EXHIBIT 99
For Immediate Release
PNV FILES VOLUNTARY PETITION FOR
BANKRUPTCY REORGANIZATION
COMPANY TO CONTINUE TO PROVIDE UNINTERRUPTED SERVICE TO CUSTOMERS
CORAL SPRINGS, FL DECEMBER 20, 2000 - PNV (NASDAQ: PNVN) today announced that
the company has filed a voluntary petition with the U.S. Bankruptcy Court for
the District of Florida under Chapter 11 of the U. S. Bankruptcy Code
00-27807-BKC-PGH. PNV elected to seek court protection in order to facilitate
the sale of its assets.
In announcing today's Chapter 11 filing, PNV management emphasized that the
filing has been organized to permit normal operations of its communications,
entertainment and Internet services to the trucking industry until a decision
can be reached about the sale of the company. Several entities are currently
considering acquiring PNV's assets.
"We initiated the Chapter 11 filing to give us time to evaluate the possibility
of an orderly sale of the business and its assets. In addition, the filing will
ensure that PNV has the opportunity to maximize the value of its business for
the benefit of its stakeholders," said Bob May, president and Chief Executive
Officer.
SAFE HARBOR STATEMENT
Statements in this press release that are not historical facts are
forward-looking statements that involve risks and uncertainties. For such
statements, PNV claims the protection of the safe harbor for forward-looking
statements under the Private Securities Litigation Reform Act of 1995. The
potential risks and uncertainties associated with these forward-looking
statements could cause actual results to differ materially from those presented
herein, and the reported results should not be considered as an indication of
future performance. Factors that could cause actual results to differ from those
contained in the forward-looking statements include, among others, the risk
factors discussed in PNV's Form 10K and our periodic reports filed with the
Securities and Exchange Commission.
ABOUT PNV INC.
PNV (www.pnv.com), based in Coral Springs, FL, is a full-service Cisco Powered
Network certified communications and information provider to the long haul
trucking industry -- a $500 billion market. PNV provides bundled communications,
cable TV and Internet services to professional truck drivers, operators, and
fleets through the company's private, integrated facilities-based network
deployed at nearly 300 truck stops in 43 states. PNV also provides cable TV and
Internet services to the participants in the trucking community including
families of professional drivers, trucking industry suppliers and manufacturers.
Contact:
Lisa Miller
Burson-Marsteller
305.347.4376
