Earlier today, Cricket's parent company Leap Wireless announced a deal that'd see its own Savary Island Wireless, T-Mobile and Cook Intlet/VS GSM VII GPS (itself a T-Mo venture) swap spectrum in a handful of markets. The agreement lets Leap Wireless inherit 10MHz of AWS waves in Phoenix, Houston, Galveston, and Brian-College Station, TX, while the Magenta carrier -- in partnership with Cook Intlet -- would receive spectrum in various markets within Alabama, Illinois, Missouri, Minnesota and Wisconsin. Leap's CEO Doug Hutchenson says the move's absolute to help "provide us an extended term flexibility to present a bigger LTE channel." In fact, the pact still needs the OK from the FCC, thus the champagne bottles must remain on standby until then.
Leap, Savary Island and T-Mobile Conform to Exchange Spectrum
Transaction Provides Leap with Additional Spectrum in Phoenix and Houston
SAN DIEGO, April 9, 2012 /PRNewswire/ -- Leap Wireless International, Inc. (NASDAQ: LEAP), a number one provider of innovative and usability-driven wireless communications services, announced today that it has entered into definitive license exchange agreements with T-Mobile USA (T-Mobile), Cook Inlet/VS GSM VII PCS LLC, a three way partnership between T-Mobile and Cook Inlet where T-Mobile has a non-controlling majority interest (Cook Inlet), and Leap's non-controlled, majority-owned venture Savary Island Wireless, LLC (Savary Island) to switch wireless spectrum in various markets.
(Logo: http://photos.prnewswire.com/prnh/20101220/MM20546LOGO-a)
The transaction would lead to Leap acquiring 10 MHz of extra AWS spectrum in Phoenix, AZ and Houston, Galveston and Bryan-College Station, TX to supplement the spectrum Leap currently operates in those markets, among others. Leap and Savary Island have agreed to assign T-Mobile and Cook Inlet spectrum in various markets in Alabama, Illinois, Missouri, Minnesota and Wisconsin. The transactions also include intra-market exchanges between Leap, T-Mobile and Cook Inlet, in Philadelphia, Wilmington, Atlantic City and diverse markets in Texas and New Mexico, and between Leap and Cook Inlet in certain markets in Texas. Completion of the transaction is subject to regulatory approvals and other customary closing conditions.
"These transactions will enhance our spectrum depth in these markets and supply us long term flexibility to provide a bigger LTE channel. As now we have previously announced, we plan to hide approximately two-thirds of our current network footprint with LTE technology over a better two to a few years," said Doug Hutcheson, Leap's president and chief executive officer. "As well the transactions will let us re-align spectrum in key markets into contiguous channels thereby optimizing our delivery of wireless services."
Financial details weren't disclosed.
About Leap
Leap provides innovative, high-value wireless services to a tender and ethnically diverse customer base. With the price of unlimited wireless services because the foundation of its business, Leap pioneered its Cricket service. Cricket services and products come in nationwide through company-owned stores, dealers, national retailers and at MyCricket.com. Through its affordable, flat-rate service plans, Cricket offers customers a call of unlimited voice, text, data and mobile Web services. Headquartered in San Diego, Calif., Leap is traded at the NASDAQ Global Select Market under the ticker symbol "LEAP." For additional info, please visit www.leapwireless.com.
Forward-Looking Statements
This press release contains "forward-looking statements" throughout the meaning of the personal Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations in line with currently available operating, financial and competitive information, but are subject to risks, uncertainties and assumptions which can cause actual results to vary materially from those anticipated in or implied by the forward-looking statements. Our forward-looking statements include discussions in regards to the timing of the closing of the spectrum transactions with T-Mobile and any other parties and our plans to launch LTE network technology, and are generally identified with words reminiscent of "will," "anticipate," "believe," "expect," "intend," "plan," "could," "may" and similar expressions. Risks, uncertainties and assumptions which could affect our forward-looking statements include, among other things, the grant and timing of regulatory approvals and the satisfaction or waiver of alternative closing conditions. Additional info about these and other risks, uncertainties and assumptions which could affect our forward-looking statements are available in section entitled "Risk Factors" included in our periodic reports filed with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on February 21, 2012.
