North Pittsburgh Systems and Consolidated Communications Report Regulatory Developments Relating to Contemplated Merger
07 Noviembre 2007 - 1:00PM
PR Newswire (US)
GIBSONIA, Penn., Nov. 7 /PRNewswire-FirstCall/ -- North Pittsburgh
Systems, Inc. ("North Pittsburgh") (NASDAQ:NPSI) and Consolidated
Communications Holdings, Inc. ("Consolidated") (NASDAQ:CNSL) have
announced that, in connection with their pending merger, the
Federal Communications Commission (the "FCC") has approved the
transfer of control of North Pittsburgh to Consolidated under the
rules and regulations of the FCC. This approval satisfies a
condition to the completion of the merger. The merger is also
conditioned upon, among other things, approval by the Pennsylvania
Public Utility Commission (the "Pennsylvania PUC") of the transfer
of control to Consolidated of North Pittsburgh's regulated
subsidiaries. As contemplated by the proxy statement/prospectus of
North Pittsburgh and Consolidated dated October 9, 2007, the
regulated North Pittsburgh subsidiaries, Consolidated and four
protesting or intervening parties filed a joint petition for
approval of a settlement agreement that requests the Pennsylvania
PUC to issue an order approving the merger application. The
presiding administrative law judge is preparing an Initial Decision
on the settlement for the Pennsylvania PUC's consideration. In the
meantime, the Broadband Cable Association of Pennsylvania and Full
Service Computing Corporation, d/b/a Full Service Network, have
withdrawn their protests, and Core Communications, Inc. has
withdrawn its petition to intervene. As a consequence, there no
longer is any party in the Pennsylvania PUC proceeding opposing the
merger or the settlement. On November 13, 2007, North Pittsburgh
will hold its annual meeting of shareholders, at which its
shareholders will elect directors and also will consider a proposal
to approve and adopt the merger agreement between North Pittsburgh
and Consolidated. Such approval is a condition to the completion of
the merger. Proxy Statement/Prospectus This material is not a
substitute for the proxy statement/prospectus of North Pittsburgh
and Consolidated dated October 9, 2007 which was declared effective
on October 9, 2007. Investors are urged to read the proxy
statement/prospectus, which contains important information,
including detailed risk factors. The proxy statement/prospectus is,
and other documents which will be filed by North Pittsburgh and
Consolidated with the Securities and Exchange Commission will be,
available free of charge at the Securities and Exchange
Commission's website, http://www.sec.gov/, or by directing a
request to North Pittsburgh's proxy solicitors, MacKenzie Partners,
Inc., collect at (212) 929-5500 or toll-free at (800) 322-2885. The
definitive proxy statement/prospectus was first mailed to
shareholders of North Pittsburgh on October 12, 2007. This
communication shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any
sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. Proxy
Solicitation North Pittsburgh and Consolidated, and certain of
their respective directors, executive officers and other members of
management and employees are participants in the solicitation of
proxies in connection with the proposed transactions. Information
about the directors and executive officers of North Pittsburgh is
set forth in the proxy statement/prospectus and North Pittsburgh's
Annual Report on Form 10-K for the year ended December 31, 2006, as
amended. Information about the directors and executive officers of
Consolidated is set forth in the proxy statement for Consolidated's
2007 annual meeting of shareholders. Investors may obtain
additional information regarding the interests of such participants
in the proposed transactions by reading the definitive proxy
statement/prospectus. DATASOURCE: North Pittsburgh Systems, Inc.;
Consolidated Communications Holdings, CONTACT: Harry R. Brown,
President and Chief Executive Officer of North Pittsburgh Systems,
Inc., +1-724-443-9583; or Stephen Jones, Vice President - Investor
Relations of Consolidated Communications Holdings, Inc.,
+1-217-258-9522, Web site: http://www.consolidated.com/
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