BAP Acquisition Corp. to Acquire Bell Atlantic Paging

Bernardsville, NJ — BAP Acquisition Corporation announced today it has signed a definitive agreement to purchase the paging assets and operations of Bell Atlantic Corporation (NYSE: BEL). Terms were not disclosed. The transaction is expected to be completed by the end of the year.

Bell Atlantic has paging networks in New Jersey, Pennsylvania, Delaware, Maryland, Virginia, West Virginia and the District of Columbia. Bell Atlantic Paging, Bell Atlantic’s marketing subsidiary for paging services based in Parsippany, NJ, provides local, regional and national paging services to 240,000 customers, primarily in the mid-Atlantic region.

BAP Acquisition, a Delaware corporation based in New Jersey, is a group of industry professionals, led by John Adiletta, formed to capitalize on corporate opportunities arising from the continued consolidation in the paging industry. Bell Atlantic Paging will be the foundation for BAP Acquisition’s business in the mid-Atlantic region. Adiletta, who has 15 years experience in the paging industry, will head up the company once the acquisition is completed.

"Bell Atlantic Paging is a high-quality, well-managed, premier paging company, and an excellent platform for our overall strategic plan and our operations in the mid-Atlantic," Adiletta said.

Bell Atlantic’s cellular subsidiary, Bell Atlantic Mobile, has its own paging customers through the resale of Bell Atlantic Paging’s and other carriers’ services, and will continue to have a reseller relationship with the buyer after the transaction is completed. "Paging is an important part of our product mix, and we will continue to expand that offering for our customers," said Dennis F. Strigl, Group President and CEO of Bell Atlantic Global Wireless.