Due to recent Nasdaq selling, APGR and APGRW are priced at a discount and we feel they will be big winners when techs bounce...

WESTBOROUGH, Mass., March 24 /PRNewswire/ -- Arch Communications Group, Inc. (Nasdaq: APGR - news), one of the nation's largest wireless messaging and wireless mobile data providers, today announced that it has reached agreement with Resurgence Asset Management, L.L.C. to exchange shares of Arch's Series D Convertible Preferred Stock for $89,969,896 accreted value (maturity value of $100,000,000) of 10 7/8% Senior Discount Notes Due 2008. The Series D Stock will be convertible into shares of Arch common stock. Based upon the conversion ratio of the Series D Stock and the exchange ratio of Senior Discount Notes for shares of Series D Stock, the effective exchange rate will be 66.1318 shares of Arch common stock per $1,000 of maturity value of the Discount Notes. (Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991207/ACLOGO) In addition, Resurgence has agreed that it will sell $48,462,284 accreted value (maturity value of $53,865,000) of 10 7/8% Senior Discount Notes to a third party to be selected by Resurgence that will, in turn, exchange such notes for 3,562,189 shares of common stock at an exchange ratio of 66.1318 shares per $1,000 note. The Series D Stock will be convertible into Arch's common stock at any time at the option of Resurgence, and it will be subject to mandatory conversion into common stock upon completion of Arch's pending merger with Paging Network, Inc. (Nasdaq: PAGE - news), targeted for mid-year 2000. Assuming the PageNet merger is completed on June 30, 2000, the Series D Stock will be converted into 6,613,180 shares of common stock. If not previously converted, beginning on March 15, 2001, the Series D Stock will pay semi-annual dividends at the rate of 10 7/8% per year, payable at Arch's option in cash or through the issuance of Arch's Series E Preferred Stock. Series D Stock will vote with the common stock on an as-converted basis. Series E Stock will be identical to the Series D Stock except that it will not be subject to conversion into common stock, will be non-voting and will not pay dividends. The Series D and Series E Preferred Stock will be subject to mandatory redemption on March 15, 2008. The Resurgence transactions are subject to various conditions and are expected to be completed in April 2000. J. Roy Pottle, Arch executive vice president and chief financial officer, said: ``We are extremely pleased to have reached agreement with Resurgence at an effective issue price of $13.60.'' Pottle noted that the transactions, which will be completed pursuant to Section 3(a)(9) of the Securities Act of 1933, are both de-leveraging to the Company and accretive to shareholders. Pottle added: ``We believe these exchanges, similar to those we recently completed, reflect continued investor confidence in Arch and our growth outlook.'' Pottle said the transactions will further reduce Arch's leverage ratio, or total debt divided by pro forma annualized EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), to 3.9:1.0, among the best in the wireless messaging industry. ``In addition,'' he noted, ``the transaction will result in an annual interest savings of more than $15 million.'' Since June 1999 Arch has eliminated or repaid more than $350 million of debt and eliminated over nearly $40 million of annual interest. Arch Communications Group, Inc., Westborough, MA, is one of the largest wireless messaging and wireless mobile data providers in the United States with annual revenues in excess of $800 million. It provides local, regional and nationwide wireless messaging and data services to customers in all 50 states, the District of Columbia and in the Caribbean. Arch operates approximately 300 offices and company-owned stores across the country. Arch's pending merger with Paging Network, Inc. (Nasdaq: PAGE - news), targeted for completion at mid-year 2000, will create a wireless messaging and communications company with annual revenues of approximately $1.6 billion. Additional information on Arch is available on the Internet at www.arch.com. Based in White Plains, New York, Resurgence Asset Management, L.L.C. is a leading global private investment firm with approximately $1.2 billion in assets under management.