Comporium Announces Plans to Buy Citizens Telephone of Brevard, N.C.ROCK HILL, S.C. - ( January 03, 2008 ) - Comporium today announced that it agreed in principle for a transaction yet to be structured that would result in the purchase of Citizens Telephone and its wholly owned subsidiary Sylvan Valley CATV Company, based in Brevard, N.C.
Citizens Telephone primarily serves Transylvania County in western North Carolina with Brevard as its county seat and primary population center. Transylvania County, nicknamed the “Land of Waterfalls,” is home to over 260 waterfalls. Brevard is noted for being the site of Brevard College and the Brevard Music Center.
As of Oct. 31, 2006, Citizens Telephone reported service to 20,800 local telephone access lines and more than 6,500 cable TV subscribers in an area mostly within Transylvania County, N.C., which is south of Asheville, west of Hendersonville and I-26, east of the communities of Cashiers and Highlands, and north of the S.C. counties of Oconee, Pickens and Greenville.
“Citizens is a very healthy company that is geographically positioned for steady growth,” said Comporium President and CEO Bryant Barnes. “Transylvania County, because of its proximity to Asheville and Hendersonville but with its own small-town friendliness and rich cultural tradition, is considered a highly desirable and livable area.”
Barnes said that he anticipates that the two companies will close on the acquisition sometime in the second quarter of 2008. Both enterprises are privately owned, and financial details will not be released.
Citizens Telephone Vice President and General Manager Charles W. Pickelsimer, Jr., said that the timing was right for selling the business because of the current tax laws and the environment in the rapidly changing industry.
“My family and I felt that the best step to take was to sell the business because of the future burden of the Estate or Death Taxes.” He added that when they made that decision, they initiated discussions with Comporium. He also said that he is pleased with the agreement that has been reached.
“My family has been in this business for many generations,” Pickelsimer added. “We have known the Barnes family for many years, and I have nothing but the greatest respect for their family. I’m delighted to know that Citizens’ employees will be working for a company whose culture is the same as ours. We both care very much for our employees and providing our customers with outstanding service.”
Pickelsimer said that he and his other family members will not be involved in the future day-to-day operations of the company after the acquisition is finalized. However, he will be involved throughout the transition.
Barnes added that more details would be announced at a later date when the transaction is completed.
“We’re still in the planning phase with this transition and are excited about the new venture. We’re looking forward to the opportunities it presents us,” he said. “We know the business, and it’s only a two and one-half hour drive from Rock Hill. This acquisition fits well with our core business and vision for the future in communications.”
Comporium has provided communications services for more than 100 years. It is dedicated to making customers’ lives even easier with local telephone, long distance, wireless, cable TV, Internet and security services, which are available from one source and on one bill. Other members of the Comporium Group of companies are: Comporium Data Services, Comporium Long Distance, Comporium Publishing, Comporium Security and Comporium Telecom. The Comporium Group also includes PBT Telecom, PBT Communications and PBT Cable located in an area southwest of Columbia, S.C. Comporium Communications is uniquely positioned to offer its customers one-stop shopping for all their communications needs. Please visit Comporium for more information.