First Avenue (NASDAQ:FRNS)
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First Avenue Networks Raises $93 Million in Equity
Company Receives Federal Communications Commission and Hart-Scott-Rodino
Approval for Teligent Acquisition
CHARLOTTESVILLE, Va., Dec. 14 /PRNewswire-FirstCall/ -- First Avenue Networks
(OTC:FRNS) (BULLETIN BOARD: FRNS) , a leading provider of fixed wireless
solutions, today announced the sale of equity securities resulting in gross
proceeds of $93.3 million. First Avenue Networks sold 12,870,000 shares of
common stock priced at $7.25 per share.
Over 20 institutional investors participated in the sale. First Avenue intends
to use the net proceeds for its mobile backhaul network initiatives and to
develop fiber extension facilities for targeted metropolitan markets. The funds
also will be used for debt repayment and general corporate purposes.
In a related event, the company also announced that all conditions for closing
the acquisition of Teligent's assets and operations were met. The FCC has
approved the request to transfer 24 GHz licenses to be purchased by First
Avenue from Teligent in connection with the acquisition. The company also
received approval for the acquisition from the Securities and Exchange
Commission under the HSR Act of 1976. First Avenue Networks plans to close the
Teligent transaction on or before December 31, 2004.
The shares of common stock have not been registered under the Securities Act of
1933. First Avenue intends to file a registration statement covering the
shares issued within 60 days of the close of the private placement.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy common stock. This press release is being issued pursuant to
and in accordance with Rule135c under the Securities Act.
About First Avenue Networks
First Avenue Networks (OTC:FRNS) (BULLETIN BOARD: FRNS) , a provider of high
capacity fixed wireless solutions, facilitates the rapid deployment of fixed
wireless to portions of the telecom network where the technology offers a
demonstrable competitive advantage. Available to service providers through a
turnkey operation or licensed spectrum lease, First Avenue's fixed wireless
services are cost and capital effective, quickly provisioned and easily scaled
to meet growing capacity demands without complexity. First Avenue Networks,
with the closing of the Teligent transaction, will hold approximately 600 MHz
of spectrum at 24 GHz and 39 GHz in the top 75 U.S. markets, covering virtually
the entire United States. 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
consummation of the proposed acquisition, 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, the risk that the proposed acquisition will not be consummated, the
risk that the Company will be adversely affected by consummating the
acquisition, 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, 2003. 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/