OTELCO ANNOUNCES RELEASE DATE FOR FOURTH QUARTER AND 2020 RESULTS

Rhea-AI Summary

Otelco Inc. (Nasdaq: OTEL) will release its fourth quarter and 2020 financial results after market close on March 16, 2021, followed by a conference call on March 17, 2021, at 11:30 a.m. ET. The call can be accessed via phone or online. Additionally, Otelco is awaiting regulatory approval to finalize its merger with Oak Hill Capital, expected to close in Q2 2021. The company provides telecommunications services across seven states, serving over 32,000 customers, with a focus on high-speed internet options.

Positive

• Anticipated completion of merger with Oak Hill Capital in Q2 2021 may enhance operational capabilities.
• Otelco offers over 64,000 services, indicating a strong customer base.

Negative

• Pending regulatory approvals may delay the merger process.
• -

ONEONTA, Ala., March 03, 2021 (GLOBE NEWSWIRE) -- Otelco Inc. (Nasdaq: OTEL), (“Otelco” or the “Company”) a wireline telecommunication services provider in Alabama, Maine, Massachusetts, Missouri, New Hampshire, Vermont and West Virginia, announced today that it will release its fourth quarter and 2020 financial and operational results after the close of trading on Tuesday, March 16, 2021.  The Company will hold a conference call to discuss these results on Wednesday, March 17, 2021, at 11:30 a.m. (Eastern Time).  To listen to the call, participants should dial (856) 344-9206 approximately 10 minutes prior to the start of the call.  A telephonic replay will be available from 2:30 p.m. (Eastern Time) on March 17, 2021, through March 26, 2021, by dialing (719) 457-0820 and entering Confirmation Code 2033224.

The live broadcast of Otelco’s quarterly conference call will be available online at www.Otelco.com on March 17, 2021, beginning at 11:30 a.m. (Eastern Time).  The online replay will be available at approximately 2:30 p.m. (Eastern Time) on March 17, 2021, and will continue to be available for 30 days.

UPDATE: OAK HILL CAPITAL ACQUISITION

On July 27, 2020, Otelco announced that it had entered into a definitive agreement to be acquired by affiliates formed by Oak Hill Capital, a private equity firm.  On October 9, 2020, the Company held a virtual special meeting of its stockholders at which the Agreement and Plan of Merger was adopted.  Otelco is awaiting regulatory approvals of the proposed merger from the FCC and the public utility commissions in certain states it serves.  The transaction is now expected to close in the second quarter of 2021.

ABOUT OTELCO

Otelco Inc. provides wireline telecommunications services in Alabama, Maine, Massachusetts, Missouri, New Hampshire, Vermont and West Virginia.  The Company’s services include local and long distance telephone, digital high-speed data lines, transport services, network access, cable television and other related services.  Otelco provides over 64,000 services to more than 32,000 customers, with approximately 27% of those customers capable of receiving gigabit internet speeds over its Lightwave product or DOCSIS 3.1 cable platform.  Otelco operates eleven incumbent telephone companies serving rural markets, or rural local exchange carriers.  It also provides competitive retail and wholesale communications services and technology consulting, managed services and private/hybrid cloud hosting services through several subsidiaries. For more information, visit the Company’s website at www.Otelco.com. 

FORWARD LOOKING STATEMENTS
Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “plans,” or similar terms to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

FAQ

When will Otelco release its quarterly financial results?

Otelco will release its fourth quarter and 2020 financial results on March 16, 2021.

What is the date of Otelco's conference call?

The conference call will be held on March 17, 2021, at 11:30 a.m. ET.

What is the status of Otelco's merger with Oak Hill Capital?

Otelco is awaiting regulatory approvals for the merger, expected to close in the second quarter of 2021.

How many customers does Otelco serve?

Otelco serves over 32,000 customers.

What services does Otelco provide?

Otelco provides local and long distance telephone, digital high-speed data lines, and cable television services.