Waller Capital Advises Centennial Communications on the sale of its Dominican Republic Wireless and Broadband Business

Wall, NJ

Centennial Communications Corp. (NASDAQ: CYCL) (“Centennial”) today announced that it has concluded its review of strategic and operational alternatives for its Dominican Republic operations and entered into a definitive agreement to sell its wholly owned subsidiary, All America Cables and Radio, Inc. (“Centennial Dominicana”), to Trilogy International Partners for approximately $80 million in cash. The transaction is expected to close towards the end of the first calendar quarter of 2007, subject to the satisfaction of customary closing conditions including regulatory approval for the transfer of Centennial Dominicana’s telecommunications concession.

Centennial Dominicana operates an integrated wireless and broadband network that served approximately 388,900 wireless subscribers as of August 31, 2006. Adjusted operating income and capital expenditures attributable to Centennial Dominicana for the fiscal year ended May 31, 2006 were both approximately $11 million.

“This business has been a solid performer for Centennial during the last six years, and we continue to believe the Dominican Republic is an attractive and growing market,” said Michael J. Small, Chief Executive Officer of Centennial. “Additional investment in this operation was not consistent with our renewed commitment to deleveraging, and we believe that monetizing our Dominican Republic asset at this time was the best alternative for our shareholders.”

“We are excited to add Centennial Dominicana to our portfolio of wireless investments,” said Brad Horwitz, President and CEO of Trilogy International Partners. “We are convinced that there are significant opportunities for growth in the Dominican Republic’s wireless market and we look forward to working with Centennial Dominicana’s staff to support their efforts to expand the system’s coverage area and to attract subscribers.”

Waller Capital Corporation served as exclusive financial advisor to Centennial on this transaction.