Boston Omaha Corporation (NYSE: BOC) (“Boston Omaha” or the
“Company”), a diversified company, today announced that Alex Rozek,
Co-CEO and Co-Chair, has left the Company, effective as of May 9,
2024 to pursue new entrepreneurial opportunities. Adam Peterson
will continue to lead the Company as Chair and CEO.
Over the last nine years, Boston Omaha has evolved from a
business plan to today’s diversified holding company encompassing
subsidiaries in outdoor advertising, surety insurance and fiber to
the home, as well as substantial minority interests in Sky Harbour
Group Corporation and Crescent Bank. Throughout this time the
company has been led by Adam Peterson and Alex Rozek. Although Mr.
Rozek intends to pursue new entrepreneurial activities, he will
continue to serve as Boston Omaha’s board designee at Sky Harbour
Group Corporation (NYSE American: SKYH and SKYH WS).
With today’s announcement that Alex will depart Boston Omaha, we
want to detail more of our thoughts for shareholders on what this
change means for your company going forward. Simply put, we believe
we have more than enough opportunity within existing business lines
to seek to grow value per share, reinvest cash flows, and compound
capital for you, our shareholders. For the next several years, we
expect to focus on investing anticipated cash flows to grow our
existing business lines before we would consider acquiring any new
significant line of business.
Comments from Adam Peterson:
“The nine plus year partnership with Alex in building Boston
Omaha into what it is today has been a joy for me personally and
professionally. He has been a sounding board, idea generator, and
teacher; not to mention the fact that we have had a ton of fun all
along the way sharing the good and the sometimes challenging
aspects of building businesses. Based on our recent discussions on
the plans for the future, we understand Alex’s desire to start a
new chapter in his business career and wish him the very best in
his future endeavors.
“Alex has consistently worked with our team at Boston Omaha on
the expansion of the business into new areas, and we believe he has
done a fantastic job putting the company in the position to succeed
for the long term. Indeed, Alex is an entrepreneur to the core, and
he desires to continue building new and different businesses. As we
focus on seeking to achieve additional efficiencies in current
business lines and reinvesting both cash flows and any excess
capital mostly into internal business opportunities for the time
being, we collectively came to the decision to part ways.
“Boston Omaha is committed to focusing on our goals of expanding
margins in our existing businesses, reinvesting cash flows into
profitable business opportunities, expanding our investments in
billboards (including tuck-in acquisitions in existing markets and
easement purchases), surety (additional agencies, surplus for
underwriting capacity, etc.) and fiber to the home (additional
communities). As has been the case since Boston Omaha was founded,
allocating capital to its best and highest use within our
opportunity set will be the guiding principle.
“We are excited about the future chapters for Boston Omaha and
look forward to welcoming your questions at our in person annual
meeting later this year. Boston Omaha’s 2023 Annual Letter to
Shareholders will also be delivered in the near term, updating
investors more thoroughly on our operations.”
Comments from Alex Rozek:
“After nearly a decade of consistent growth and building
significant businesses across multiple categories, I feel this is a
good point to move on to my next new venture. I want to thank Adam
and all of the amazing people across Boston Omaha for their work
through the years. I will work with the management team and the
board so that there is a smooth transition, and I will continue to
be an enduring fan of Boston Omaha and its businesses and
investments.”
About Boston Omaha Corporation
Boston Omaha Corporation is a public holding company with four
majority owned businesses engaged in outdoor advertising, broadband
telecommunications services, surety insurance and asset management.
Our investor relations website is https://investor.bostonomaha.com/
and we encourage investors to use it as a way of easily finding
information about us. We promptly make available on this website,
free of charge, the reports that we file or furnish with the SEC,
corporate governance information, and select press releases, which
may contain material information about us, and you may subscribe to
be notified of new information posted to this site.
FORWARD LOOKING STATEMENTS
Any statements in this press release about the Company’s future
expectations, plans and prospects, including statements about our
financing strategy, future operations, future financial position
and results, market growth, total revenue, as well as other
statements containing the words "anticipate," "believe,"
"continue," “goal,” “seek, ” "could," "estimate," "expect,"
"intend," "may," "might," "plan," "potential," "predict,"
"project," "should," "target," "will," or "would" and similar
expressions, constitute forward-looking statements within the
meaning of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. The Company may not actually achieve
the plans, intentions or expectations disclosed in the Company’s
forward-looking statements, and you should not place undue reliance
on the Company’s forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements the
Company make as a result of a variety of risks and uncertainties,
including risks related to the Company’s estimates regarding the
potential market opportunity for the Company’s current and future
products and services, the competitive nature of the industries in
which we conduct our business, general business and economic
conditions, our ability to acquire suitable businesses, our ability
to successfully integrate acquired businesses, the effect of a loss
of, or financial distress of, any reinsurance company which
reinsures the Company’s insurance operations, the risks associated
with our investments in both publicly traded securities and
privately held businesses, our history of losses and ability to
maintain profitability in the future, the Company’s expectations
regarding the Company’s sales, expenses, gross margins and other
results of operations, and the other risks and uncertainties
described in the "Risk Factors" sections of the Company’s public
filings with the Securities and Exchange Commission (the "SEC") on
Form 10-K for the year ended December 31, 2023, as amended, as well
as other risks and uncertainties which may be described in any
subsequent quarterly report on Form 10-Q filed by the Company and
the other reports the Company files with the SEC. Copies of our SEC
filings are available on our website at www.bostonomaha.com.
In addition, the forward-looking statements included in this
press release represent the Company’s views as of the date hereof.
The Company anticipates that general economic conditions and
subsequent events and developments may cause the Company’s views to
change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company’s views as of any date subsequent to the
date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20240510567190/en/
Boston Omaha Corporation Josh Weisenburger, 402-210-2633
contact@bostonomaha.com
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