March 17, 2005

Contact: J. Patrick Michaels, Jr.
(813) 226-8844


CEA Announces the Merger of UMDA’s
Telecommunications Operations With Seaport Capital

Tampa, Florid - Communications Equity Associates (“CEA”) announced today that it represented United Micronesia Development Association (“UMDA”) in the merger of its telecommunications operations located in the U.S. Territory of Guam and the U.S. Commonwealth of the Northern Mariana Islands (“CNMI”) with MCV Acquisition LLC, a company owned by Seaport Capital.

The merged operations include Marianas Cablevision (“MCV”), which operates cable television systems, hotel pay-per-view operations and Internet service providers Kuentos and Saipan Datacom.   MCV is one of the largest cable systems in the Pacific.

Seaport Capital, a New York City-based private equity fund with more than $400 million of capital under management, focuses on partnering with management of private middle-market media, telecommunications, information and business-services companies. The partners at Seaport Capital have more than 75 years of cumulative experience in providing equity capital and financial and strategic advice to superior management teams seeking a financial partner to help them grow their businesses.

Seaport is thrilled to partner with UMDA and MCV’s management, and we look forward to assisting MCV in introducing new telecommunications services to complement its existing cable television and high-speed Internet services," said Steve McCall, a partner with Seaport Capital.

Michael Grandinetti, Chairman of UMDA, said, “Entering into this partnership with Seaport significantly strengthens our overall ability to address the challenges and opportunities that the future holds in the fast changing telecommunications industry.” 

Peter Sinclair, Chairman of MCV and President of UMDA, said, “We are proud of our past contributions to the communities we serve and welcome the opportunity to continue to provide home entertainment and information services to our customers.  This new partnership with Seaport Capital will allow us to accelerate our current growth strategies and provide new and innovative telecommunications services to the residents of Guam and the CNMI.”

Tom Marturano, Senior Vice President and Rick Michaels, Chairman and CEO of CEA represented UMDA in the transaction.

Founded in 1973, CEA is a leading provider of investment banking services and private equity to the global media and entertainment, communications and information technology industries.  With a team of highly experienced personnel worldwide, CEA has an unequaled depth and breadth of industry knowledge, expertise and long-standing industry relationships.  CEA has completed over 900 transactions totaling $40 billion in 60 countries. CEA’s international reach is extended to key markets, in particular Munich, London, Madrid, Paris and Prague through its European partnership goetzpartners.  CEA’s affiliates also manage, co-manage or participate in a worldwide family of private equity funds with committed capital of approximately $1.15 billion for private equity investments in the industries CEA serves. Included in this amount is an ownership interest in the general partner of a €367 million European-based private equity fund.  CEA’s reputation and track record of success are built on delivering innovative, value-added solutions and services to clients worldwide. CEA Media Group, LLC is a member of the NASD and SIPC.