First Communications, Inc. to Access U.S. Public Markets Through Merger with Renaissance Acquisition Corp.

First Communications, Inc. (AIM: FCOM) and Renaissance Acquisition Corp. (AMEX: RAK) announced on September 15 that they have signed a definitive merger agreement through which First Communications intends to access the U.S. public markets. First Communications is a leading Midwest competitive local exchange carrier and owner of wireless telecommunications towers.

The transaction, pursuant to which First Communications common stockholders will receive as consideration shares of Renaissance common stock, has been approved by both companies' boards of directors and by the stockholders of First Communications. At the current Renaissance share price, the initial consideration for the First Communications shares reflects an enterprise value of approximately $249 million which does not reflect the potential release to First Communications common stockholders of additional Renaissance shares upon achievement of specific milestones. Further information is available in the press release, available for download below.