(FCOM.L) First Communications Inc Buy/Sell

RNS Number : 8263H First Communications, Inc. 01 March 2010

First Communications, Inc.

Standstill Agreement on Credit Facility

Akron, OH, March 1, 2010 - First Communications, Inc. today provides the following update on the successful Standstill Agreement that has been put in place with its lender group on its credit facility.

Standstill Agreement

On August 21, 2009 the Company announced an amendment to its existing credit facility (the "Amendment") with a bank group lead by JPMorgan Chase Bank, N.A. (the "Lender Group") which amended certain financial and other covenants of the Company. Under the Amendment, the Company was required to raise at least $10 million of equity by January 31, 2010. The credit facility has a 30 day cure period ending February 28, 2010 if such equity was not raised by such date. The Company has not raised such equity in the period.

On February 26, 2010 the Company and the Lender Group entered into a Standstill Agreement which provides that the Lender Group may not exercise any of the remedies available under the credit facility with respect to the failure to raise such equity for a period ending no earlier than March 31, 2010. Subject to agreement with the Lender Group, the standstill period can be extended to no later than June 30, 2010. The Company remains in compliance with all other covenants, including all the amended financial covenants contained in the Amendment as outlined in the August 21, 2009 announcement. The Company expects to meet its next financial covenant test due March 31, 2010.

The Company's operating results continue to meet management's expectations and it expects to be able to announce its full year financials sometime over the next 2 months. The Company continues to pursue its strategic options in order to address its debt balance, which currently will mature on December 7, 2010 and will provide an update once it is in a position to do so.

For Further Information:

First Communications, Inc.

Joe Morris Tel: +1 (330) 835-2472

Collins Stewart Europe Limited

Stewart Wallace Tel: +44 (207) 523-8350

This information is provided by RNS The company news service from the London Stock Exchange

AGRZMGGFRMMGGZG

RNS Number : 7067E First Communications, Inc. 24 December 2009

First Communications, Inc.

Registers Stock for Electronic Trading on CREST

AKRON, OH, December 24, 2009 -- First Communications, Inc. (AIM: FCOM) a leading integrated telecommunications carrier based in the Midwestern United States, today announces the following update to the trading and settlement of its shares.

First Communications, Inc. (the "Company") was listed on the AIM market of the London Stock Exchange effective on July 2, 2007. As over a year has passed since the Company's admission to AIM, restrictions on transfer imposed under the U.S. Securities Act 1933, as amended (the "Securities Act") can now be removed from certain qualifying securities in the Company ("Qualifying Securities"). This will allow interests in Qualifying Securities to be settled in electronic form within the CREST system as Depository Interests. The ISIN of the Depository Interests will not change from the current issued shares.

CREST is a UK and Irish electronic paperless share transfer and settlement system that allows shares and other securities to be held in electronic rather than paper form. As the Company is not a UK or Irish company, transactions in its securities cannot be undertaken direct and electronically through CREST, thus depositary interests are required.

The Company has established a Depository Interest facility with Capita IRG Trustees Ltd. ("Capita"), with effect from December 22, 2009, in terms of which Capita will issue Depository Interests to qualifying stockholders on a one-for one basis for each Qualifying Security in the Company held by that qualifying stockholder. Capita will appear on the register of members of the Company as the stockholder but the beneficial interest and all rights in the stock will remain with the original stockholder. The benefit of dematerialization is that the Depository Interests can be held and transferred through CREST, thereby enhancing the liquidity of the Company's securities.

About First Communications

First Communications is a leading integrated telecommunications carrier based in the Midwestern United States. Founded in 1998, First Communications has built a highly reliable fiber-based infrastructure which it uses to provide small and medium business, enterprise, and carrier customers superior voice, internet, and transport services. First Communications' mission is to provide secure and reliable next-generation services that support the critical communications needs of its commercial customers. For more information visit First Communications on the Internet: http://www.firstcomm.com

For further information:

First Communications, Inc.

Joe Morris Tel: (330) 835-2472

Collins Stewart Europe Limited - Nominated Adviser and Broker

Stewart Wallace Tel: +44 (207) 523-8350

This information is provided by RNS The company news service from the London Stock Exchange

MSCIIFEAFDLSFIA