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August 30, 2006
First Avenue Networks Inc. said on Wednesday it has wrapped up its merger with FiberTower Corp., which has become a wholly owned subsidiary of First Avenue. Still, First Avenue has changed its name to FiberTower Corp.
The two companies agreed in May to the $1.5 billion merger. The deal was an all-stock transaction. The new FiberTower will trade on the Nasdaq exchange under the ticker symbol FTWR.
Former FiberTower shareholders of capital stock will receive approximately .30 shares of the newly formed companys common stock for each share of the former companys capital stock. First Avenue will issue approximately 73.9 million shares and assume approximately 4.2 million stock options
The new FiberTower senior leadership team includes Michael Gallagher, president and CEO; Thomas Scott, senior vice president and CFO; Eric Botto, senior vice president of technology; David Leeds, senior vice president of sales; Harpinder Singh Madan, senior vice president of marketing; Ravi Potharlanka, senior vice president of operations; and Ferdi Schell, senior vice president of systems.
The new board of directors is made up of representatives from First Avenue’s and FiberTower’s former boards as well as representatives from the wireless industry. John Beletec has been appointed executive chairman of the board. Other board members include: FiberTowers Gallagher; Bandel Carano, general partner of Oak Investment Partners; Randall A.
Hack, board member, and John Kelly, CEO, Crown Castle International Corp.; John Muleta, president and CEO of M2Z Networks; Darryl Schall, Tudor Investment Corp.; Steven Scheiwe, president of Ontrac Advisors Inc.; and Neil Subin, managing director and president for Trendex Capital Management.
FiberTower Corp. www.fibertower.com
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