BRIDGETOWN, Barbados -- Columbus International Inc. ("Columbus" or the "Company"), a diversified telecommunications provider in the Caribbean, Central America and Andean region, is pleased to announce the recent addition of Dr. John C. Malone as a new equity shareholder in the Company. Dr. Malone's investment was facilitated through the acquisition of secondary shares from existing shareholders in addition to the purchase of primary shares that will be issued from the Company's treasury. As a result of this transaction, Dr. Malone will become the largest single minority investor in Columbus. Dr. Malone will also have representation on the Company's Board of Directors. The investment in Columbus was made in Dr. Malone's personal capacity and is in no way connected to his other business interests in the Liberty Group of Companies.
The addition of Dr. Malone will further strengthen the position of Columbus as the premier telecommunications company in the markets in which it operates. "Having a high-caliber investor in Dr. Malone join the Columbus family is an achievement for which we are both extremely proud and excited," said Brendan Paddick, chairman and chief executive officer of Columbus. "Dr. Malone's reputation as a world class telecommunications operator and investor is second to none. We look forward to working with Dr. Malone and his team of advisors, leveraging their skills, industry experience, insights and business acumen as we continue to build upon the successes we've achieved to date at Columbus."
The Company intends to use the net proceeds from the issuance of primary shares to accelerate the completion of its current capital plans, fund potential future acquisitions, enhance balance sheet liquidity and flexibility and for general corporate purposes. The net proceeds of this transaction will help the Company capitalize on near-term opportunities and provide additional flexibility to prudently manage its financial position.