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).
Ms. Vos has been employed by Grey Healthcare Group, a healthcare advertising and communications company, since 1989 and has been its President and Chief Executive Officer since 1994. Previously she has held officer positions with Phase Five Communications, a medical education firm, of which she was also the founder, and with Pfizer Inc.“We are delighted to have Rod, Jerry and Lynn join the Board of NTELOS. Their unique and diverse backgrounds, along with their operational experiences will be extraordinarily valuable to NTELOS as we continue on our journey as a leading regional wireless provider,” said Mr. Hyde. About NTELOS NTELOS Holdings Corp. (NASDAQ: NTLS), operating through its subsidiaries as “nTelos Wireless” is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage that’s backed by the industry’s best satisfaction guarantee. With more than 60 retail locations and operations in Virginia, West Virginia, Pennsylvania, Kentucky, Ohio, Maryland and North Carolina, the Company proudly delivers the best value in wireless. Additional information about NTELOS is available at www.ntelos.com or www.facebook.com/nteloswireless and www.twitter.com/#!/ntelos_wireless. SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS Any statements contained in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words "anticipates," "believes," "expects," "intends," "plans," "estimates," "targets," "projects," "should," "may," "will" and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include the risk that the anticipated benefits from separation may be outweighed by possible negative effects of the separation on NTELOS's business operations or financial performance. These risks and uncertainties are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our SEC filings, including our Annual Reports filed on Forms 10-K and our Quarterly Reports on Form 10-Q.