Revol Wireless Announces New Leadership and Capital Structure
New Board of Directors, President and CEO Appointed; Changes Provide Company With Financial Flexibility to Drive Growth
(firmenpresse) - INDEPENDENCE, OH -- (Marketwire) -- 10/18/11 -- Revol Wireless, a regional wireless carrier serving key areas of the Midwest including Cleveland, Columbus and Indianapolis, today announced it has established a new Board of Directors and appointed key management team members in conjunction with the change in company ownership. This reorganization provides the company with additional financial strength and flexibility and a renewed focus on its strategic mission to deliver high value, unlimited wireless services.
Holders of the company's formerly outstanding Senior Secured Notes have assumed full ownership of the company. The change was effective as of September 8, 2011. Under this new structure, wireless industry veteran and turnaround specialist Timothy M. Yager will serve as the new president and CEO and as a member of the Board of Directors. Yager is the former president and CEO of iPCS Inc.
"Speaking on behalf of the new Board and management team, we are looking forward to reinvigorating growth at the company and writing the next chapter of the Revol Wireless story," said Tim Yager, president and CEO, Revol Wireless. "In the near term, we are focused on aggressively growing our subscriber base and enhancing the company's network infrastructure to provide 3G coverage. We are committed to strengthening our presence in core markets such as Cleveland, Columbus and Indianapolis and expanding our coverage area to fulfill our mission of providing customers with high-quality, reliable wireless services. We have a solid cash position, positive cash flows and no outstanding debt, providing the flexibility we need to execute on our business goals."
In addition, John Ranieri will continue in his role as the company's chief financial officer. Ranieri brings unmatched institutional knowledge to the team, as well as more than 20 years of experience in financial management serving as the CFO of several companies.
Revol Wireless also announced that David Zylka has joined the company as chief technology officer. Zylka was previously senior vice president of Engineering & Network Operations at iPCS Inc.
"The addition of our new Board and other management team members is a major step forward for Revol Wireless," added Yager. "The new team understands the wireless industry and market opportunities, have proven track records of success, and are committed to the company's future. Our Board now contains industry veterans and capital markets experts that will provide strategic advice as we push forward with our plans. With John and David, we have the right management team in place to capitalize on the strong demand for the high value, unlimited wireless service plans we offer. I look forward to partnering with the new team to accelerate our growth."
Timothy G. Biltz, Eugene Davis, Albin F. Moschner and Kevin H. Gunderson will join Yager to create the Revol Wireless Board of Directors.
was most recently president and CEO of iPCS Inc., a digital wireless communications provider until its successful sale to Sprint in November 2009. Prior to this, Yager was chief restructuring officer of iPCS Inc. from January 2003 until July 2004 when the company successfully emerged from bankruptcy.
currently serves as a director of nTELOS Inc., a publicly traded wireless company (ntls). He also served as chairman of the Board of Directors of iPCS, Inc. from November 2006 through December 2009. Biltz was formerly the COO of SpectraSite Inc., a publicly-traded wireless and broadcast signal tower company (SSI), and was a member of the Board of Directors.
is chairman and CEO of PIRINATE Consulting Group LLC, which specializes in turnaround management, M&A consulting and strategic planning advisory services. Prior to founding PIRINATE, Davis served as president, vice chairman and director of Emerson Radio Corporation and CEO and vice chairman of Sport Supply Group, Inc.
is currently an independent director at Wintrust Financial Corp., and a consultant in the wireless industry. He was formerly executive vice president and COO of Leap Wireless, which he joined in 2004 as the chief marketing officer.
is a managing director at Guggenheim Partners. He leads an industry team focused on investing across the capital structure in the media, telecommunications and technology sectors.
For more information, please visit the Revol Wireless website at .
Cleveland Unlimited Inc. offers services under the brand name Revol Wireless. The company is a wireless communications provider that offers unlimited service to any phone number -- wireless or landline -- for one flat monthly rate, without requiring long-term contracts or deposits. The company is headquartered in Independence, Ohio, a suburb of Cleveland, and has built a niche market for its services by providing customers a high quality, all digital wireless network with flexible plans and unlimited service at an affordable rate.
Diana Swanson
Media Relations
FTI Consulting
+1.312.553.6703
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Datum: 18.10.2011 - 17:20 Uhr
Sprache: Deutsch
News-ID 77510
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