncertainties are
further discussed in our most recent filings with the Securities and Exchange
Commission, including our annual report on Form 10-K for the fiscal year ended
December 31, 2004. The Company does not undertake to and expressly disclaims
any obligation to update or revise its forward-looking statement publicly to
reflect any change in these forward-looking statements, or in events,
conditions or circumstances on which any such statements may be based, or that
may affect the likelihood that actual results will differ from those set forth
in the forward-looking statements.
DATASOURCE: First Avenue Networks
CONTACT: Linda Pitt of GAJ Services Inc., +1-859-291-1005,
, for First Avenue Networks
Web site: http://www.firstavenet.com/