PROVIDENCIALES, Turks & Caicos Islands; Thursday, October 16, 2008 – Islandcom Telecommunications today announces that Bermuda Digital Communications Ltd. (BDC), a subsidiary of Atlantic Tele-Networks, Inc. (NASDAQ: ATNI), has purchased a strategic stake in the company, making it Islandcom's lead strategic shareholder.
BDC, which operates under the CellularOne brand in Bermuda, will contribute its financial and strategic resources to develop Islandcom into a leading telecommunications company. With the new investment, Islandcom will add cell sites to expand wireless coverage across Turks & Caicos and introduce agreements that will allow customers to roam when they are travelling outside the country.
The investment will not affect the local shareholding of Islandcom, and local partners Sandra Garland and Caesar Campbell will continue their critical roles with the company. The transaction has already been approved by the Turks & Caicos (TCI) Telecommunications Commission.
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Chris Taylor,
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Chris Taylor, CEO of Islandcom Telecommunications, says: "Islandcom welcomes Bermuda Digital Communications as a significant investor in our company. The excellent strategic fit between the two companies will ensure that Islandcom will be able to deliver the highest quality of service to its subscribers while maintaining the best local customer service."
The CEO went on to add that: "BDC brings a strong track record as one of the leading wireless telecommunications operators in Bermuda,both in its operational skills and its ability to gain market share in a competitive environment. Their expertise and their reputation for excellent customer service and network quality will be key factors in guiding Islandcom toward further growth."
Sandra Garland, Islandcom's Managing Director said: "We are very excited about this strategic partnership between the two companies. There is a long history of collaboration between Bermuda and the Turks and Caicos Islands and this alliance with BDC will allow Islandcom to develop to its full potential."
Founded two years ago, Islandcom is the first and only mobile phone services provider serving the Turks and Caicos Islands exclusively. The company was granted the country's third mobile telecommunications license by the Turks and Caicos Government in 2006.
Kurt Eve, CEO of BDC, says: "We are glad to have this opportunity to invest in Islandcom. The company has a good network and excellent staff in place and we plan to take this young, energetic business and help build on its success. We look forward to working with Chris, Sandra, Caesar and the Islandcom team."
Turks & Caicos Minister of Housing, Agriculture, Telecommunications and Works, the Hon. Jeffrey Hall, comments: "We are pleased to welcome Bermuda Digital Communications to the Turks & Caicos Islands. We appreciate their confidence in Islandcom and the Turks & Caicos Islands and look forward to watching the company grow."
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