Advanced Communications Group Inc. (ACG--St. Louis, MO) penned an agreement with Liberty Cellular Inc. (Wichita, KS) to exchange ACG`s 49% ownership in KIN Network Inc. (kinnet--Salina, KS). In return, Liberty gives ACG $10 million in cash, the indefeasible right of use capacity equivalent to a minimum of 15 DS-3s on kinnet`s existing fiber-optic ring between Wichita and Kansas City for at least 20 years, and 225,000 shares of ACG stock. The representatives of both ACG and kinnet who served on the other company`s board of directors resigned from their positions.
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