ONEONTA, AL, June 17 /CNW/ - Otelco Inc. (AMEX: OTT; TSX: OTT.un), the
sole wireline telephone services provider in the Alabama, Maine and Missouri
rural communities it serves, today announced its intention to transfer the
listing of its Income Deposit Securities (IDS) from the American Stock
Exchange (AMEX) to the NASDAQ Global Market. The Company anticipates that its
shares will be listed for trading on NASDAQ on June 30, 2008. Until then, its
shares will continue to be listed to trade on the AMEX. Its ticker symbol will
"The movement of our listing to NASDAQ confirms a trend among our current
and potential IDS owners," said Michael Weaver, President and CEO of Otelco.
"Over the past year, more of our IDSs have traded on NASDAQ than any other
exchange. In the last three months, nearly two-thirds of the daily volume in
OTT utilized the NASDAQ to implement the transactions. Our security owners and
their brokers recognize the benefits that the NASDAQ's multiple market maker
structure offers on speed of execution and cost per trade.
"The AMEX has been a strong partner with Otelco since the Company went
public in 2004," continued Weaver. "It played an important role in introducing
the IDS structure to the market and supported our follow-on offering of
3,000,000 units in 2007. We want to thank them for their support, guidance and
service over the past four years."
The listing change has no impact on the distribution of IDS interest and
dividends. The Company's fourteenth distribution will occur on June 30, 2008,
as previously announced.
Otelco Inc., headquartered in Oneonta, Alabama, provides wireline
telephone services in Alabama, Maine and Missouri. The Company's services
include local and long distance telephone, network access, transport, digital
high-speed and dial-up Internet access, cable television and other telephone
related services. With more than 69,000 voice and data access lines, which are
collectively referred to as total access line equivalents, Otelco is among the
top 40 largest local exchange carriers in the United States based on number of
access lines. Otelco operates six incumbent telephone companies serving rural
markets, or rural local exchange carriers, each of which can trace its history
as a local telecommunications provider as far back as the early 1900s. It also
provides competitive telephone services through several subsidiaries. For more
information, visit the Company's web site at www.OtelcoInc.com.
For further information:
For further information: Curtis Garner, Chief Financial Officer, Otelco
Inc., (205) 625-3571, Curtis@otelcotel.com