Exhibit 99.1
[Logo of CoreComm Limited]
FOR IMMEDIATE RELEASE
CORECOMM MANAGEMENT INCREASES OWNERSHIP STAKE
Management and Board of Directors Invest Additional $16 Million in Company
New York, New York (December 28, 2000) - CoreComm Limited (NASDAQ: COMM)
announced today that several members of management and the Board of Directors
have invested a total of $16 million in the company in the form of a convertible
note. The proceeds of the note will fund future working capital and general
corporate purposes.
Barclay Knapp, Chief Executive, stated: "George Blumenthal and I, as well as
other members of management, have increased our personal investments in CoreComm
because we believe in the long-term prospects for the business and the strength
of our business model."
The $16 million financing is in the form of a senior unsecured convertible PIK
note that matures in 2010. The note has an interest rate of 10.75% paid
semi-annually and is convertible into shares of CoreComm common stock at $5.00
per share.
For further information contact: Michael A. Peterson, Vice President - Corporate
Development or Richard J. Lubasch, Senior Vice President - General Counsel at
(212) 906-8485.
