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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..]
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To: MangoBoy who wrote (1166)3/29/2000 1:52:00 PM
From: MangoBoy  Read Replies (1) of 1860
 
[Advanced Radio Telecom Signs Binding LOI for Major Spectrum Acquisition; ART to acquire 366 39 GHz spectrum licenses of BroadStream Communication Corporation]

BELLEVUE, Wash.--(BUSINESS WIRE)--March 29, 2000--Advanced Radio Telecom Corp. (ART) today announced that it has entered into a binding letter of intent to acquire 366 39GHz licenses from BroadStream Communications Corporation for shares of ART common stock with a value of up to approximately $365 million.

These licenses cover a population of approximately 258 million, including 37 of the top 50 markets in the United States. Of the licenses to be acquired 104 are subject to put and call agreements conditioned on license renewal. ART will provide BroadStream with a bridge loan of up to $30 million primarily for network construction. The closing of the transactions is subject to various conditions including execution of definitive agreements, receipt of a fairness opinion, FCC approval, agreement of the Series A stockholders and Board and shareholder approval.

"Consolidating 39 GHz spectrum licenses and increasing spectrum depth in our key markets are important strategic goals of ART. After closing the BroadStream and Bachow acquisitions, we will have almost doubled our channel pop coverage and increased the breadth and depth of our nationwide spectrum footprint," said Robert McCambridge, ART president and COO. "We are currently building IP broadband wireless metropolitan networks that offer connectivity at 100 Mbps and our spectrum depth will enable us to expand our services in our major markets to include OC-3 this year and gigabit ethernet and OC-12 in the future. We have also enhanced the breadth of our spectrum coverage, expanding ART's long-term development of nationwide IP broadband metro networks in secondary markets."
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