ROSEVILLE, Calif., Aug. 3 /PRNewswire-FirstCall/ -- Leading independent communications holding company SureWest Communications (Nasdaq: SURW) announced today that it has entered into an agreement to sell its fixed wireless Internet access business unit to Yonder Media, a broadband Internet provider focused on providing broadband access services in rural communities.
SureWest expects to use the net proceeds from the transaction to continue its focus on the growth of its core Broadband segment. As a result of the sale of the fixed wireless Internet assets, Yonder Media and SureWest have also developed a long-term business relationship which creates recurring monthly Broadband Business revenue for SureWest.
Steve Oldham, SureWest's president and chief executive officer, said, "The sale of our fixed wireless Internet assets is an appropriate move for the company as we continue to execute on our plan to divest non-core assets from the business and focus on providing the most advanced telephone, Internet and television services, and an outstanding customer experience. The net proceeds from the sale, as well as the resulting new business relationship, will continue to improve our financial flexibility as we enhance our broadband triple-play offerings.
"Yonder Media is an excellent fit for our customers, matching them with a company that is equally committed to superior customer service as our customers have become accustomed to with SureWest."
This transaction follows SureWest's strategy of divesting non-core assets, which includes the sale of its Wireless business and Wireless Towers in 2008, and the sale of its Directory Publishing business in 2007. SureWest continues to review other assets, including real estate, that are no longer necessary to serve the company's customers and grow the business.
"The addition of SureWest's wireless rural broadband customers located in the heart of California builds on Yonder Media's commitment to growth through selective acquisition," said Craig Vallarino, chief executive officer of Yonder Media. "This marks another key milestone as we expand our reach and become the provider of choice for connecting rural communities to the Internet."
About SureWest
SureWest Communications (www.surewest.com) is one of the nation's leading integrated communications providers and is the bandwidth leader in the markets it serves. Headquartered in Northern California for more than 90 years, the company expanded into the Kansas City region in February 2008 with the acquisition of Everest Broadband, Inc. and offers bundled residential and commercial services that include IP-based digital and high-definition television, high-speed Internet, Voice over IP, and local and long distance telephone. SureWest was the nation's first provider to launch residential HDTV over an IP network and offers one of the nation's fastest symmetrical Internet services with speeds of up to 50 Mbps in each direction on its fiber-to-the-home network.
About Yonder Media
Yonder Media is the growing enhanced services provider exclusively committed to enriching the lives of rural Americans through cost-effective, wide reaching and dynamic broadband services. Based in Reno, Nevada, Yonder Media, through its operating company, Yonder Wireless, today serves select communities within the western United States. For detailed information, visit: www.yondermedia.com
SOURCE SureWest Communications
