RENO, Nev.--(BUSINESS WIRE)--CIBL, Inc. (“CIBL” or the “Company”) is announcing today that it has reached definitive agreements with Verizon Wireless (“Verizon”) to sell its partnership interests in two New Mexico cellular partnerships operated by Verizon. These partnerships serve New Mexico Rural Service Areas (“RSAs”) Nos. 3 and 5, covering the counties of Catron, Sierra, Socorro and Valencia (RSA No. 3), and Grant, Hidalgo and Luna (RSA No. 5).
Financial terms have not yet been disclosed. However, these transactions are subject to a shareholder vote and a Proxy Statement describing them in detail, including the financial terms, will be distributed to all shareholders promptly. These sales cannot be completed unless a majority of the company’s outstanding shares are voted in favor of the sales, and the Company intends to schedule a special meeting of shareholders for late April or early May to conduct the vote. The Proxy Statement must be distributed to shareholders at least twenty days prior to the meeting, and the record date for eligibility to vote at the special meeting is expected to be in early April.
The Board of Directors is recommending that shareholders approve the sales, and asks that all shareholders promptly return their proxies once they receive them, or attend the special meeting to vote in favor of the transactions.
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 1934, as amended, including without limitation anticipated corporate transactions. It should be recognized that such information is based upon certain assumptions, projections and forecasts, including without limitation business conditions and financial markets, and the cautionary statements set forth in documents filed by CIBL on its website, www.ciblinc.com. 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.
CIBL is a holding company with subsidiaries in wireless communications and television broadcasting. CIBL is listed on the Pink Sheets® under the symbol CIBY.PK. CIBL’s telephone number is (775) 664-3700.
Release: 12-01