SOURCE: Warwick Valley Telephone Company

May 24, 2005 13:15 ET

Warwick Valley Telephone Receives HVDN Sale Escrow Payment

WARWICK, NY -- (MARKET WIRE) -- May 24, 2005 -- Warwick Valley Telephone Company ((NASDAQ: WWVYE), the "Company") announced today that on Friday, May 20, 2005 the Company received a final payment in the amount of $908,771 relating to the previously reported sale of the Company's interest in DataNet Communications Group, Inc. (also known as Hudson Valley Data Net, "HVDN") which closed in November 2004. The payment represents a portion of the proceeds from the HVDN sale, which was held in escrow at the Company's request to secure certain potential indemnification obligations, plus interest.

Contact Information

  • CONTACT:
    Warwick Valley Telephone Company
    Herbert Gareiss, Jr.
    President & CEO
    (845) 986-2100