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NTELOS Holdings Corp. (NASDAQ: NTLS), today announced that it has completed the separation of Lumos Networks Corp. (“Lumos Networks”) from NTELOS through a tax-free dividend involving the distribution of all Lumos Networks common stock held by NTELOS to NTELOS stockholders. Under the terms of the distribution:
NTELOS effected a 1-for-2 reverse stock split of NTELOS common stock, immediately prior to the distribution of Lumos Networks common stock to NTELOS stockholders.
In the distribution, NTELOS stockholders received one share of Lumos Networks common stock for every one share of NTELOS common stock they hold (post the reverse stock split).
On November 1, 2011, Lumos Networks is beginning “regular way” trading on The NASDAQ Stock Market LLC under the ticker symbol LMOS. Additionally, NTELOS common stock is beginning trading on a post 1-for-2 reverse stock split basis.
“This marks an important day in the history of NTELOS as we begin the business of being a stand-alone wireless carrier,” commented Jim Hyde, Chief Executive Officer of NTELOS, “I believe the change to a wireless only company will be beneficial to NTELOS, our shareholders and our employees.”
In addition, three new members, Mr. Rodney D. Dir, Mr. Jerry Elliot and Ms. Ellen O’Connor Vos, were appointed to the NTELOS Board of Directors effective at the time of the separation.
Mr. Dir is currently the President and Chief Executive Officer of Spectrum Bridge, Inc., a wireless spectrum management company. Previously, he was the Chief Operating Officer of Firethorn Holdings, Inc., a privately-held company and provider of mobile banking and mobile commerce services, which was acquired by Qualcomm Incorporated, and was also the Chief Operating Officer of Cincinnati Bell, Inc., a publicly-traded company and provider of telecommunication services.
Mr. Elliott is currently the owner of Jerry Elliott Interests, LLC, a provider of strategic capital to select businesses. His prior professional experience includes Chief Financial Officer and Chief Administrative Officer of The Weather Channel, a digital media and cable network; Chief Financial Officer of Virgin Media, a provider of wireless, cable high speed cable and wireline communication services in the United Kingdom; Chief Operating Officer and Chief Financial Officer of Cengage Learning, Inc., a digital and print provider of higher education materials; President and Chief Executive Officer of Global Signal, Inc., the owner, lessor and manager of communication towers and other communications sites; and President and Board member of Frontier Communications, a publicly-traded provider of communication services.