Specimen of Redeemable Warrant Certificate



 Exhibit 4.2 
  

[FACE OF CERTIFICATE] 
  
 NUMBER 
 W-                             
  
 (SEE REVERSE SIDE FOR LEGEND) 
  
 (THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M. NEW YORK CITY TIME, 2010) AMERICAN TELECOM SERVICES, INC. 
  
 WARRANT 
 WARRANTS 
 CUSIP 03015P 11 9 
  
 THIS CERTIFIES THAT,
                                        
                                        

  
 for value received is the registered holder of a Warrant or Warrants expiring
, 2010 (the “Warrant”) to purchase one fully paid and non-assessable share of Common Stock, par value $0.001 per share (“Shares”), of American Telecom Services, Inc., a Delaware corporation (the “Company”), for each
Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to purchase from the Company, commencing on , 2005, such number of Shares of the Company at the price of $5.05 per share, subject to adjustment, upon surrender of
this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent, Continental Stock Transfer & Trust Company (such payment to be made by check made payable to the Warrant Agent), but only subject to the
conditions set forth herein and in the Warrant Agreement between the Company and Continental Stock Transfer & Trust Company. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price and the number of Warrant
Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per Share at which Shares may be purchased at the time the
Warrant is exercised. 
  
 No fraction of a Share will be issued
upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of a Share upon any exercise of a Warrant, the Company shall, upon such exercise, round up to the nearest whole number the number of Shares to be
issued to such holder. 
  
 Upon any exercise of the Warrant for
less than the total number of full Shares provided for herein, there shall be issued to the registered holder hereof or his assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised. 
  
 Warrant Certificates, when surrendered at the office or agency of the
Warrant Agent by the registered holder hereof in person or by attorney duly authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for
another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants. 
  
 Upon due presentment for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be 








 
issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for
any applicable tax or other governmental charge. 
  
 The Company
and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any
distribution to the registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
  
 This Warrant does not entitle the registered holder to any of the rights of a stockholder of the Company. 
  
 The Company reserves the right to call the Warrant, at any time prior to its
exercise, with a notice of call in writing to the holders of record of the Warrant, giving 30 days’ written notice of such call at any time after the Warrant becomes exercisable if the last sale price of the Shares has been at least 190%
(initially $9.60) at any time during the three months ending , 2006, or 150% (initially $7.58) thereafter, of the price per Share at which Shares could then be purchased upon exercise of the Warrant for all 15 of the trading days ending within three
business days prior to the date on which notice of such call is given. The call price of the Warrants is to be $0.05 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the notice of call
shall be canceled on the books of the Company and have no further value except for the $.05 call price. 
  
 COUNTERSIGNED: 
 CONTINENTAL STOCK TRANSFER & TRUST COMPANY 
 AS WARRANT AGENT 
  
 BY:
                                        
             
 AUTHORIZED OFFICER 
  
 /s/
                                        
                 
 Secretary 
  
 /s/
                                        
                 
 Chairman of the Board 
  
 [REVERSE OF CERTIFICATE] 
 SUBSCRIPTION FORM 
 To Be Executed by the Registered Holder in Order to Exercise Warrants 
  
 The undersigned Registered Holder irrevocably elects to exercise
                     Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise
of such Warrants, and requests that Certificates for such shares shall be issued in the name of 
  
  

 (PLEASE TYPE OR PRINT NAME AND ADDRESS) 
  
  

 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER) 
  
 and be delivered to 
  
  

 (PLEASE PRINT OR TYPE NAME AND ADDRESS) 
  
 and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the
balance of such Warrants be registered in the 

  

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name of, and delivered to, the Registered Holder at the address stated below: 
  
 Dated: 
  
  

 (SIGNATURE) 
  
  

 (ADDRESS) 
  
  

 (TAX IDENTIFICATION NUMBER) 
  
 ASSIGNMENT 
 To Be Executed by the Registered Holder in Order to Assign
Warrants 
 For Value Received,
                     hereby sell, assign, and transfer unto 
  
  

 (PLEASE TYPE OR PRINT NAME AND ADDRESS) 
  
  

 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER) 
  
 and be delivered to 
  
  

 (PLEASE PRINT OR TYPE NAME
AND ADDRESS) 
  
 of the Warrants represented by this Warrant Certificate, and
hereby irrevocably constitutes and appoint                          Attorney to transfer this Warrant Certificate on the
books of the Company, with full power of substitution in the premises. 
  
 Dated:

  
  

 (SIGNATURE) 
  
 THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK
EXCHANGE. 
  

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