WARWICK, NY -- (MARKET WIRE) -- November 9, 2006 -- Warwick Valley Telephone Company (NASDAQ: WWVY)
(the "Company") announces that it has completed an extensive review of its
strategic options with the assistance of its financial advisor, Stifel,
Nicolaus & Company, Incorporated. The review included an analysis of
alternatives including acquisitions, the sale of all or parts of the
Company's businesses and the continued improvement of the Company's
operations. As a result, the Company has decided, at this time, to
concentrate on its ongoing efforts to strengthen its marketing and sales
capacities, to continue developing its technological capabilities and to
sustain its cost cutting efforts. The Company believes it has made
significant progress in controlling its costs as it proceeds with the
automation of its accounting and operating systems, by conducting staff
downsizing and by migrating to next-generation switching platforms. Mr.
Wisner H. Buckbee, Chairman of the Board of Directors, commented, "We look
forward to working with the Company's management team and employees to
provide significant value and innovative services that the marketplace
demands."
The Company will continue to monitor its performance, its competition and
the market and may, at any time, decide to consider making an acquisition
or selling all or part of its businesses. There can be no assurances that
any of these efforts will result in actions being taken.
At the same time the Board of Directors decided to declare a special
dividend of $1.00 per share in addition to its normal fourth quarter
regular dividend of $0.20 per share to common shareholders of record on
December 20, 2006 payable on December 31, 2006.
Contact Information: Contact:
Warwick Valley Telephone Co.
Herbert Gareiss, Jr.
President & CEO
(845) 986-8080