IRVINE--- Network Installation Appoints Ex-Pac Tel Cellular CEO as Its New Chief Executive Officer
Network Installation Corp. (BULLETIN BOARD: NWKI) today announced that former Pac Tel Cellular CEO Jeffrey Hultman was appointed as its new Chief Executive Officer.
Network Installation Chairman Michael Novielli stated, "Over the past two years, Network Installation has made tremendous progress evolving from a development stage venture into a full fledged enterprise with a robust pipeline. We believe the Company is now positioned for accelerated revenue growth and consequently requires the moxie of a seasoned veteran to achieve such critical mass. Given Jeff's remarkable track record spearheading not one, but two successful wireless communications companies during his career, we could not have chosen a more capable individual." He added, "Additionally, we have nothing but extreme gratitude for an entrepreneur such as Michael Cummings, who steered us from our early stages to the favorable position we find ourselves today."
Incoming Network Installation CEO Jeffrey Hultman added, "This is a rare opportunity to join a highly seasoned professional team with a business that is poised to expand very rapidly. I now know how Joe Torre felt when he took over the New York Yankees. I intend to apply knowledge gained from my past experiences growing communications businesses, to achieve yet another success with Network Installation."
Michael Cummings commented, "I am very proud of our accomplishments over the past two years. As the Company's largest shareholder, I will continue to offer my assistance to Jeff and the rest of the management team. We have always acted in the best interest our shareholders, and bringing in an operator who has the experience to navigate us through a period of expected rapid growth, is certainly a testament to that." He added, "It has also been a fantastic experience working these past two years with our venture investors at Dutchess Capital Management. They were truly instrumental in assisting in all facets of Network Installation's growth as a business and a public company. I am looking forward to a bright future for our Company."
Mr. Hultman was also appointed a member of the Company's Board of Directors. Mr. Cummings will retain his position as a Director.
From 1987 to 1991, Jeff Hultman served as CEO of Pac Tel Cellular where he managed Pac Tel cellular properties in the United States and oversaw operations and business development which included over 2,500 employees in Atlanta, Detroit, Los Angeles, Oakland, Sacramento, San Diego, and San Francisco. During his tenure as CEO, revenues increased from $100 million to over $1 billion in three years. He directed Pac Tel's successful efforts to win the West Germany and United Kingdom PCS licenses over a dozen other applicants on the strength of a superior business plan and detailed technical system design for both countries. Pac Tel Cellular later became AirTouch Cellular, and is now Verizon Wireless in the U.S. and Vodafone overseas.
In 1991, Mr. Hultman became CEO of Dial Page, Inc., a wireless provider throughout the Southeast, offering paging and digital mobile telephone services. While at Dial Page, he expanded the paging operations throughout seven states by multiple acquisitions and internal growth and achieved a cumulative growth rate in paging of 20% per year, increasing pagers in service from 148,000 to 360,000. He managed over 450 employees and achieved revenues of over $75 million with 38% margins and average revenue per pager of $21, approximately double the industry. Ultimately, Mr. Hultman converted a series of limited partnerships into a corporation and took Dial Page public leading four successful public offerings which raised over $50 million in public and private equity sales, $650 million through public sale and private placement of high yield debt. In August 1995, he successfully negotiated the sale of the paging business to MobileMedia Communication, Inc. and a merger of subsidiary Dial Call with Nextel Communications, Inc. in February 1996. Combined value of these two transactions was in excess of $1 billion. Mr. Hultman attained his Bachelor of Science Degree in Agricultural Economics in 1961 and Master of Science Degree, in Business Management in 1962, at the University of California, Davis. He currently serves a director on the board of several organizations including Comarco Inc., an Irvine, CA-based wireless performance engineering company.
About Network Installation
Network Installation Corp. provides communications solutions to the Fortune 1000, Government Agencies, Municipalities, K-12 and Universities and Multiple Property Owners. These solutions include the design, installation and deployment of data, voice and video networks as well as wireless networks including Wi-Fi and WiMax applications and integrated telecommunications solutions including Voice over Internet Protocol (VoIP) applications. To find out more about Network Installation Corp. (BULLETIN BOARD: NWKI) , visit our corporate website at www.networkinstallationcorp.net. The Company's public financial information and filings can be viewed at www.sec.gov.