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.