All forward-looking statements included on this news release need to be considered within the context of those risks. We undertake no obligation to publicly update or revise any forward-looking statements, whether due to the new information, future events or otherwise. Investors and prospective investors are cautioned to not place undue reliance on our forward-looking statements.
Transaction Provides Leap with Additional Spectrum in Phoenix and Houston
SAN DIEGO, April 9, 2012 /PRNewswire/ -- Leap Wireless International, Inc. (NASDAQ: LEAP), a number one provider of innovative and usability-driven wireless communications services, announced today that it has entered into definitive license exchange agreements with T-Mobile USA (T-Mobile), Cook Inlet/VS GSM VII PCS LLC, a three way partnership between T-Mobile and Cook Inlet where T-Mobile has a non-controlling majority interest (Cook Inlet), and Leap's non-controlled, majority-owned venture Savary Island Wireless, LLC (Savary Island) to switch wireless spectrum in various markets.
(Logo: http://photos.prnewswire.com/prnh/20101220/MM20546LOGO-a)
The transaction would lead to Leap acquiring 10 MHz of extra AWS spectrum in Phoenix, AZ and Houston, Galveston and Bryan-College Station, TX to supplement the spectrum Leap currently operates in those markets, among others. Leap and Savary Island have agreed to assign T-Mobile and Cook Inlet spectrum in various markets in Alabama, Illinois, Missouri, Minnesota and Wisconsin. The transactions also include intra-market exchanges between Leap, T-Mobile and Cook Inlet, in Philadelphia, Wilmington, Atlantic City and diverse markets in Texas and New Mexico, and between Leap and Cook Inlet in certain markets in Texas. Completion of the transaction is subject to regulatory approvals and other customary closing conditions.
"These transactions will enhance our spectrum depth in these markets and supply us long term flexibility to provide a bigger LTE channel. As now we have previously announced, we plan to hide approximately two-thirds of our current network footprint with LTE technology over a better two to a few years," said Doug Hutcheson, Leap's president and chief executive officer. "As well the transactions will let us re-align spectrum in key markets into contiguous channels thereby optimizing our delivery of wireless services."
Financial details weren't disclosed.
About Leap
Leap provides innovative, high-value wireless services to a tender and ethnically diverse customer base. With the price of unlimited wireless services because the foundation of its business, Leap pioneered its Cricket service. Cricket services and products come in nationwide through company-owned stores, dealers, national retailers and at MyCricket.com. Through its affordable, flat-rate service plans, Cricket offers customers a call of unlimited voice, text, data and mobile Web services. Headquartered in San Diego, Calif., Leap is traded at the NASDAQ Global Select Market under the ticker symbol "LEAP." For additional info, please visit www.leapwireless.com.
Forward-Looking Statements
This press release contains "forward-looking statements" throughout the meaning of the personal Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations in line with currently available operating, financial and competitive information, but are subject to risks, uncertainties and assumptions which can cause actual results to vary materially from those anticipated in or implied by the forward-looking statements. Our forward-looking statements include discussions in regards to the timing of the closing of the spectrum transactions with T-Mobile and any other parties and our plans to launch LTE network technology, and are generally identified with words reminiscent of "will," "anticipate," "believe," "expect," "intend," "plan," "could," "may" and similar expressions. Risks, uncertainties and assumptions which could affect our forward-looking statements include, among other things, the grant and timing of regulatory approvals and the satisfaction or waiver of alternative closing conditions. Additional info about these and other risks, uncertainties and assumptions which could affect our forward-looking statements are available in section entitled "Risk Factors" included in our periodic reports filed with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on February 21, 2012.
All forward-looking statements included on this news release need to be considered within the context of those risks. We undertake no obligation to publicly update or revise any forward-looking statements, whether due to the new information, future events or otherwise. Investors and prospective investors are cautioned to not place undue reliance on our forward-looking statements.
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