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Shared Technologies Cellular Closes on $15M Preferred Stock Offering

9 February 1999

Shared Technologies Cellular Closes on $15 Million Preferred Stock Offering


    WETHERSFIELD, Conn.--Feb. 9, 1999--Shared Technologies Cellular, Inc. (STC) today announced that it has successfully completed its $15 million equity financing, consisting of the sale of certain shares of preferred stock units, substantially to institutional investors in the U.S. and the United Kingdom. Proceeds from the offering will be used for general working capital requirements and the reduction of debt.
    "With our financial position strengthened, we are now moving forward with an aggressive growth plan for distribution of our prepaid cellular services," commented Anthony D. Autorino, STC's Chairman and Chief Executive Officer.
    Details of the preferred stock offering will be contained in the Company's report on Form 8-K to be filed with the U.S. Securities and Exchange Commission in the next several days.
    Headquartered in Wethersfield, Connecticut, STC is a national cellular services provider with over ten years of cellular experience, offering rental, prepaid, and activation services across the United States. STC offers its rental services through marketing agreements with car rental companies and various airlines and hotels throughout the United States. Prepaid and standard activation services are offered coast-to-coast through national retail outlets and cellular carriers. As a reseller or agent for most cellular carriers, STC can offer cellular services to approximately 96% of the U.S. population.


    Any statements released herein that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements involve risk and uncertainties which may affect STC's business prospects and performance. Actual results may differ materially from the results predicted, and reported results should not be considered an indication of future performance. Potential risks and uncertainties may include economic, competitive, governmental, technological, or other factors discussed in STC's filings with the SEC on forms 10-K, 10-Q, and 8-K.