NextWave Wireless Extends Refinancing Deadline Under Forbearance Agreement With Noteholders

NextWave Wireless Inc. (OTCQB: WAVE) (the “Company” or “NextWave”) today announced that its senior noteholders have agreed to an extension to November 30, 2011 of the deadline for the Company to complete a refinancing transaction. On August 1, 2011, the Company entered into an agreement with the holders of its secured notes pursuant to which such holders agreed to forbear from exercising their respective rights and remedies in connection with the Company’s failure or anticipated failure to pay amounts coming due under the agreements relating to each class of notes. The forbearance agreement required the Company to complete a refinancing transaction within a specified time frame, initially set to expire on September 30, 2011. The forbearance agreement and the contemplated refinancing transaction were described in detail in NextWave’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2011.

About NextWave Wireless Inc.

NextWave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.

Additional Information

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved. Actual events or results could differ materially from the events or results predicted by such statements. Important factors that could cause actual events or results to differ materially are discussed in greater detail in the filings of NextWave with the Securities and Exchange Commission (“SEC”). All such documents are available through the SEC’s website at www.sec.gov. NextWave makes no commitment to update any forward-looking statements in order to reflect subsequent changes in events or circumstances except as may be required pursuant to applicable law.

This press release shall not be deemed an offering of NextWave new senior notes, second lien notes, or any other security which may be issued by NextWave in any refinancing transaction. Any such offer will involve securities that will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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