Ridan Industries, LLC (“Ridan”), a Florida-based company that owns and develops wireless communications towers signed a joint venture agreement with Chesapeake Towers Holding, LLC (“Chesapeake”), a Washington, DC-based company, to develop a large portfolio of towers in the Southeast U.S. MCG Capital Corporation, the financial partner in the new joint venture will provide a creative financial model that allows the newly formed venture to aggressively pursue wireless tower development in support of the rapidly growing customer demand for wireless voice and broadband services.

Ridan Industries, LLC is a dynamic and innovative company which has combined its extensive staff experience with a community-oriented approach to siting towers. Ridan’s siting process focuses on two specific areas: (1) developing multi-tenant sites in critical but difficult zoning areas to meet the RF needs of the wireless service providers; (2) developing a proprietary database of sites based on demographic growth patterns and wireless service needs rather than the traditional “build-to-suit” models. During this process, Ridan makes every effort to coordinate with local zoning authorities in an attempt to balance the private property rights of the impacted citizenry and the coverage/capacity needs of the wireless service providers. Ridan’s President, Kevin Barile, indicated, “Our approach is unique and provides our wireless carrier customers speed-to-market while freeing up their capital and resources from the real estate and infrastructure portion of their network expansion so they can concentrate on product and service development.”

Chesapeake was founded to foster regional tower development in several select regions of the U.S. Chesapeake is seeking partners, like Ridan, that are skilled in working with local jurisdictions and have relationships with the wireless carriers’ regional offices. Chesapeake provides capital for site development and construction along with “back office” support, while the partner focuses on site development and local marketing with the wireless carriers. Chesapeake’s CEO, Clark Madigan, one of the founders of TeleCom towers and a pioneer in creating the modern tower industry said, “We are excited about joining forces with Ridan. Our goal is to add our operational experience and financial support to allow Ridan and our other regional partners to grow their business faster. We think that our partnership concept can be repeated in other growth markets. Our financial partner, MCG Capital Corporation, provides a creative financial model that allows us to move quickly into rapidly evolving opportunities.”

For more information contact:

Ridan: Bill Lax, Director Corporate Communications @ 813.258.8834, bill.lax@ridanindustries.com

Chesapeake: Mike Hofe, COO @ 202.420.7300, mhofe@chesapeaketowers.com