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First Florida Communications Acquires Summit Advertising

Florida Communications Inc. signed a letter of intent to acquire privately held Summit Advertising Group Inc., a full-service advertising agency in a deal valued at $1.5 million.

All the outstanding common shares of Summit Advertising Group were exchanged for restricted shares of First Florida Communications, currently valued at approximately $1.5 million.

At the request of Summit Advertising Group, Douglas Costa will be taking the position of chairman and CEO of First Florida Communications, the companies said. Richard Bell, former chairman and CEO has resigned, effective immediately. Prior to accepting this new position, Costa was on the board of directors of First Florida and was instrumental in the rapid expansion.

"The association with First Florida will significantly broaden the marketability of our current services. Working together, we will provide advertising and marketing on the Internet, television, radio, and print media," said Summit Advertising Group President and CEO Christopher Boutchie. Summit Advertising said it is anticipating gross revenues of $10 million in 1999.

First Florida Communications is a wireless-oriented telecommunications provider and service company for government, business, and consumers and is a supplier and integrator of conventional and trunked radio.