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Return to: 2001 News Releases

BANKRUPTCY COURT APPROVES TSR WIRELESS ASSET PURCHASE AGREEMENT BY NETWORK SERVICES, LLC

EL SEGUNDO, CA, March 29, 2001 -- The U.S. Bankruptcy Court in Newark, NJ has approved the asset purchase agreement of TSR Wireless by Network Services, LLC. In addition to the asset purchase agreement, the ruling by Judge Rosemary Gambardella also approved an agreement under which Network Services will manage the assets of TSR Wireless until the FCC issues a final order transferring the licenses to Network Services.

Fort Lee, NJ-based TSR Wireless filed for Chapter 7 liquidation on Dec. 8, 2000, laying off most of its 1,700 employees and closing more than 275 retail locations nationwide. The company provided a full line of wireless products, including pagers, cellular and PCS phones, two-way radios, batteries and accessories, and operated through resellers, direct accounts, and company owned and operated retail stores.

Network Services, founded in 1995, is located in El Segundo, CA, about 20 miles southwest of Los Angeles. The company is a leading regional integrated messaging service provider that delivers innovative communications solutions. Value added services include unified messaging, paging, enhanced voice mail, Web-based e-mail with wireless notification, IP faxing, and pre-paid calling. Network Services delivers these services over its private IP and wireless network. The company also provides local phone access to its services in over 200 cities in California, Arizona and Nevada, and via the Internet.

"We have been looking for a strategy to roll out existing products and services such as unified messaging and telephony enhanced services nationally," said Brad Scott, president of Network Services. "The acquisition of TSR Wireless will now give us a nationwide presence and allow us to begin offering our integrated messaging solutions nationwide."

Network Services, which now has almost two million subscribers under management, was awarded the winning bid on March 23 at TSR Wireless' New Jersey headquarters. The company acquired all of TSR Wireless' one-way paging network's assets. These encompass local, regional and nationwide 900 MHz frequencies, 1,400 transmitters and related telephony switches in 31 states, the subscriber base, and administrative operations.

"All TSR Wireless' remaining employees will be retained," Scott said. "Our initial goal is to restore customer confidence in TSR Wireless and immediately launch an aggressive nationwide sales and marketing campaign targeted to resellers, retailers, business-to-business, and all existing customers."

"Network Services will also build upon the original TSR Wireless customer base," Scott said. "We'll be opening regional offices nationwide to support major metropolitan markets. Additional staff will also be hired to handle customer support and focus on new business development."

For more information please log on to the company's Web site at http://www.networkservices.net.

Return to: 2001 News Releases