WARWICK, NY -- (MARKET WIRE) -- April 11, 2007 -- Warwick Valley Telephone Company (NASDAQ: WWVY)
(the "Company") announced today that on April 10, 2007, it had completed
the acquisition of an additional 0.6081% of the limited partnership
interest in Orange County - Poughkeepsie Limited Partnership ("OCP") being
sold by FairPoint Communications, Inc. ("FairPoint"). As previously
announced, FairPoint agreed to sell their OCP interest to Cellco
Partnership d/b/a Verizon Wireless ("Verizon Wireless"), and the Company
chose to exercise a right of first refusal pursuant to the partnership
agreement of OCP to purchase a corresponding pro rata share. As a result,
the Company has purchased 8.108% of the 7.5% limited partnership interest
being sold by FairPoint. The price paid by the Company was $4,376,293,
which is less than the previously reported amount of $4,459,400 (8.108% of
the purchase price Verizon Wireless agreed to pay) because the final price
was subject to a downward adjustment based on OCP distributions made for
the period ending March 31, 2007. As a result of this transaction, the
Company now holds an 8.108% limited partnership interest in OCP.
Contact Information: Contact:
Warwick Valley Telephone Company
Thomas H. Gray
(845) 986-8080