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EXHIBIT 99.7
FOR IMMEDIATE RELEASE Investor contact: Kirk Brewer
972.801.8012
Media contact: Scott Baradell
972.801.8180
PAGENET RECEIVES APPROVAL OF
FIRST-DAY MOTIONS FROM BANKRUPTCY COURT
Court Affirms Employee Compensation, Payment of All Vendors
in the Ordinary Course, and Continuation of All Customers Services
DALLAS, July 25 - Paging Network, Inc. (Nasdaq: PAGE) said the U.S.
Bankruptcy Court for the District of Delaware today approved various first-day
motions in connection with its voluntary reorganization under Chapter 11, filed
with the court yesterday.
Among other motions, the court approved PageNet's requests to continue
all employee compensation and benefits plans; customer sales, support and
service activities; and payment of all funds due to suppliers in the ordinary
course. A motion permitting PageNet's bank group to provide Debtor-In-Possession
(DIP) financing also was approved by the court.
Representatives of bondholders owning a substantial majority of
PageNet's bonds appeared before the court today to voice support for the PageNet
reorganization and merger with Arch Communications Group, Inc. In addition,
representatives of all of PageNet's banks appeared to voice their support.
PageNet is a leading provider of wireless messaging with subscribers in
all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico
and Canada. The company offers a full range of paging and advanced messaging
services, including guaranteed-delivery messaging and two-way wireless e-mail.
Arch Communications Group, Inc., Westborough, MA, is a leading U.S. wireless
messaging company. It provides local, regional and nationwide wireless
communications services to customers
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PageNet receives approval of first-day motions from bankruptcy court
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in all 50 states, the District of Columbia and in the Caribbean. Arch operates
approximately 300 offices and company-owned stores across the country. Arch's
pending merger with Paging Network, Inc. will create one of the leading wireless
messaging companies in North America.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in, or made in conjunction with, this release which are not
historical fact, such as forward-looking statements concerning future financial
performance and growth of the business of PageNet, Arch and the future combined
company, involve risks and uncertainties, including those described in Arch's
and PageNet's most recent Annual Reports on Form 10-K and other filings with the
Securities and Exchange Commission. Although Arch and PageNet believe the
expectations reflected in any forward-looking statements are based on reasonable
assumptions, they can give no assurance that their expectations will be
attained. Factors that could cause actual results to differ materially from
their expectations include the recapitalization of the combined companies,
challenges of integrating the businesses of Arch and PageNet, competitive
pricing pressures, the introduction of products and services by competitors, the
performance of vendors and independent contractors, costs and timing associated
with post-merger synergies and cost reductions, the timing, performance and
market acceptance of new products and services, including the construction,
testing and placement into operation of the Company's advanced messaging
network, future capital needs following the merger, the financial condition of
the Company and the uncertainty of additional funding, and other risks. Any
forward-looking statements represent the best judgment of both Arch and PageNet
as of the date of this release. The companies disclaim any intent or obligation
to update any forward-looking statements.
