Press Release 10.12.2006

FOR MORE INFORMATION, CONTACT:

Mr. Mike Casabonne, Search Committee Chairperson, PVT at 505-484-3268.

FOR IMMEDIATE RELEASE  -  ARTESIA, NEW MEXICO

 PENASCO VALLEY TELECOMMUNICATIONS BOARD OF DIRECTORS NAMES NEW CHIEF EXECUTIVE OFFICER

After months of conducting a nationwide search to fill the top post of Chief Executive Officer for Penasco Valley Telecommunications, the board has unanimously named Glenn D. Lovelace of Dripping Springs, Texas, to fill the post.  Lovelace was selected after lengthy face to face interviews with seven finalists from a total of 135 applicants who applied from all over the country.  He will assume his duties as Chief Executive Officer on October 30, 2006.
          Lovelace, 48, is a current director of Red Horse Wireless, Inc. and Geo Tek Energy, LLC.  He is an advisor to Build Forge, Inc; BroadQ; and the University of Texas’ Center for Electro mechanics.  He is a member of the Central Texas Selection committee for the $200 million Texas Emerging Technology Fund.  He has served as an advisor or director of 12 companies.  He has founded 3 companies and has served as CEO of four.
He has 26 years of progressive, diverse, senior management experience.  His executive experience is in start up and fortune 100 companies.  His functional experience spans general management; product development; product management; market and business development; strategic planning; sales; marketing; and IS.  He has been published in over twenty publications and quoted in over 100 articles including The Wall Street Journal, Washington Post, and Red Herring.  He was a contributing author of ENRICHING ECONOMY AND ENVIRONMENT:  Making Central Texas the Center for Clean Energy.
Glenn was an executive with Nortel Networks where he created the worlds largest and most successful telework program. He is a co-inventor of call waiting and caller ID, where he had global P&L responsibility for $500 million.  He managed the design and launched a digital telephone portfolio that sold over $5 billion.  He is an AT&T trained network engineer.
          He and his wife of 28 years, Deanna, have three children:  Nicole age 20, David age 18, and William age 14.  William will be attending Park Junior High in Artesia this fall.
          Lovelace earned his Bachelor of Science Degree in Business and Public Administration from the University of Texas-Dallas.  He also earned a Masters Degree in Business Administration from the Harvard University Graduate School of Business.        
“We are extremely pleased with the field of well-qualified candidates that we interviewed.  As the representatives for our consumer members, we have the extremely critical and important fiduciary responsibility to select the best-qualified chief executive officer for PVT; and we take that responsibility quite seriously. Glenn possesses the attributes we were looking for in dedication to the cooperative principles and sound business and management practices.  His strong and deep background in telecom technology will guide PVT in providing the best possible telecommunications services available to our customers and consumer members in the future,” said Bob Mayberry, Board President. 
          “I am very excited about coming to PVT and getting to know the employees, local community, and the board members.  Together, we will work hard to carry on the important legacy that retiring CEO, John Metts, has devoted his career to build and continue to be a vital link to the local community.
I believe that telephone cooperatives such as PVT play a critical role in both economic development and improved quality of life in rural America by providing vital communications  services.  My family and I are extremely proud to be new members of the Artesia community and we look forward to making Artesia our home. ” stated Lovelace.