| Two Resign From NTELOS Board Of Directors |
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| Written by EverythingNRV | |
| Saturday, 25 August 2007 | |
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NTELOS Holdings Corp. (NASDAQ: NTLS) announced Friday the resignations of Steven Rattner and Christopher D. Bloise from the Company’s Board of Directors. Messrs. Rattner and Bloise were designated to the Board of Directors by Quadrangle Capital Partners LP and Citigroup Venture Capital Equity Partners, L.P., respectively, in accordance with the Company’s shareholders agreement.
In April 2007, the Company completed a public offering of 12,650,000 shares of NTELOS common stock by certain affiliates of Quadrangle Capital Partners LP and Citigroup Venture Capital Equity Partners, L.P., reducing the ownership of NTELOS common stock held by each such entity to approximately 14% and 13%, respectively. The resignations of Messrs. Rattner and Bloise are part of the ongoing recomposition of the Company’s Board of Directors announced in connection with the April 2007 offering. James S. Quarfoth, Chief Executive Officer, President and Chairman of the Board of directors commented, “Speaking on behalf of the Board of Directors, we wish to thank Mr. Rattner and Mr. Bloise for their service to NTELOS Holdings Corp. We have greatly valued their insights and contributions and wish them well in their future endeavors.” |
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