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Last Updated: Apr 24th, 2006 - 10:29:35 |
MobilePro Corp. (OTC Bulletin Board: MOBL), a broadband telecommunications services company, announced today that it has completed a merger whereby it acquired 100% of the stock of Kite Networks, Inc. and the remaining 49% of Kite Broadband, LLC, which it does not already own, in an all stock transaction.
"This is a major milestone for our company. The merger with Kite Networks and the purchase of the minority interest of Kite Broadband will, we believe, allow us to grow our wireless business faster than before with the additional capabilities, resources and shareholders that Kite brings to us," said Jay Wright, chairman and CEO of MobilePro. "Jerry Sullivan and his colleagues further strengthen an already deep management team that we have assembled at MobilePro. With the addition of Jerry and his team, our integration nearing completion, the Tempe wireless buildout largely completed and numerous organic and acquisition-related growth opportunities on the table, we are, in my view, exceptionally well positioned for a successful fiscal 2007."
Effective at the closing, Sullivan was appointed president and chief operating officer of MobilePro, CEO of MobilePro's wireless division, and is slated to be elected to MobilePro's board of directors at the board's February meeting. He will also continue his duties as CEO of Kite Broadband, LLC.
Jerry Sullivan, CEO of Kite Networks and Kite Broadband, said, "This merger comes at a time in the telecom industry when corporate consolidations and next-generation technologies create enormous growth opportunities. These opportunities give dynamic companies like MobilePro and Kite the potential to seize a leadership position in important broadband sectors such as municipal wireless. I and the other Kite executives are extremely excited about the opportunity to work with Jay and the rest of the MobilePro team. Our primary goal is to provide significant growth in shareholder value over the coming years by building and maintaining a superior nationwide broadband wireless platform for our customers."
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Article Source: MobilePro Completes Merger with Kite Networks and Kite Broadband
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