Leap Wireless International to Acquire Operating License in California
Leap to Offer Simple, Affordable Local Wireless Cricket Service
--From AOl.-- Cooters
SAN DIEGO, Aug. 7 /PRNewswire/ -- Wireless communications carrier Leap Wireless International, Inc. (Nasdaq: LWIN) today announced that it has signed a non-binding memorandum of understanding to purchase a PCS operating license in Visalia, Calif., for an undisclosed amount. Leap expects to finalize a binding agreement in the next 30 days. The agreement, if executed, will be subject to certain conditions including approval from the Federal Communications Commission (FCC) and will give Leap the right to add more than 470,000 potential customers (1998 POPs) to the company's holdings.
"Leap aims to bring a whole new set of people to the wireless revolution with its simple and affordable Cricket service," said Harvey P. White, Leap's chairman and CEO. "Cricket is penetrating markets faster than a typical new wireless company, and we expect to duplicate our industry-leading results as we launch in markets across the country."
Priced competitively with traditional home phone service, Cricket service lets customers make and receive virtually unlimited phone calls in their local service area. Cricket service has achieved strong penetration and brand awareness in its first two markets, Chattanooga and Nashville, Tenn. Leap plans to launch Cricket service in eight more markets by the end of this year and to offer service in a total of 35 markets by the end of 2001.
About Leap Wireless International, Inc.
Leap Wireless International, Inc., headquartered in San Diego, Calif., is dedicated to playing a leading role in transforming wireless communications for the mass consumer market. As a different kind of wireless company, Leap is designing solutions to make the wireless future a reality. Domestically, Leap has launched its "Comfortable Wireless" Cricket service that lets customers make all their local calls and receive calls from anywhere for one low, flat rate. Leap seeks to spark the wireless revolution by developing innovative voice and data services that deliver value to customers. For more information, please visit www.leapwireless.com.
This news release contains "forward-looking statements," including statements regarding the rollout plans and financing of Leap and its operating companies. Forward-looking statements, which are based upon certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "plan," "anticipate," "estimate," "project," "aim" or similar expressions. The ability of the Company to predict actual results and other future events is inherently uncertain. Important factors which may cause actual results to differ materially from the forward-looking statements contained herein or in other public statements by the Company are described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1999 and other documents filed with the Securities and Exchange Commission. Those factors most likely to cause actual results to differ include but are not limited to: uncertainties regarding the ability of Leap and its operating companies to achieve a time-to-market advantage, launch networks according to plan, raise sufficient capital for continued expansion and operation, performance uncertainties and potential delays relating to the deployment of large scale construction projects and uncertainties relating to negotiating and executing definitive agreements and the closing of transactions described herein.
SOURCE Leap Wireless International
CO: Leap Wireless International
ST: California
IN: TLS
SU:
08/07/2000 07:30 EDT prnewswire.com |
