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Exhibit 99.1
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PINNACLE TOWERS NEWS
301. N. Cattlemen Rd, Sarasota, Florida 34232
941-364-8886. Ext. 1175 FAX 941-364-8761
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FOR IMMEDIATE RELEASE SYMBOL: BIGT
Friday December 22, 2000 TRADED: Nasdaq
PINNACLE HOLDINGS INC. ANNOUNCES STOCKHOLDER RIGHTS PLAN
SARASOTA, FLORIDA, December 22, 2000 - Pinnacle Holdings, Inc., (Nasdaq:BIGT)
announced today that its Board of Directors has approved the adoption of a
stockholder rights plan by which rights will be distributed as a dividend at the
rate of one preferred stock purchase right for every outstanding share of common
stock of the Company held by stockholders of record as of January 12, 2001.
The rights plan is intended to protect stockholders by deterring coercive
takeover tactics, including the accumulation of beneficial ownership of 15% or
more of the Company's common stock in the open market or through private
transactions, and to prevent an acquiror from gaining control of the Company
without offering a fair price to all of the Company's stockholders. The rights
plan will expire ten years from the record date.
Additional information regarding the rights plan will be contained in a report
on Form 8-K that the Company will file with the Securities and Exchange
Commission, and in a summary to be mailed to all stockholders of record as of
the close of business on January 12, 2001.
Pinnacle Holdings, Inc. is a leading provider of communication site rental space
in the United States. Pinnacle is headquartered in Sarasota, Florida. For more
information on Pinnacle visit its web site at http://www.pinnacletowers.com.
Information provided in our web site is not incorporated into the Company's most
recent SEC filings.
This press release contains forward-looking statements that involve a number of
risks and uncertainties. The Company wishes to caution readers that certain
important factors may have affected and could in the future affect the Company's
actual results and could cause the Company's actual results for subsequent
periods to differ materially from those expressed in any forward-looking
statement made by or on behalf of the Company. Such factors include, but are not
limited to (i) substantial capital requirements and leverage principally as a
consequence of its ongoing acquisition and construction activities; (ii)
dependence on demand for wireless communications; (iii) the success of the
Company's acquisition and construction programs; (iv) the Company's outstanding
debt and its ability to repay such debt; (v) future capital needs; (vi) risks
associated with acquisitions; (vii) risks associated with retaining the
Company's significant customers; and (viii) risks associated with the
disposition of the Company's collocation facility ownership business.
Information concerning the factors that could cause actual results to differ
materially from those expectations and estimates are contained in the risk
factors section of the Company's Amendment to its Registration Statement on Form
S-3, filed with the SEC on September 19, 2000, and the Company's other
securities filings, as to reflect events or circumstances after the date hereof.
For further information, contact Jeff Card, Chief Financial Officer at
941-364-8886 ext. 1339.
