SOURCE: D & E Communications, Inc.

August 24, 2005 16:30 ET

D&E Communications, Inc. Announces Termination of Voting Trust of Shareholders

EPHRATA, PA -- (MARKET WIRE) -- August 24, 2005 -- D&E Communications, Inc. (NASDAQ: DECC), a leading regional broadband integrated communications provider, announced that the trustees of the D&E Communications, Inc. Voting Trust have elected to terminate the trust.

Originally created in 1962, the voting trust has been renewed periodically pursuant to an agreement among certain shareholders of D&E and the voting trustees. The voting trust included approximately 2.2 million shares from 59 participants, or approximately 15% of the outstanding common stock of D&E Communications, Inc. The voting trust was created to allow those shares to be voted collectively as a block on matters before shareholders.

On August 22, 2005, the trustees elected to terminate the voting trust. The stock of D&E Communications, Inc. held by the voting trust will be returned to the participating shareholders, free of trust, and each participant may now exercise individual voting rights for their respective shares.

"The voting trust was a valuable tool to ensure stability and continuity for D&E over several decades in the development of the company," said W. Garth Sprecher, Senior Vice President and Secretary of D&E and a trustee of the voting trust. "As our company increased the number of shares outstanding with the 2002 acquisition of Conestoga Enterprises and broadened our shareholder base, the voting trust was no longer as necessary. In light of these developments, the trustees voted unanimously to dissolve the voting trust prior to its planned expiration in 2007."

D&E is an integrated communications provider offering high-speed data, Internet access, local and long distance telephone, VoIP phone, voice and data network installation and maintenance, network performance management and security, and video services. Based in Lancaster County, D&E has been serving communities in central Pennsylvania for more than 100 years. For more information, visit www.decommunications.com.

This press release may contain forward-looking statements. These statements are based upon the current beliefs and expectations of D&E's management concerning the development of our business, are not guarantees of future performance and involve a number of risks, uncertainties, and other important factors that could cause actual developments and results to differ materially from our expectations. These include factors that we have indicated could adversely affect our business and financial performance contained in our past and future filings and reports, including those filed with the United States Securities and Exchange Commission. D&E undertakes no obligation to revise or update its forward-looking statements whether as a result of new information, future events, or otherwise.

Contact Information

  • CONTACT:
    W.Garth Sprecher
    (717) 738-8304