AirTouch decides not to pursue Russian cellular investment

Business Wire, May 4, 1995

SAN FRANCISCO--(BUSINESS WIRE)--May 4, 1995--AirTouch Communications (NYSE:ATI) today announced that it will not exercise its option to invest in a Russian cellular company.

In December, AirTouch purchased a convertible note from FGI Wireless which would allow it to acquire an indirect interest in a Russian cellular company. Under the terms of the agreement, the note will be repaid by August of 1996. AirTouch had until May 15 to convert its note into equity.

"Our arrangement with FGI Wireless was designed to allow us to study the Russian market before making a significant investment," said Arun Sarin, senior vice president -- corporate development, strategy and international operations for AirTouch Communications. "After careful consideration, we have decided not to pursue the Russian wireless market at this time. While Russia may offer us an opportunity to create shareholder value in the future, for now we prefer to focus on our existing operations and other potential wireless ventures in selected international markets."

AirTouch Communications is involved in cellular, paging, and vehicle location in the United States and has international wireless ventures in many of the world's top markets, including Japan, Germany, Sweden, France, Spain, Italy, Portugal, Belgium, South Korea, and Thailand. The company, which is headquartered in San Francisco, serves nearly 4 million customers worldwide.

CONTACT: AirTouch Communications, San Francisco

Susan Rosenberg, 510/210-3910