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June 23, 1997updated 05 Sep 2016 12:17pm

SYGNET COMPLETES $45M EQUITY FINANCING

By CBR Staff Writer

Sygnet Wireless, Inc, Canton, Ohio cellular telephone network operartor, says it has completed the sale of $45 million worth of common stock to Boston Ventures Limited Partnership V. Sygnet sold three million shares of Class A Common Stock to Boston Ventures at a price of $15 per share. Boston Ventures has also agreed to make a tender offer to purchase up to one million additional shares from existing shareholders, also at $15 per share. Under terms of the agreement, Boston Ventures will have the right to name two directors to Sygnet’s 11 member board. Boston Ventures will own between 33% and 44% of the common stock of Sygnet depending upon the number of shares tendered in the tender offer. Proceeds will be used to reduce debt and fund the growth of Sygnet’s cellular business which serves 2.4 million people in Ohio, Pennsylvania and New York. In April, Sygnet reported a first-quarter net loss of $6.2m on revenue of $18.3m.

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