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April 18, 2005 Anchorage, AK -- Alaska Communications Systems (ACS), an integrated communications provider, today announced that it has exercised an option with Crest Communications, a successor to Neptune Communications, to assume ownership of certain strategic assets. The assets consist of significant fiber-optic transport facilities in Alaska between Whittier and Anchorage, and between Anchorage and Fairbanks.
According to a press release, under its 2002 agreement with Crest, ACS was granted an option to exchange its $15 million note for the Alaska assets owned by Crest. The value of this note was reassessed and written down to $0 with a charge taken in 2003. No additional financial consideration is due to Crest in connection with this exercise.
"This fiber-optic transport will support the tremendous growth ACS has seen in Internet and long distance volumes. We've also timed the exercise of our option to acquire these assets to coincide with certain customer contract commitments," explains Liane Pelletier, ACS president and CEO. "ACS anticipates revenue from these contracts will more than fully offset the incremental operating expenses associated with these assets."
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