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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..]
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To: Regis McConnell who wrote (420)6/14/1999 9:17:00 AM
From: MangoBoy  Read Replies (1) of 1860
 
[NEXTLINK Establishes Strategic Alliance With SPEEDUS.com]

-- NEXTLINK to pay $20 million for 150 MHz broadband wireless spectrum in New York City and additional $20 million for two million shares of SPEEDUS.com stock --

BELLEVUE, Wash.--(BUSINESS WIRE)--June 14, 1999--NEXTLINK Communications, Inc, one of the nation's fastest growing providers of next generation, telecommunications services, announced it has reached agreement with SPEEDUS.com, a facilities-based high-speed Internet Service Provider, to pay $20 million for 150 MHz of broadband wireless spectrum in New York City and an additional $20 million to be invested in two million shares of SPEEDUS.com common stock.

"Today's announcement gives NEXTLINK additional broadband wireless spectrum in New York City which is arguably the most important telecommunications market in the world," said NEXTLINK Chairman and Chief Executive Officer Steve Hooper. "Additionally, we now have a strategic investment in a growing broadband wireless Internet Service Provider who is doing some very creative things and bringing new services to customer segments that NEXTLINK is currently not addressing."

As a part of the strategic alliance, NEXTLINK will receive the right to one seat on the SPEEDUS.com board of directors and will provide co-location, transport and access services to SPEEDUS.com. Additionally, SPEEDUS.com will have access to NEXTLINK's network testing laboratory in Plano, Texas.

Both the NEXTLINK and SPEEDUS.com boards have approved the transaction, which is subject to receiving certain regulatory approvals.
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