WVT Communications Group Commences Corporate Restructuring
November 01 2012 - 5:00PM
Marketwired
Warwick Valley Telephone Company (NASDAQ: WWVY), referred to as WVT
Communications Group or the Company, the parent company of leading
cloud communications pioneers, today announced the commencement of
its corporate governance restructuring resulting in the Company's
successful transformation into an unregulated holding company.
Under the organization restructuring, the Company transferred
substantially all of its assets and liabilities associated with its
regulated local telephone business to a new wholly-owned
subsidiary. As a result, all of the Company's business units are
now subsidiaries of the Company, with only the ILEC operation being
regulated and subject to telecommunications governing bodies.
"The approval for restructuring of our corporate organization
enables the Company to benefit from the flexibility to deploy
capital for growth in ways similar to other diversified
communications companies," said Duane W. Albro, WVT Communication
Group's Chief Executive Officer. "With the new corporate
organization now in place, we may now proceed with the complete
rebranding of the Company, which is already positioned as a fast
growing, ninth largest cloud-based Unified Communications ("UC")
services provider in the United States."
Mr. Albro continued, "Upon shareholder approval, we intend to
change the holding company name to WVT Communications Group, Inc.
All of these changes were factored into the impending transfer of
our common stock to the NYSE MKT on November 6, 2012, with "WVT" as
our new ticker symbol. We look forward to elevating our prominence
in the financial community as well as in the business community
where we market our award winning Unified Communications
service."
The Company's corporate governance restructuring commenced with
a landmark decision by the New York State Public Service Commission
which granted the ability to transfer its regulated assets to a
newly formed wholly-owned subsidiary named Warwick Valley
Telephone. This decision was the initial requirement for the
Company, a 110-year-old regulated ILEC with operations in the
mid-Hudson Valley region of New York and northern New Jersey, to
have its ILEC business operate as a regulated subsidiary of a newly
created holding company. More recently, a similarly favorable
decision was received by the New Jersey Public Service Commission
for the Company's ILEC operations in the northern region of that
state. The Company's cloud-based UC businesses, Alteva and USA
Datanet, continue to be wholly-owned subsidiaries of the
Company.
About WVT Communications Group WVT
Communications Group is a world technology leader in providing
cloud-based Unified Communications (UC) solutions for small, medium
and enterprise businesses. Founded in 1902, the Company has
continued to adapt and remain on the forefront of technology,
chiseling its position among the most stable and respected
communications vendors on the globe. Moving forward, it is forging
the new model that communications providers, large and small, are
striving to emulate. WVT Communications Group is merging new
innovations, such as those from Alteva and USA Datanet, with proven
technology from industry leaders like Microsoft, Cisco, BroadSoft,
Panasonic, and Polycom to build the ideal hosting architecture for
communications.
Through its USA Datanet (targeting businesses under 35
employees), Alteva (targeting businesses over 35 employees and
those with branch offices), and Warwick Valley Telephone (a highly
respected traditional telecom provider turned premier regional
broadband company) businesses, WVT Communications Group is enabling
businesses of any size to communicate more efficiently with
hassle-free communications tools. By overlaying a UC division on
its stabile, regional broadband company, WVT Communications Group
has positioned itself in front of its peer legacy telecom companies
and created an evolutionary change in its strategy. With this, the
company may offer its residential customers a similar suite of UC
applications and services for use in a home environment that its
business customers can enjoy. Visit www.wvtcg.com or call
855-U-GO-CLOUD.
All trademarks are the properties of their respective owners.
*Frost & Sullivan Analysis, March 2012
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
statements, without limitation, regarding expectations, beliefs,
intentions or strategies regarding the future. WVT Communications
Group intends that such forward-looking statements be subject to
the safe-harbor provided by the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
WVT Communications Group's actual results, performance or
achievements or industry results to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business
conditions, both nationally and in the geographic regions in which
WVT Communications Group operates; industry capacity; demographic
changes; technological changes and changes in consumer demand; the
successful integration of WVT Communication Group's acquired
businesses; existing governmental regulations and changes in, or
the failure to comply with, governmental regulations; legislative
proposals relating to the businesses in which WVT Communication
Group operates; reduction in cash distributions from the Orange
County-Poughkeepsie Limited Partnership; competition; or the loss
of any significant ability to attract and retain qualified
personnel. Given these uncertainties, current and prospective
investors should be cautioned in their reliance on such
forward-looking statements. Except as required by law, WVT
Communications Group disclaims any obligation to update any such
factors or to publicly announce the results of any revision to any
of the forward-looking statements contained herein to reflect
future events or developments. A more comprehensive discussion of
risks, uncertainties and forward-looking statements may be seen in
WVT Communications Group's Annual Report on Form 10-K and other
periodic filings with the U.S. Securities and Exchange
Commission.
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