HomeMy WebLinkAbout20032921.tiff Galaxy.
•. . . . .rcablevlslon
October 9, 2003
Weld County, CO
George Baxter, Chairperson
Bill Webster, County Commissioner
PO Box 758
915 10th St.
Greeley, CO 80632
Dear Mr. Baxter:
In an effort to keep you informed, I have attached a copy of a press release
regarding Galaxy Cable Inc. that will be presented to the public early next week.
As stated in the attached press release, Galaxy has decided to explore the
possibility of a sale of its systems. At this time we do not know if a sale will in fact
transpire, however, we wanted to take this opportunity to assure you that this news will in
no way negatively affect our level of excellent customer service, technical service,
franchise relations, franchise fee payments or any other aspect of our operations.
The relationships we have built with our communities are key to our success. I
promise to keep you advised as or if more details arise. Please feel free to contact me at
(573) 472-8203 if you have any questions. As always, I look forward to hearing from
you.
Very truly yours,
Holly Rehder
Director vernment Relations
Enc.
cc: Ron Dorchester, CEO
cc: Doug Smith, State Manager
oh7rnitilleer711/✓bSS ne First National Plaza • Sikeston, Missouri 63801 • (573) 472-8200
-aO-03 2003-2921
00 ,CA
Galaxy.
:; cablevuion
Galaxy Cable Considers Sale of Assets,
Retains Waller Capital as Advisor.
Galaxy Cable Inc. announced today that it is investigating the sale of its cable system
assets and has retained Waller Capital as advisor for the process.
Galaxy's systems serve approximately 80,000 customers in 14 states with major
concentrations in the Midwest and Southeast. Galaxy Cable is the successor to Galaxy
Telecom, L.P., which was restructured through the bankruptcy process in 2001 emerging
as the present company in early 2002. The Galaxy assets are managed by Anchor Pacific
Corp. and Ron Dorchester serves as CEO of Galaxy Cable Inc.
According to Dorchester, "Galaxy has moved to a position of net cash generation,
engaged in substantial system upgrading, is lightly leveraged, and is positioned for future
opportunities. We have a wonderful local management team in the field, at the call center
and at headquarters in Missouri. They are real pros at managing these types of assets in a
very productive fashion," said Dorchester. "Galaxy is the perfect opportunity for someone
wanting to add to their base and even more so for a new entrant or re-entrant into the cable
business. Our investors hung-tough through the restructuring, supported Galaxy's rebuilding
and that has produced a terrific asset. At the right value, its simply time for them to exit,"
said Dorchester.
John Waller III, Chairman of Waller Capital Corporation added, "The market for
cable has improved dramatically in the last 6 months on the back of strong results from new
as well as traditional services. We expect to see a lot of interest in these properties."
Contact:
Galaxy Cable Inc.
(573)472-8236
One First National Plaza • Sikeston, Missouri 63801 • (573) 472-8200
Hello