MIAMI, June 29 /PRNewswire -- MasTec, Inc. (NYSE: MTZ) today announced the acquisition of GMR Telecom L.L.C, an e-center engineering and design firm servicing major telecommunications companies and equipment vendors throughout North America.

MasTec believes GMR will generate approximately $18-$20 million in annual revenue in 2001, and will add $0.02 to $0.03 to MasTec's earnings per share and $0.03 to $0.04 in after tax cash flow per share in 2001. The acquisition is being accounted for as a purchase.

With this acquisition, MasTec's switching, access and monitoring division will have enhanced capabilities to provide comprehensive Engineering, Furnish & Installation (EF&I) solutions to MasTec's telecommunications customers. Currently, GMR Telecom is qualified to perform engineering, drafting, and design services in several incumbent local exchange carrier and original equipment manufacturer locations.

"The introduction of new technologies is creating demands for EF&I services at unprecedented levels. With this transaction, we are executing our strategy of providing our clients with a comprehensive engineering, furnish and installation (EF&I) solution," said Joel-Tomas Citron, President and CEO of MasTec.

MasTec is the largest end-to-end communications and energy infrastructure service provider in North America. MasTec (www.mastec.com) builds, installs and maintains internal and external networks supporting Internet, Internet- related applications, and other communications and energy facilities for leading telecommunications, cable television, energy and Fortune 500 companies.

This press release and any accompanying documents contain or may contain forward-looking statements, such as statements regarding MasTec's future growth and profitability, growth strategy, and anticipated trends in the industries and economies in which MasTec operates. These forward-looking statements are based on MasTec's current expectations and are subject to a number of risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in any forward-looking statements made by MasTec in this press release. These and other risks are detailed in this press release or documents filed by MasTec with the Securities and Exchange Commission. MasTec does not undertake any obligation to revise these forward-looking statements to reflect future events or circumstances.
SOURCE MasTec, Inc.
Web site: http: //www.mastec.com
CONTACT: Carmen M. Sabater, Senior Vice President & CFO of MasTec, Inc., 305-406-1866, or csabater@mastec.com