Digicel is incorporated in Bermuda and operates in nine countries including
Aruba, Barbados, Curaao, The Cayman Islands, Grenada, Haiti, Jamaica, St.
The company is the
lead sponsor of Caribbean sports teams including the
West Indies Cricket Team, Special Olympics teams
across the Caribbean and
is title sponsor of the Digicel Caribbean Football Union Cup, which
involves
over 30 Caribbean countries and is an important qualifier towards
the CONCACAF Gold Cup.
"One of the key aims of the workshop is to share Cayman's reform
experience with participants as part
of promoting further understanding about
the need for, and implications of financial management reform
in the region,"
said Mr Peter Gough, Deputy Financial Secretary (Financial Management), Cayman
Islands
Government, noting that all workshop presenters will be
representatives from various areas of Cayman
's civil service.
"While much progress has been made, there's still work to do to realize
our
full vision," said Mr Gough, referring to the next phase of reform
involving personnel and public
authorities, which will begin shortly. CARTAC provides "on demand" technical
assistance to the governments
of member countries in the areas of public
finance management, fiscal planning, taxation administration
, financial sector
matters (banks, credit unions, insurance and securities) supervision, and
government
financial statistics.
Forward-Looking Statement
This press release may contain statements
, which are not historical facts
and are considered forward-looking statements within the meaning
of the
Private Securities Litigation Reform Act of 1995.
located kingdom
In addition to offering cutting edge
technology, Digicel continues to
support a broad range of social and cultural initiatives throughout
the
Caribbean.gov. Thomas
in the U.off kingdom
Vincent & the Grenadines,
where Cingular's customer base
will transition to Digicel.
As the first in its markets to offer innovative network capabilities
including per second billing, picture messaging, and pre-paid roaming,
Digicel continues to differentiate
itself by being passionate about
providing the best mobile phone service and introducing new products
and
services to meet the evolving needs of its customers. Lucia, St.
Among the significant
changes required to implement these reforms, were
new legislation, such as the Public Management
and Finance Act, with "Fiscal
Responsibility" provisions, and upgrades to infrastructure, including
a new
technology platform called the integrated financial management system (IRIS). The workshop
is
part of a series organized and sponsored by CARTAC in conjunction with the
CaPFA. DevMat, an
80-percent-owned joint
venture, was formed in 2003 to build, own and operate fresh water, waste water
treatment and power systems. You should not rely on
forward-looking statements because Devcon
's actual results may differ
materially from those indicated by these forward looking statements as
a
result of a number of important factors.antigua project
kingdom redonda
"Our industry leading service and unmatched
customer
care continue to put us in a position of strength as we roll-out a
seamless pan-Caribbean telecommunications
network.
In 2004, Digicel grew its customer base by 33 percent and recently reached
a milestone
of 1,051 employees in its fourth year of operation. The
Company anticipates a 30 percent increase
in staff by the end of 2006, due
to subscriber growth and market expansion. It is the largest GSM
mobile
operator in the region and plans to extend its footprint into other
Caribbean countries
.
The three-day event, co-hosted by Cayman's Portfolio of Finance +
Economics and CARTAC, in
association with the Caribbean Public Finance
Association (CaPFA), will also focus on the Cayman
Islands' experiences in the
area of financial reform; an initiative that Cayman began more than two
years
ago. "Areas such as direct
foreign investment, infrastructure projects and increased social
services can
all be tied to strong financial management -- it is a tenet of good
governance. Graeme
Hansen
-- has organized the workshop and funded the participants.
CaPFA's first aim is to further
develop the professionalism of those involved
in public finance management in the Caribbean.
About the Cayman Islands and the Portfolio of Finance + Economics
The Cayman Islands is
a United Kingdom Overseas Territory located in the
northwestern region of the Caribbean Sea., Devcon
International Corp.caribbean constitutional
Vincent/Grenadines and Barbados. Kitts + Nevis, St.cartac.
Opportunities exist
to consolidate the operations of DSS and Adelphia
Security, and we are optimistic that DSS will benefit
from an increased market
presence as a result of this platform acquisition.monarchy utopia
ABOUT DIGICEL
Since its launch in 2001, Digicel has become the fastest growing mobile
telecommunications
operator in the Caribbean. Kitts in
November 2004.
