CARSON CITY, Nev., Sept. 27, 2005 (PRIMEZONE) -- Gateway Access Solutions, Inc. (Pink Sheets:GWYA) recently signed a definitive agreement for the sale of 52 Educational Broadband Service (EBS) channel leases, covering 23 markets in five states, to Pegasus Broadband Communications LLC, an indirect subsidiary of Pegasus Communications Corporation (Pink Sheets:PGTV), for $3,161,653.17.
Gateway Access Solutions received purchase price deposits from Pegasus totaling $360,000. The remaining payments will be made on a lease-by-lease basis upon consent and approval of the Federal Communications Commission (FCC). At the discretion of Pegasus Broadband Communications, the remaining disbursements shall be fully paid in cash or by 75% cash and 25% Class A common stock of Pegasus Communications Corporation, less any portion of the deposit that Pegasus Broadband Communications elects to apply as a credit against the cash consideration.
"The sale of these EBS channel leases strengthens our commitment to 'triple play' service deployments throughout the United States," revealed Gateway Access Solutions President Andy Nester. "Most of the proceeds will be used to expand our current deployment efforts regarding broadband Internet, voice-over-Internet and cable television services in the MTU (multi-tenant unit) and SME (small to medium enterprise) markets."
About Gateway Access Solutions
Gateway Access Solutions provides "Triple Play" service deployment and management including broadband Internet, voice-over-Internet and cable television while leveraging existing infrastructure for commodity network services through integrated solutions and flexible deployment architectures (copper wires, coaxial cable and wireless) that are transport agnostic. Gateway Access Solutions, Inc. is based in Carson City, Nevada and was founded in 2001. For more information visit the web site at http://www.GatewayAccessSolutions.com.
Except historical matter contained herein, matters discussed in this news release are forward-looking statements and are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risk and uncertainties, which may affect the Company's business and prospects and cause actual results to differ materially from these forward-looking statements.