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Charys and CCI Complete Merger7 March 2005
Charys Holding Company, Inc. "Charys" , a Delaware corporation, today announced that its acquisition of CCI-Telecom, Inc. (CCI) has been completed. The companies had previously signed a binding letter of intent on February 7, 2005.
CCI enjoys a reputation for high quality and dependability in the wireless, wireline and radar industries. Its customers include essentially every major wireless company in the U.S. and various major defense contractors. The company is licensed in 11 states and is currently performing on contracts in nine states.
The holders of CCI common stock will receive one share of Charys common stock for approximately 26.88 shares of CCI common stock. In total, Charys will issue 747,710 shares to CCI shareholders. In addition to the common shares, CCI shareholders will be eligible to receive certain other deferred, contingent payments over the next 24 months.
"Our Board of Directors and our management team welcome CCI to the Charys family of companies," said Billy Ray, CEO of Charys. "CCI has a culture and tradition of excellence – an ability to build customer intimacy that results in more business orders for a trusted partner. We are very fortunate to have CCI as a platform company forging our expansion."
Charys also closed an agreement to acquire real estate, which comprises the principle office of CCI, in San Antonio, Texas. This transaction entails a purchase of the assets and assumption of liabilities of CCI Associates, Ltd., a company related to CCI. This transaction will be completed by Charys issuing 250,000 shares of common stock in an exchange for the property.
"We have found a partner that is specifically aligned with our vision and has interests that reflect the interests of CCI," said Mike Novak, CEO, CCI-Telecom, Inc. "With Charys, we will be able to attain the performance levels and growth that we have imagined for several years."
"We set out a year ago to build an organization comprised of companies that want to make a difference," said Ray. "After sorting through some potential partners in this business segment, we believe CCI is a perfect fit for our company, our philosophy and our growth," he concluded.
About Charys Holding Company, Inc.
Headquartered in Atlanta, Georgia, Charys Holding Company, Inc. (OTC BB:CHYS.OB) is a publicly traded company focusing on the fragmented and underserved segment referred to as The Integrated Infrastructure Services Segment. This segment varies widely in scope, but is fundamentally focused on upgrading the underpinning, infrastructure, and back office operations of the telecommunication, cable, electric, and Internet industries serving consumers, businesses and government entities. Charys’s principle strategy is to acquire, through mergers and acquisitions, companies that support this underserved segment. For more information about Charys visit http://www.charys.com.
About CCI-Telecom, Inc.
CCI is a telecommunications infrastructure services business. Headquartered in San Antonio, Texas, the company has 135 employees and satellite offices in Dallas, Houston, and Lee, Massachusetts. CCI specializes in the development and construction of cellular towers, telephone switching facilities, and advanced radar installations. The services provided by the company span a broad range of capabilities including telephone system installation, structured cabling, long-haul fiber, telecom equipment maintenance, as well as installation and services related to microwave, satellite, radar, cellular, and wireless broadband systems. CCI has been in business since 1980 and has won many awards, including six annual recognitions as a "Top Fifty" company by the San Antonio Business Journal. CCI enjoys a reputation for high quality and dependability in the wireless, wireline, and radar industries. Its customers include essentially every! major wireless company in the U.S. and various major defense contractors. For more information about CCI visit http://www.ccitele.com.
Source: dBusiness News Atlanta
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