OKLAHOMA CITY, Feb. 28, 2002 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) announced today that its subsidiary, Dobson Cellular Systems, Inc., has completed the sale of its 75 percent ownership interest in the general partnership that owns and operates the FCC license and related operations of the Arizona #5 Rural Service Area to Verizon Wireless for approximately $85 million.
The Arizona #5 RSA license includes approximately 200,000 POPs in Gila and Pinal counties, Ariz. The remaining 25 percent partnership interest in the license is held by Gila River Telecommunications, Inc.
Dobson intends to use its share of the net proceeds from the sale to reduce debt.
This transaction follows the sale by Dobson of three other individual properties in California, Georgia, and Ohio, and the sale by its affiliate, American Cellular Corporation, of a single property in Tennessee to Verizon Wireless for approximately $465 million. Completion of the sales of the other four properties was announced February 11, 2002. Dobson was represented by Daniels & Associates in this transaction.
Subsequent to the sale of these five properties, Dobson has a proportionate subscriber base of approximately 1.0 million and owns or manages properties that serve a population of approximately 11.5 million in 17 states. Dobson's proportionate base includes its half interest in the American Cellular Corporation joint venture.
Dobson Communications is a leading provider of wireless phone services to rural markets in the United States. Headquartered in Oklahoma City, Dobson has expanded rapidly in recent years through internal growth and by acquisition. For additional information on the Company and its operations, please visit its Web site at www.dobson.net.