MBND re-ups w/DirecTV for 4 more years...
also, as discussed in this PR, quarterly non-cash amortization expense falls by $340K, suggesting an annualized boost to pre-tax EPS of almost $.14/share!
(DOW JONES) DJN: PRESS RELEASE: Multiband Signs Four-Year Agreement Extending
HSP Contract with DIRECTV
Company Also Launches DIRECTV Platform Targeting Commercial Establishments
MINNEAPOLIS--(BUSINESS WIRE)--November 02, 2010--
Multiband Corporation (NASDAQ:MBND), a leading Home Service Provider (HSP)
for DIRECTV and the nation's largest DIRECTV Master System Operator (MSO)
for Multiple Dwelling Units (MDUs), today announced it has extended its HSP
contract with DIRECTV for four years beginning October 1, 2010 through
October 1, 2014. The new contract extends the existing agreement and will
reduce the quarterly non-cash amortization charge the Company takes each
quarter to $860k from the approximate current charges of $1.2 million per
quarter. The Company also announced that on July 1, 2010, in partnership
with DIRECTV, it launched a nationwide platform to target commercial
businesses such as bars and restaurants to install and service DIRECTV. The
initial market for rolling out the commercial platform is the
Minneapolis-St. Paul, Minnesota area.
James L. Mandel, chief executive officer of Multiband Corporation,
commented, "Our strong and mutually beneficial relationship with DIRECTV has
resulted in the extension of our Home Service Provider contract with them
and reflects their confidence in our ability to deliver high quality
installations, effective resolution of customer issues and quick response to
customer calls to maintain significant uptime. DIRECTV has demonstrated
additional confidence in Multiband by partnering with us in this new
initiative, which broadens our scope beyond the original platform to target
bars, restaurants and other commercial sites. We have created a sales team
of call agents to service this new platform."
About Multiband Corporation
Multiband Corporation (Nasdaq: MBND) is the largest nationwide DIRECTV
master system operator in the Multiple Dwelling Unit (MDU) market and one of
the largest full-service home service providers (HSPs), handling around 20%
of all DIRECTV's installations, maintenance and upgrades for residents of
single-family homes. Multiband is a full-service operator for a number of
other providers within the footprint as well, offering solutions for watch,
talk, surf and security, and is equipped with a retail store and an online
store to strive to be a customer's "one source solution" for all electronic
needs. Additionally, Multiband is a leading provider of software and
integrated billing services to MDUs on a single bill, including video,
voice, data and other value-added local services, both directly and through
strategic arrangements. Multiband is headquartered in Minneapolis, Minn.,
and has offices strategically placed around the continental United States.
Statements about our future expectations are "forward-looking statements"
within the meaning of applicable Federal Securities Laws, and are not
guarantees of future performance. When used herein, the words "may," "will,"
"should," "anticipate," "believe," "appear," "intend," "plan," "expect,"
"estimate," "approximate," and similar expressions are intended to identify
such forward-looking statements. These statements involve risks and
uncertainties inherent in our business, including those set forth in our
most recent Annual Report on Form 10-K for the year ended December 31, 2009,
and other filings with the SEC, and are subject to change at any time. Our
actual results could differ materially from these forward-looking
statements. We undertake no obligation to update publicly any
forward-looking statement.
CONTACT: Multiband Corporation
James Mandel, CEO, 763-504-3000
or
Investor
Contact
Hayden IR
Cameron Donahue, 651-653-1854
cameron@haydenir.com
SOURCE: Multiband Corporation
Copyright Business Wire 2010
