California-Oregon Telecommunications Company Joins Lynch Interactive
August 30 2005 - 9:21AM
Business Wire
Lynch Interactive Corporation (AMEX:LIC) today announced that it
completed the acquisition of California-Oregon Telecommunications
Company ("Cal-Ore") and its subsidiaries for approximately $21.2
million, consisting of $14 million cash and $7.2 million of notes.
The cash portion of the purchase price was financed through bank
borrowings. Headquartered in Dorris, California, Cal-Ore is a
diversified communications company offering services in the Butte
Valley and Tulelake areas of northern California, as well as some
areas of southern Klamath County, Oregon. Its subsidiaries include
Cal-Ore Telephone, Cal-Ore Cellular, Cal-Ore Long Distance, and
Cal-Ore Communications. Cal-Ore serves approximately 3,100 access
lines, including Digital Subscriber Line ("DSL") service. Cal-Ore's
service offerings include local telephone service, long distance,
internet dial-up and high-speed broadband services. In Klamath
Falls, Oregon, Cal-Ore Communications' competitive local exchange
carrier ("CLEC") will provide "triple play" fiber-to-the-home
services in the new Southview Properties development including
voice, high-speed data and video. Cal-Ore will continue to have
business offices in Dorris and Tulelake, California, and will
continue to offer the same quality of service their customers have
come to expect over the previous 55 years. This transaction brings
Lynch Interactive's total access lines, including DSL, to
approximately 59,500 in 15 telephone companies. Cal-Ore marks the
entry of Lynch Interactive's telephone operations to the State of
California and its CLEC activities in the State of Oregon. Jack
Keen, President of Lynch Interactive's subsidiary Western New
Mexico Telephone Company, will be the Regional Manager for Cal-Ore.
Mr. Keen said, "I look forward to working with the Cal-Ore
management since Cal-Ore shares Western New Mexico's belief that
providing high quality service in rural America is fundamental to
the future of our country." After viewing the Cal-Ore facilities
and meeting with Cal-Ore personnel, Eddie Cox, General Manager of
Central Utah Telephone Company, another member of the Lynch
Interactive family, said, "I believe Cal-Ore's addition to the
Lynch Interactive family will be very positive since Cal-Ore has a
great team of employees, led by Ed Ormsbee, who provide customers
excellent, quality service." Lynch Interactive is a diversified
company with subsidiaries in multimedia and telecommunications
services, and actively seeks acquisitions, principally in existing
business areas. The Company's World Wide Web address is:
http://www.lynchinteractivecorp.com. This release contains certain
forward-looking information within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 194, as amended. It should be recognized
that such information is based upon certain assumptions,
projections and forecasts, including without limitation business
conditions and financial markets, regulatory actions and
initiatives, and the cautionary statements set forth in documents
filed by Interactive with the Securities and Exchange Commission.
As a result, there can be no assurance that any possible
transactions will be accomplished or be successful or that
financial targets will be met, and such information is subject to
uncertainties, risks and inaccuracies which could be material.
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