For Immediate Release
PINPOINT HOLDINGS, INC. SELLS ZONA COMMUNICATIONS
Wednesday, June 19, 2019
Pinpoint Holdings, Inc. (Pinpoint), announced today it has reached a definitive agreement to sell Accipiter Communications (d/b/a Zona Communications—Zona)) of Peoria, AZ, to Wyyerd Group (Wyyerd), for an undisclosed amount. The sale of Zona Communications is the latest strategic transaction by Pinpoint as it continues its approach of acquiring undervalued companies.
J. Richard Shoemaker, Chairman of the Board of Pinpoint Holdings, Inc., indicated the Zona Communications project continued a pattern where Pinpoint assumed control of a troubled asset and, in turn, made those assets profitable. “We bought Zona when it was in bankruptcy in early 2017 and our team basically doubled the number of customers in two years”, Shoemaker said. “This is just the latest example of Pinpoint’s expertise in finding distressed assets, correcting problems, and creating value for our shareholders”.
Shoemaker, who has more than 35 years in the telecommunications industry, went on to observe that today’s consumers are extremely savvy regarding the technology and service they are provided. He said, “Our experience in Arizona was similar to many other areas in which we have provided service. It is clear that customers want fiber-based internet instead of older technologies and Pinpoint intends to continue to expand to provide fiber-based internet services in other locales”.
The sale of Zona to Wyyerd was a positive result for all parties according to Pinpoint and Zona CEO Michael Urdahl. “The capital Wyyerd will bring to Zona will allow us to expand our service throughout the West Valley of Phoenix and beyond”, Urdahl said. “Also, Pinpoint will now be able to take the cash received from this sale and examine other opportunities which may be available around the country”.
While Pinpoint has actively purchased and rehabilitated various distressed assets around the country, the company also has been committed to providing service in rural Nebraska. “Pinpoint has provided fiber-based services in locations such as Cambridge, Bartley and Gothenburg and has also provided wireless and internet services throughout Southwest Nebraska”, Shoemaker said, “With the sale of Zona, we will be looking throughout Nebraska and beyond to see where we can fill a niche by providing fiber-based services where customers currently have no such option”.
The deal will be final once regulatory approval has been given by the Federal Communications Commission and notification has been given to the Arizona Corporation Commission. The entire process should be completed by late summer.
- About the Companies
Wyyerd Group is a residential, commercial and smart-community fiber-optic based telecommunications services provider founded in 2017 and based in Boulder, CO. Wyyerd’s vision is to become the cornerstone partner for internet connectivity, fiber and facilities interconnection, smart community enablement and sustainable development, one community at a time across the US and Southern Canada.
Pinpoint Holdings, Inc., was originally founded as Cambridge Telephone Company in Cambridge, NE more than 100 years ago. Pinpoint is a diversified telecommunications company which has been involved in a variety of telecommunications businesses including landline, wireless, internet, long haul fiber, data centers, and fiber-to-the-premise. Pinpoint Holdings, Inc., is headquartered in Cambridge, NE.
Zona Communications was founded in 1996 as a rural telephone company when US West was selling rural telephone exchanges. Zona operates in an 1100 square mile area in Maricopa and Yavapai Counties and provides service in areas such as Vistancia and Sun City Festival. Zona Communications is headquartered in Peoria, AZ.
For more information, contact:
Tom Shoemaker, President of Pinpoint Communications