Stockholders Vote to Approve Acquisition by Integra Telecom
26 May 2007 - 3:00AM
Business Wire
Stockholders of Eschelon Telecom, Inc., (NASDAQ:ESCH) a leading
provider of integrated communications services to small and medium
sized businesses in the western United States, today overwhelmingly
approved the company's proposed acquisition by Integra Telecom
Holdings, Inc. The vote was announced at a special meeting of
stockholders in Minneapolis, Minnesota. Of the votes submitted,
approximately 99.98 percent were cast in favor of the transaction.
The total significantly exceeded the required majority of all
shares outstanding. The transaction is expected to close in the
third quarter of 2007 after final approval of state regulatory
agencies. About Eschelon Telecom, Inc. Eschelon Telecom, Inc. is a
facilities-based competitive communications services provider of
voice and data services and business telephone systems in 52
markets in the western United States. Headquartered in Minneapolis,
Minnesota, the company currently employs approximately 1,470
telecommunications/Internet professionals, serves over 65,000
business customers and has approximately 655,000 access lines in
service throughout its markets in Minnesota, Arizona, Utah,
Washington, Oregon, Colorado, Nevada, Montana and California. For
more information, please visit our web site at www.eschelon.com.
About Integra Telecom, Inc. Integra Telecom, Inc. provides voice,
data and Internet communications to thousands of business and
carrier customers in eight Western states, including: Arizona,
California, Idaho, Minnesota, North Dakota, Oregon, Utah and
Washington. The company owns and operates a best-in-class
fiber-optic network comprised of eight metropolitan access
networks, a nationally acclaimed tier one Internet and data network
and a 4,700-mile high-speed long haul network. The company enjoys
some of the highest customer loyalty and customer satisfaction
ratings in the telecommunications industry. Primary equity
investors in the company include Bank of America Capital Investors,
Boston Ventures and Nautic Equity Partners. Integra Telecom and
Electric Lightwave are registered trademarks of Integra Telecom
Inc. For more information, visit www.integratelecom.com. Additional
Information and Where to Find It A definitive proxy statement of
the Company has been filed with the Securities and Exchange
Commission (the �SEC�). WE URGE INVESTORS TO READ THE PROXY
STATEMENT CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT
THE COMPANY AND THE PROPOSED TRANSACTION. Investors and security
holders will be able to obtain free copies of the Proxy Statement
and other documents filed with the SEC by the Company through the
web site maintained by the SEC at www.sec.gov. Free copies of the
Proxy Statement may also be obtained from the Company and free
copies of the Company�s other filings with the SEC may also be
obtained from the Company. Free copies of the Company filings may
be obtained by sending a written request to Investor Relations,
Eschelon Telecom, Inc. 730 Second Ave. Minneapolis, MN 55402. In
addition, investors and security holders may access copies of the
documents filed with the SEC by the Company on its website at
www.eschelon.com, under the links �Investor Relations�SEC Filings�
when they become available. Eschelon and its officers and directors
may be deemed to be participants in the solicitation of proxies
with respect to the proposed transaction. Information regarding
such individuals is included in Eschelon�s proxy statements and
Annual Reports on Form�10-K previously filed with the Securities
and Exchange Commission and is included in the proxy statement
relating to he proposed transaction. Forward Looking Statements
This announcement contains forward-looking statements 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.
The forward-looking statements are based on Eschelon Telecom�s
current intent, belief and expectations. These statements are not
guarantees of future performance and are subject to certain risks
and uncertainties that are difficult to predict. Actual results may
differ materially from these forward-looking statements because of
the company�s history of losses, ability to maintain relationships
with RBOCs, substantial indebtedness, intense competition,
dependence on key management, changes in government regulations,
and other risks that may be described in the company�s filings with
the Securities and Exchange Commission. In particular, statements
regarding the consummation of the merger are subject to risks that
the conditions to the transaction will not be satisfied. In
addition, our results of operations, financial condition and cash
flows also may be adversely impacted by the recent announcement of
the proposed transaction, which may impact our ability to attract
and retain customers, management and employees. We have incurred
and will continue to incur significant advisory fees and other
expenses relating to the transaction. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of today�s date.
Eschelon Telecom undertakes no obligation to update or revise the
information contained in this announcement, whether as a result of
new information, future events or circumstances or otherwise.
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