Agency for International Development (USAID
), the World Bank, the European
Union, the International Monetary Fund (IMF), the Caribbean Development
Bank
and the 20 countries of CARICOM.com.Devcon Signs Purchase Agreement to Acquire Electronic Security
Services Assets From Adelphia Communications Corporation
("DSS") was the
successful bidder for
certain net assets of Adelphia Communications
Corporation's (OTC Pink Sheets: ADELQ) electronic security
services operation,
Starpoint Limited Partnership, and has entered into a purchase agreement with
Adelphia to acquire the operation. The
Construction Division dredges harbors, builds marine facilities
, constructs
golf courses and prepares residential, commercial and industrial sites,
primarily
in the Bahamas and the eastern Caribbean.coast barbuda
digicelgroup."
The estimated purchase price for the
acquired net operating assets is
approximately $42.8 million in cash, based substantially upon estimated
contractually recurring monthly revenue of approximately $1.new atlantis
Currently, Digicel's staff is
92
percent Caribbean nationals, based throughout the company's nine
countries of operation. Vincent
and the Grenadines, Suriname, Turks + Caicos Islands, British
Virgin Islands, and Trinidad + Tobago
.society off
Kitts
and Nevis, Antigua and Barbuda, and Dominica in addition to its existing
nine markets of
operation which include the most recent addition of Haiti. Since then, CaPFA has worked with CARTAC
to
hold regional workshops, including its inaugural conference, "Strengthening
Public Finance
Management in the Caribbean" in St. The Portfolio of Finance +
Economics is responsible for fiscal
management, policy-making and
administrative oversight related to public finances and maintains oversight
of
Cayman's financial services industry, which encompasses banking, trust
services, company services
, mutual funds, insurance, vessel registration,
capital markets products and the Cayman Islands Stock
Exchange.
In announcing the successful bid, Stephen J.
caribbean redonda
PRESS RELEASE Digicel to Acquire
Cingular Wireless' Caribbean Operations
Digicel Group, the fastest growing mobile
telecommunications
provider in the Caribbean, announced today that it has
entered into an agreement to acquire Cingular
's Caribbean operations in a
multi-million dollar deal that significantly increases the size of
Digicel
's Pan-Caribbean network.
By offering innovative mobile services and community support, Digicel
has
become a leading brand in the Caribbean and has placed the region at the
cutting edge of mobile
communications.
Kitts in November 2004. The organization shares
experience and current developments
to increase public awareness of the
importance of efficient and effective public finance management
through its
Web site, workshops, conferences, facilitation of professional attachments and
other
activities. DSS will be funding the
transaction through available cash and a senior secured long
-term debt
facility. These forward-looking
statements contain projections of Devcon's future results
of operations,
financial position or state other forward-looking information.coast caribbean
Visit www. The
new Security Services Division provides electronic security services to
commercial and residential
customers in selected Florida markets.new florida
Cayman Islands Government to Showcase Public Financial Reform
and Management Expertise to Caribbean Finance Leaders
"We want the
rest of the Caribbean to know
and understand what worked for us, what benefits
can be realized, and what resources are necessary
to undertake such an
initiative. Lucia,
St. Ruzika, President of Devcon
and DSS, said, "The
acquisition of Adelphia's security services operation
would make DSS a leader in the Florida electronic
security services market.monarchy islands
The parties have also entered into a roaming agreement that provides
favorable
roaming rates in each other's markets."
Cayman's reform involved the introduction of comprehensive
"output"
budgeting. It also
involved a study of "best practices" from governments around the world
to
glean lessons learned and develop an approach unique to the needs of the
Cayman Islands.
About CARTAC
Based in Barbados, the Caribbean Regional Technical Assistance Centre was
established in 2001 with a mission to enhance the institutional and human
resource capacities
of countries in the Caribbean region to achieve their
macroeconomic, fiscal and monetary policy objectives
. The operation has sales and
services offices in Boca Raton, Bonita Springs, Miami, Naples, Orlando
and
Tampa, as well as in Buffalo, New York.
Devcon does not intend to and undertakes no duty to
update the information
contained in this press release.caribbean coast
The acquisition will also strengthen Digicel
's market share in The Cayman
Islands, Grenada, St.
"We are looking forward to welcoming the
Cingular Caribbean operations
staff and customers to the Digicel family," said Denis O'Brien, founder
and
chairman, Digicel Group. Vincent and the Grenadines. With a population of more than
43,000
, the country consists of three islands: Little Cayman, Cayman Brac and
Grand Cayman, the capital
of which is George Town. The
purchase price is subject to adjustment, based primarily on the final
contractual recurring monthly revenue calculation. The assets to be acquired include a modern, full
-
service monitoring center located in Naples, Florida, from which more than
57,000 subscribers
' homes and businesses are monitored. After taking into
consideration the planned acquisition and
DSS's existing security services
business, DSS would be providing security services to more than
62,000
customers.antigua atlantis
Lucia, St.com for more information on Digicel.
