SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 14 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) March 19, 1998
MASTEC, INC.
---------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 0-3797 59-1259279
- --------------------------------------------------------------------------------
State of Other Jurisdiction (Commission (IRS Employer
Of Incorporation) File Number) Identification No.)
3155 N.W. 77th Avenue, Miami, Florida 33122-1205
- --------------------------------------------------------------------------------
Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (305) 599-1800
N/A
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
On March 19, 1998, MasTec, Inc. announced it obtained a license in
Paraguay to construct and operate a personal communication system (PCS) with
national coverage. The development of the system will be shared by Inepar S/A
Industria e Construcoes, MasTec's partner in Brazil, and Iecsa S.A., a
subsidiary of the Macri Group, its partner in Argentina and Chile. The Company
will operate under the name Comunicaciones Personales, S.A. (Copesa).
On April 2, 1998, the Company announced approval by the Board of
Directors of a stock repurchase program under which the Company, from time to
time, may acquire up to 3,000,000 shares of its common stock through open market
transactions at prevailing market prices.
On April 22, 1998, the Company announced that Julio G. Rebull, Jr.
has joined the Company in the newly created position of Senior Vice President of
Marketing and Corporate Communications.
The Company has issued press releases announcing the foregoing events,
copies of which are attached as exhibits 99.1, 99.2, and 99.3, which are
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c)
99.1 Press release dated March 19, 1998.
99.2 Press release dated April 2, 1998.
99.3 Press release dated April 22, 1998.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: April 24, 1998. /s/ Edwin D. Johnson
---------------------------------
Edwin D. Johnson
Senior Vice President-
Chief Financial Officer
(Principal Financial Officer
and Authorized Officer)
NEWS
For Immediate Release From: MasTec, Inc.
March 19, 1998 3155 N.W. 77th Avenue, Suite 135
Miami, Florida 33122-1205
Tel : (305) 599-1800
Fax : (305) 406-1908
For more information contact:
Investor Relations Department
[email protected]
MASTEC, INC. ANNOUNCES JOINT VENTURE TO DEVELOP PCS LICENSE IN PARAGUAY
MIAMI, FL - MasTec, Inc. (NYSE: MTZ) announced today that it has been successful
in obtaining a license in Paraguay to construct and operate a personal
communication system (PCS) with national coverage. In addition, the company
announced that it has reached agreement with Inepar, S/A Industria e Construcoes
(Sao Paulo Stock Exchange: IN), (Inepar), its partner in Brazil, and with Iecsa
S.A., a subsidiary of SOCMA-Sociedad Macri (the Macri Group), its partner in
Argentina and Chile, to share in development of the system. The Company will
operate under the name Comunicaciones Personales, S.A. (Copesa). The agreement
provides that the network construction for the PCS system will be performed by
MasTec Inepar S/A - Sistemas De Telecomunicacoes (MasTec-Inepar), a Brazilian
telecommunications infrastructure construction company owned 51% by MasTec and
49% by Inepar.
Jorge Mas, Chairman and Chief Executive Officer, said: "The opportunities to
create shareholder value through relatively minor investments in selected
markets continue to present themselves to us. Current telephony penetration in
Paraguay is estimated to be a mere 3 lines per 100 inhabitants, the lowest in
South America. A substantial backlog in demand for service bodes well for our
investment and we look forward to working with Inepar and the Macri Group to
capture a significant piece of the market as rapidly as possible."
Opening the Lines of Communication(R) worldwide, MasTec is one of the world's
leading telecommunications and related infrastructure service providers, serving
clients throughout the United States, Latin America and Spain. For more
information, please visit our web site at www.mastec.com.
###
NEWS
For Immediate Release From MasTec, Inc.
April 2, 1998 3155 N.W. 77th Avenue, Suite 135
Miami, Florida 33122-1205
Tel : (305) 599-1800
Fax : (305) 406-1908
For more information contact:
Investor Relations Department
[email protected]
MASTEC BOARD APPROVES STOCK REPURCHASE PROGRAM
MIAMI, FL - MasTec, Inc. (NYSE: MTZ) announced today that the Board of Directors
of MasTec has approved a stock repurchase program under which the Company, from
time to time, will acquire up to 3,000,000 shares of the Company's common stock
through open market transactions at prevailing market prices. The timing and
duration of the program will be dependent on market conditions and is subject to
applicable laws and existing agreements.
Jorge Mas, Chairman and Chief Executive Officer, said: "We continue to be
committed to maximizing stockholder value. Having a repurchase program in place
allows us to capitalize on short term swings in our stock price to the benefit
of our core, long term stockholder base and is an efficient use of the Company's
capital. Based on projections, a buy-back program at current stock prices would
be accretive to earnings per share."
Opening the Lines of Communication(R) worldwide, MasTec is one of the world's
leading telecommunications and related infrastructure service providers, serving
clients throughout the United States, Latin America and Spain. For more
information, please visit our web site at www.mastec.com.
###
NEWS
For Immediate Release From MasTec, Inc.
April 22, 1998 3155 N.W. 77th Avenue, Suite 135
Miami, Florida 33122-1205
Tel : (305) 599-1800
Fax : (305) 406-1908
For more information contact:
Investor Relations Department
[email protected]
MASTEC, INC. ANNOUNCES NEW SENIOR VICE PRESIDENT
MIAMI, FL - MasTec, Inc. (NYSE: MTZ) announced today that Julio G. Rebull, Jr.
has joined the Company in a newly created position of Senior Vice President of
Marketing and Corporate Communications. Mr. Rebull was previously the President
and co-founder of JGR & Associates (JGR), a marketing communications firm based
in South Florida. During his tenure at JGR, Mr. Rebull successfully directed
communications programs for a diverse portfolio of clients, including fortune
500 companies such as American Airlines and American Express, and governmental
entities such as the Costa Rican Tourism Board, throughout the United States,
Latin America and the Caribbean.
Jorge Mas, Chairman and Chief Executive Officer, said: "We are always seeking
the best talent available to help support our growth strategy. Julio has a
great business mind and is a recognized communications strategist that we
believe will be a great addition to the MasTec management team."
"This is an exciting opportunity to use my knowledge and skills as part of the
visionary team at MasTec", commented Mr. Rebull. "MasTec is without a doubt a
leader in one of the most exciting industries and has positioned itself to
continue as the leader."
Opening the Lines of Communication(R) worldwide, MasTec is one of the world's
leading telecommunications and related infrastructure service providers, serving
clients throughout the United States, Latin America and Spain. For more
information, please visit our web site at www.mastec.com.
###
