The board of directors of AirTouch Communications Inc. declared Dec. 15 the record date for a contingent payment on its 6 percent Class B mandatorily convertible preferred stock, Series 1996. The contingent payment amount will be the volume-weighted average trading price of the shares over a 30-day period beginning Nov. 16. If the volume-weighted average trading price equals or exceeds $28.74, no contingent payment will be made, the company said. The contingent payment may be in the form of cash, common stock or Class C preferred stock, and it will be made on or before Dec. 30.
Cellular City had a 20 percent increase in sales during a recent GTE Mobilnet Inc. promotion. GTE Mobilnet offered a $10.50 per month and 10.5 cents per minute rate until April of next year for customer who signed up before Nov. 15. “Rates have gone through the floor lately,” said Michelle Danner, president of Cellular City. “This is the lowest rate since cell phones were introduced.” Cellular City is an authorized agent for GTE Mobilnet and specializes in cellular products.
Metawave Communications Corp. completed a new round of investment capital financing totaling more than $15 million. The company’s total investment stands at $30 million. Participants in the Series C financing are Metawave’s initial venture capital firms Venrock Associates, Oak Investment Partners and Sevin Rosen Funds. New investors include Worldview Technology Partners and Integral Capital Partners. Additional investors included affiliates of Deutsche Morgan Grenfell, Montgomery Securities, Robertson Stephens & Co. and Wessels, Arnold & Henderson. “We are pleased at this continued show of support from our initial backers,” said Thomas S. Huseby, Metawave’s chairman and chief executive officer.
The merger of Metrocall Inc. and A+ Network Inc. was completed Nov. 15. In addition, the company has completed a private equity placement with SunAmerica Inc., John Hancock Mutual Life and UBS Capital LLC, for $39.9 million of series A preferred stock and warrants. “The merger with A+ Network as well as our equity placement reinforces Metrocall’s position as an industry consolidator and marks the completion of another significant element of our strategic plan,” said William L. Collins III, Metrocall’s president and chief executive officer.
Preferred Networks Inc. announced plans to acquire Texas-based EPS Wireless Inc. for approximately $5 million, almost all of which will be payable in Preferred Networks common stock. The arrangement is subject to adjustments including a possible additional consideration of up to $5 million in cash based on EPS’ achievement of targeted operating performance objectives through Dec. 31, 1998. If stockholder approval is granted, the acquisition is expected to close this month. EPS, a national provider of paging and cellular product repair services, will become a wholly owned subsidiary of Preferred Networks.