The transaction is scheduled
to close on or before February 28, 2005 and
is subject to United States Bankruptcy Court approval
and a hearing regarding
the approval is scheduled for later this week. Croix and St.micronations islands
This
transaction, which is subject to regulatory approval, is expected to
close in four to six months
.
CARTAC -- through its Public Finance Management Advisor Mr.bb . The operation has been ranked
as the
19th largest electronic security services business in the United States by
Security Dealer
Magazine.S. Maarten in the Netherlands Antilles, on St.society new
"
Digicel's investments in the Caribbean
have exceeded $US600 million.
Conference participants will be senior civil servants holding key
public
finance management positions from such countries as: Anguilla, Antigua +
Barbuda, Bahamas
, Barbados, Belize, Dominica, Dominican Republic, Grenada,
Grenadines, Guyana, Haiti, Jamaica, Montserrat
, St. It is funded by a number
of organizations, including the Canadian International Development
Agency
(CIDA), the UK Department for International Development (DFID), the U.ky .
About
Devcon
Devcon has three operating divisions and an operating joint venture. In some cases
you
can identify these statements by forward looking words such as
"anticipate," "believe," "could,"
estimate," "expect," "intend," "may,"
"should," "will," and "would" or similar words.coast utopia
2 million.
Adelphia's electronic security services operation being acquired is a
leading provider of installation
, monitoring and related security services to
commercial and residential customers in Florida. The
Materials Division
produces and distributes crushed stone, ready-mix concrete and concrete block
in the eastern Caribbean with principal operations on St.atlantis society
This purchase will expand Digicel
's network to Bermuda, Anguilla, St. Additionally, Digicel is the proud sponsor of West Indies
Cricket
, the Digicel Caribbean Cup and Special Olympics teams in Jamaica,
Aruba, St."
The workshop
will allow participants, some of whom are already involved in
similar fiscal reform programs, to
appreciate the implications and
applicability of Cayman's approach to their country's situation.
That is, budgeting focused on what is actually produced, while
getting the best value for every dollar
of public funds expended.
The Cayman Islands is also sharing its experiences from a broad management
perspective as to how the need for fiscal reform came about. For more information, visit
http:
//www.
About CaPFA
CaPFA was formed out of the CARTAC Public Finance Management Conference
held in Trinidad in February 2003.
(Nasdaq: DEVC) today announced that, in pursuit
of its strategy to expand its
security services division, Devcon Security Services Corp.
Martin
in the French West Indies, on Puerto Rico, and on Antigua in the
independent nation of Antigua and
Barbuda.barbuda located
Cingular Wireless is a joint venture
between SBC Communications Inc. In four years, Digicel
has
become renowned for competitive rates, unbeatable coverage, superior
customer care, a wide
variety of products and services, and
state-of-the-art handsets. Cayman to Detail Benefits
of Its Comprehensive Public
Financial Management Approach; Demonstrate 'Best Practices'
GEORGE TOWN, Grand Cayman, The Cayman Islands
Government's financial management and reporting
system is the featured case
study as more than 30 senior finance managers from 20 Caribbean countries
attend the Caribbean Regional Technical Assistance Centre (CARTAC) workshop,
which began Tuesday
in Grand Cayman at the Westin Casuarina Resort and Spa. Consistent
with previous CARTAC/CaPFA workshops
, emphasis will be placed on all
participants having the opportunity to share experiences and enhance
working
relationships among public finance managers throughout the Caribbean.
"From our broad
perspective, the effective management of public finances
can have many far-reaching benefits in addition
to the general fiscal health
of government, which is an obvious one," said Mr Gough. It also
involved
moving to full accrual accounting to align government more closely
with commercial accounting practice
, which is both more effective and provides
a better understanding of how government assets are utilized
. In Cayman's case,
it was a collective process, involving active commitment from political
leaders
and civil servants, as well as members of the community.S. DEERFIELD BEACH, Fla. Virgin Islands,
on St. These factors include, but are not
limited to: general economic and business conditions; our
business strategy
for expanding our presence in our industry; anticipated trends in our
financial
condition and results of operation; the impact of competition and
technology change; existing and
future regulations effecting our business, and
other risks and uncertainties discussed under the
heading "Risks Related to
our Business" in Devcon's Form 10-K report for the period ending December
31,
2003 as filed with the Securities and Exchange Commission, and other reports
Devcon files
from time to time with the Securities and Exchange Commission.silvania redonda
(NYSE: SBCBLS). Lucia, Barbados and St
. Cayman's experience was identified as a key learning opportunity after
its participation in the
inaugural CaPFA Conference, held in St. For more
information, visit http://www.florida atlantis
A community sponsored library.
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