UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
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February 28, 2003
Date of Report
(Date of earliest event reported)
Shenandoah Telecommunications Company
(Exact name of registrant as specified in its charter)
Virginia 0-9881 54-1162807
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
P.O. Box 459
Edinburg, VA 22824
(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (540) 984-4141
Item 9. Regulation FD Disclosure
February 28, 2003
NEWS RELEASE
For further information, please contact Laurence F. Paxton at 540-984-5222.
SHENTEL ANNOUNCES COMPLETION OF SALE
OF CELLULAR PARTNERSHIP INTEREST
EDINBURG, VA, (February 28, 2003) - Shenandoah Telecommunications Company
(Shentel; NASDAQ: SHEN) today announced the completion of the sale by its
subsidiary, Shenandoah Mobile Company (SMC), of SMC's general partner interest
in the Virginia 10 RSA Limited Partnership to Verizon Wireless. As previously
announced, the total purchase price for SMC's general partner interest was
approximately $37 million in cash, a portion of which was paid into escrow under
the terms of the purchase agreement. Shentel will recognize a taxable gain as a
result of the sale.
"The sale of our partnership interest is an important step in our efforts
to focus our wireless efforts on our digital PCS operation. The cash proceeds
from the sale provide flexibility in funding other areas of our operations, and
the proceeds may also be used to reduce our outstanding debt," said Christopher
E. French, President of Shenandoah Telecommunications Company.
About Shenandoah Telecommunications
Shenandoah Telecommunications Company is a holding company which provides
a broad range of telecommunications services through its operating subsidiaries.
The Company celebrated its 100th anniversary of service on June 9, 2002. The
Company is traded on the NASDAQ National Market under the symbol "SHEN." The
Company's operating subsidiaries provide local telephone,
cable, Internet access, interexchange facilities, cellular and PCS services,
along with many other associated services, to the Quad State region from
Harrisonburg, Virginia to Harrisburg and Altoona, Pennsylvania.
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Laurence F. Paxton
Vice President - Finance
This release contains forward-looking statements that are subject to various
risks and uncertainties. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a result of
unforeseen factors. A discussion of factors that may cause actual results to
differ from management's projections, forecasts, estimates and expectations is
available in the Company filings with the SEC. Those factors may include changes
in general economic conditions, increases in costs and other competitive
factors.
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARY COMPANIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SHENANDOAH TELECOMMUNICATIONS COMPANY
(Registrant)
February 28, 2003 /s/LAURENCE F. PAXTON
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Laurence F. Paxton
Vice President-Finance