On a pro forma combined basis, the issuers would have had revenues of $26.0
million for the quarter ended March 31, 1999 and revenues of $104.9 million for
the year ended December 31, 1998.
The principal executive offices of each of the issuers are located at 800
Third Avenue, Suite 3100, New York, NY 10022 and the telephone number of each
of the issuers is (212) 421-0600.
Our objective is to increase operating cash flow and maximize the value of
our cable television systems through our expertise in acquiring and managing
cable systems. We seek to be the leading supplier of multi-channel television
services in our chosen markets. Our business strategy focuses on:
. targeting mid-sized suburban and exurban markets, which we believe offer
an attractive customer base and reduced competition from other cable
. building regional clusters to achieve operating efficiencies while having
geographic diversity for our company as a whole;
. growing through strategic and opportunistic acquisitions at attractive
. upgrading our systems and prudently deploying capital to maintain, expand
and upgrade our cable plant to improve our cable television services and
facilitate our ability to explore new services such as Internet access;
. focusing on our customers by improving the level of customer service,
improving technical reliability and expanding program offerings; and
. pursuing aggressive marketing to increase our customer base and the
services purchased by our customers.
On May 13, 1999, we signed an agreement with Charter Communications, Inc.
under which Charter Communications agreed to purchase our company and assume or
repay our outstanding debt. The acquisition by Charter Communications requires
many regulatory approvals. We expect to consummate this transaction in the
fourth quarter of 1999, subject to obtaining the required regulatory approvals.
There can be no assurance, however, whether or when this acquisition will
occur. The acquisition, if completed, will give rise to an obligation to make
an offer to purchase the notes to be issued in this exchange offer at 101% of
their accreted value. For more information on this offer, see "Description of
the Notes--Repurchase at the Option of Holders--Change of Control."
The agreement with Charter Communications contains customary covenants
limiting our ability, among other things, to do the following, subject in each
case to specified exceptions:
. merge with or acquire the assets of any other person;
. borrow money;
. dispose of material assets or property;
. enter into, terminate or amend in a material and adverse respect any
material agreement; and
. decrease rates or repackage any programming tiers.
Charter Communications is among the leading broadband communications
companies in the United States. Charter Communications currently provides cable
television, high speed Internet access, advanced digital video programming and
paging services to customers.