10/01/2010, GTP
Transaction strengthens GTP's Southeast portfolio
BOCA RATON, FL, October 1, 2010 - Global Tower Partners ("GTP") today announced the closing of 32 towers from Pine Belt Cellular, Inc. and its affiliates ("Pine Belt"). Pine Belt will remain a tenant on the towers going forward under lease agreements with GTP.
"We are excited to have completed this transaction with Pine Belt and to continue our long standing reputation of executing sale leaseback transactions with regional carriers to the mutual success of both parties" said Marc C. Ganzi, Chief Executive Officer, Global Tower Partners. "In operation since 1958, Pine Belt represents a long standing telecommunications pioneer and we are proud that they have chosen to partner with us."
"Over the years we have considered the tower sale leaseback proposition a couple of times but for one reason or another it just never seemed like the right thing for us to do. However, following all the recent financial upheavals, in early 2010 we decided it was time to look again. Very early into the process, it became evident that GTP is the type of company that recognizes, understands, appreciates and respects the fact that small rural operators such as Pine Belt remain viable growth prospects and add value to the total telecom landscape. It was also became clear to us that GTP's use of the word "Partner" in their company name has real meaning to the GTP Management Team and I couldn't be more excited than I am right now as to our future prospects resulting from the relationship we have forged." said John C. Nettles, President of Pine Belt.
Pine Belt delivers Local and Long Distance Telephone for home and business, High-Speed Internet and Wireless services to dozens of local communities throughout West Central Alabama.
Terms of the Transaction remain confidential between the parties.
About Global Tower Partners
Global Tower Partners (www.gtpsites.com), based in Boca Raton, Florida, is one of the leading providers of outsourced antennae site facilities to the wireless communications industry in the United States. GTP's business includes the ownership, development, leasing and management of antennae sites on towers and commercial real estate rooftops. GTP owns or master leases more than 13,000 sites, including 3,800 owned towers throughout the United States. GTP's customers are leading wireless communications providers including AT&T Wireless, T-Mobile, Verizon Wireless, Sprint-Nextel, US Cellular, MetroPCS, Leap Wireless, CellularOne & Clearwire.
About Pine Belt
Pine Belt (www.pinebelttalk.com), based on Arlington, Alabama is the regional Incumbent Local Exchange Carrier and delivers Local and Long Distance Telephone for home and business, High-Speed Internet and Wireless services to dozens of local communities throughout West Central Alabama. Independently owned and operated, Pine Belt has grown from a tiny phone company serving 27 homes into an integrated telecommunications provider utilizing a variety of state-of-the-art technologies driven by all-digital central offices and the latest in broadband transport infrastructure.
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