NJ TECH CORNER: pvdWireless, Inc.
Photo: John Pescatore, CEO and president, pvdWireless Photo Credit: Courtesy pvdWireless
John Pescatore, CEO and president, pvdWireless | Courtesy pvdWireless

Company Overview

pdvWireless, Inc. (NASDAQ: PDVW) is a private wireless communication carrier focused on utilizing its spectrum assets to develop and offer next-generation network and mobile communications solutions to critical infrastructure and enterprise customers. The company is the largest holder of licensed nationwide spectrum in the 900 MHz band in the United States and is currently pursuing a regulatory proceeding at the Federal Communications Commission aimed at modernizing and realigning the Part 90 900 MHz spectrum band for the future deployment of broadband and other advanced technologies and services. Best known for its Dispatch PlusTM two-way radio service, pdvWireless has deployed its communications networks in 7 major metropolitan market areas, including Atlanta, Baltimore, Washington D.C, Chicago, Dallas, Houston, New York and Philadelphia. The company was founded in 1997 as Pacific DataVision, Inc. in California, and changed its name to pdvWireless, Inc. after reincorporating in 2014. The Woodland Park-based company reported a total workforce of 90 full-time employees as of March 31, 2017.

Investment & Financial Information
 

Shares of common stock outstanding (as of December 31,2017):

14,469,237

Share price of stock (as of Feb. 23, 2018)

  $32.75

Share price of stock (one year ago)

  $23.35

Current valuation (as of Feb. 23, 2018)

  $473.86 million

Valuation one year ago

  $333.92 million

Stock Symbol:

(NASDAQ: PDVW)

Revenues (as of 9 months ended Dec. 31, 2017)

 

$4.58 million

Revenues (as of 9 months ended Dec. 31, 2016)

$3.52 million

Net Income (Loss) (as of 9 months ended Dec. 31, 2017)

 

($21.83 million)

Net Income (Loss) (as of 9 months ended Dec. 31, 2016)

 

 

($25.172 million)

 Management Team

Name

Age

Title

Brian D. McAuley

76

Chairman

Morgan E. O’Brien

72

Vice Chairman

John C. Pescatore

53

CEO, President

Robert H. Schwartz

51

Chief Strategy and Development Officer

Frank Creede

59

Chief Technology Officer

Timothy Gray

47

Chief Financial Officer

 

Board of Directors

 

Name

Age

Title

Brian D. McAuley

76

Chairman; Chairman, Imagine Tile, Inc.; Co-  Founder, Nextel Communications, Inc.*

Morgan E. O’Brien

72

Vice Chairman; independent consultant to several wireless-start-ups; former Chairman and Co-founder of Nextel Communications, Inc; board member of several private companies and charitable organizations

John C. Pescatore

53

CEO and President

 

T. Clark Akers

 

59

 

Managing Director, SBIC Funds Placement Division at FBR & Co.**; member of advisory boards of Pharos Capital Group and Hill Capital Partners; board member of Fred Jones Companies; Founder, Vice President and member of board of managers, Continuum 700 LLC 

 

Mark Hennessy

 

59

 

Retired IBM executive; board member, Covenant House International

 

Paul Saleh

 

60

 

Executive Vice President and Chief Financial Officer, DXC Technology Company as

 

Peter G. Schiff

 

65

 

Managing Partner, Northwood Ventures; Director of Northwood’s portfolio companies; Trustee and Secretary, Hofstra University; member of Joint Board of Overseers of Hofstra Northwell Board of  Medicine

 

John C. Sites

 

65

 

Partner, Wexford Capital

*Mr. McAuley is no longer with Nextel

**FBR & Co. was acquired by B Riley Financial in June 2017

Noteworthy Control*

 

Name

Shares of common stock owned

% of total common shares

 

Cerberus Capital Management

 

3,506,457

24.23%

 

Owl Creek Asset Management LP

 

2,393,097

 

16.54%

 

FIE II LLC

 

1,500,000

 

10.37%

 

TSSP Sub-Fund Hold Co LLC

 

1,323,415

 

9.15%

 

  Vanguard Group

 

1,245,751

 

8.61%

 

 

American Money Management Corp.

 

 

1,112,500

 

 

7.69%

 

 

 QVT Financial LP

 

 

516,274

 

 

3.57%

*As of Dec. 31, 2017

 

[All information for NJ Tech Corner was taken from the company's annual reports and proxy statements and other company sources, with the exception of the company's stock price and valuation.]

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