Exhibit 99.2
MobilePro Corp
6701 Democracy Blvd.
Suite 300
Bethesda, MD 20817
Davel Communications, Inc.
200 Public Square, Suite 700
Cleveland, Ohio 44114
JOINT PRESS RELEASE
FOR IMMEDIATE RELEASE
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MobilePro Completes Davel Transaction
MobilePro 2005 Revenue Expected to be Over $100 Million
Bethesda, MD, November 15, 2004 - MobilePro Corp. (OTCBB: MOBL) and Davel
Communications, Inc. (OTCBB: DAVL) announced today that the transaction provided
for under the previously announced agreement with the secured creditors of Davel
has closed. In connection with the transaction, MobilePro has acquired from
Davel's former senior creditors 100% of Davel's senior secured debt and over 95%
of Davel's issued and outstanding common stock.
The transaction is expected to add more than $50 million to MobilePro's
annualized revenue and $.015 per share to its calendar 2005 earnings. In
addition to the significant contribution to MobilePro's revenue and earnings,
the acquisition includes some 41,000 payphones at over 25,000 locations in 45
states and the District of Columbia, providing MobilePro with a major real
estate platform as a base for building a national wireless telecommunications
network.
A Greenwich, CT-based hedge fund provided mezzanine debt financing to MobilePro
with respect to the transaction. The debt is not convertible into equity. The
hedge fund also received 5.6 million warrants to purchase MobilePro common
stock, with an exercise price of $.20 cents per share. The terms of the
financing and the transaction will be disclosed in a Form 8-K filing with the
Securities and Exchange Commission.
Jay Wright, MobilePro Chairman and CEO, said, "Today, MobilePro enters a new era
with the realization of numerous milestones. We have achieved our goal of
reaching $100 million in annualized revenue. We have significantly increased our
expected cash flow from operations. We have added a powerful financial partner
with the Connecticut-based hedge fund. We have solidified our nationwide
telecommunications platform with a physical presence in nearly every state. We
have strengthened our management with the addition of Woody McGee and his team
at Davel. We have proven our ability to consummate a complex transaction with
sophisticated sellers. We have strategically positioned MobilePro to be a leader
in the deployment of Wi-Fi and Wi-Max equipment with our nationwide real estate
footprint. We have achieved all this without new share issuance. In short, we
believe that we have transformed the company into one that is stronger and
better able to deliver significant value to our shareholders."
Kevin Kuykendall, MobilePro group president of Telco Operations, said, "Davel's
25,000 locations not only enable us to roll out new wireless technologies, but
they also are a launching pad for additional services such as local, long
distance, Internet, VoIP and prepaid calling cards. Together with CloseCall
America and our other acquisitions, Davel will enhance our revenue and earnings
base and generate significant synergy and cross-selling opportunities, thus
allowing us to drive organic revenue growth in 2005."
Woody McGee, President and Chief Executive Officer of Davel, said, " We are
pleased to complete this strategic transaction and look forward to enhancing
MobilePro's penetration into the markets that we serve. I see significant
opportunity for Davel and its customer base. We are excited to be working with
Jay and Kevin."
About MobilePro Corp.
MobilePro Corp. is a wireless technology and broadband telecommunications
company based in Bethesda, MD with operations in Hurst, Houston, Dallas and
Beaumont TX; Coshocton, OH; Kansas City, KS; Janesville, WI; Detroit, MI;
Tucson, AZ; Stevensville, MD; and Shreveport, LA. The company is focused on
creating shareholder value by developing innovative wireless technologies,
acquiring and growing profitable broadband telecommunications companies and
forging strategic alliances with well-positioned companies in complementary
product lines and industries. With the closing of the Davel transaction,
MobilePro has announced closed deals with cumulative expected 2005 calendar
revenue of more than $101 million.
An investment profile about MobilePro Corp. may be found online at
http://www.hawkassociates.com/MobilePro/profile.html
About Davel Communications, Inc.
Founded in 1979, Davel is the largest independent provider of pay telephones and
related services in the United States with operations in 45 states and the
District of Columbia. Davel serves a wide array of customers operating
principally in the shopping center, hospitality, health care, convenience store,
university, service station, retail and restaurant industries.
For more information, contact MobilePro CEO Jay Wright at (301) 315-9040 or by
email at jwright22@closecall.com or Davel CEO Woody McGee at (216) 875-4335 or
by email at wmcgee@davelcomm.com. For investor relations information, contact
Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 852-2383, email:
info@hawkassociates.com. Detailed information about MobilePro can be found on
the website http://www.MobileProcorp.com. An online investor kit including
copies of MobilePro press releases, current price quotes, stock charts and other
valuable information for investors may be found on the website
http://www.hawkassociates.com.
This release contains various forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 which represent the company's expectations or beliefs
concerning future events of the company's financial performance. These
forward-looking statements are further qualified by important factors that could
cause actual results to differ materially from those in the forward-looking
statements including the company's ability to obtain future financing on
favorable terms, changes in the wireless and telecommunications industries that
compel the company to alter its present business strategy, the company's ability
to attract management capable of implementing the company's existing or future
business strategy and the risk factors set forth in the company's SB-2
registration statement. Results actually achieved may differ materially from
expected results included in these statements as a result of these factors or
others.