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ALTV > SEC Filings for ALTV > Form 8-K on 1-May-2014All Recent SEC Filings

Show all filings for ALTEVA, INC.

Form 8-K for ALTEVA, INC.


Other Events, Financial Statements and Exhibits

Item 8.01 Other Events.

Prior to the events described below, Alteva, Inc. (the "Company") (NYSE MKT:
ALTV), owned an 8.108% limited partnership interest in the Orange County-Poughkeepsie Limited Partnership (the "O-P"). Verizon Wireless of the East, LP ("Verizon") is the general partner and it and its affiliates owned the remaining 91.892% ownership interest in the O-P. The O-P provides cellular telephone service throughout the Orange County-Poughkeepsie Metropolitan Service Area.

In May 2011, the Company entered into an agreement with Verizon and Cellco Partnership, the other limited partner in the O-P at that time, that, among other things, gave the Company the right (the "Put") to require one of the O-P's limited partners to purchase all of our ownership interest in the O-P for an amount equal to the greater of (a) $50.0 million or (b) the product of five times 0.081081 times the O-P's EBITDA, as defined in such Agreement, for the calendar year preceding the year in which the Put is exercised.

On April 30, 2014, the Company announced that, in accordance with its previously announced plans, the Company exercised the Put. The gross proceeds of $50 million, which the Company received on April 30, 2014, will be used to pay taxes on the related gain, repay outstanding senior debt, fund working capital needs and support growth initiatives, including supporting the Company's current customers and deploying solutions for new customers. After April 30, 2014, the Company will no longer have any interest in the O-P and will no longer receive any income from the O-P.

The press release containing this announcement is attached to this Form 8-K as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press Release dated April 30, 2014

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