Lynch Interactive Announces Auction 56 Results
RYE, N.Y.--(BUSINESS WIRE)--Aug. 4, 2004--Lynch Interactive Corporation (ASE:LIC) announced today that it was high bidder on two licenses, Buffalo, NY and Davenport, IA, in the recently conducted 24 GHz Auction, Block 37 (FCC Auction 56).
In addition, Lynch Interactive acted as the administrative bidding agent for Napoleon Communications, which was the high bidder in Phoenix, AZ, Las Vegas, NV, Reno, NV and Albuquerque, NM (Block 39). Napoleon qualified as a very small business and received a bidding credit of 35%.
Alfred A. Angelo, Chairman of Napoleon, indicated that he "was delighted with the outcome of the auction and further indicated that he was delighted to continue to participate in the process of owning communications properties in the Southwestern part of the United States."
Lynch Interactive, currently through its predecessor Lynch Corporation, had previously acted as administrative bidding agent for other entities controlled by Mr. Angelo in previous auctions. Latham & Watkins was the attorney.
This release contains certain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, possible broadband acquisitions, spectrum investment and future spectrum auctions participation, and performance and financial targets for 2004. It should be recognized that such information is based upon certain assumptions, projections and forecasts, including without limitation business conditions and financial markets, regulatory actions and initiatives, and the cautionary statements set forth in documents filed by Interactive with the Securities and Exchange Commission. As a result, there can be no assurance that any possible transactions will be accomplished or be successful or that financial targets will be met, and such information is subject to uncertainties, risks and inaccuracies, which could be material.
Interactive is a holding company with subsidiaries in multimedia and actively seeks acquisitions, principally in existing business areas.
Interactive is listed on the American Stock Exchange under the symbol LIC. Interactive's World Wide Web address is: http://www.lynchinteractivecorp.com.
Contacts
Lynch Interactive Corporation
Mario J. Gabelli, 914-921-8821
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