Oct. 1, 2012
/PRNewswire/ -- Leap Wireless International, Inc. (NASDAQ: LEAP), a leading provider of innovative and value-driven wireless communications services, announced today that it has completed the previously announced transactions to exchange spectrum in various markets with T-Mobile
(T-Mobile), Cook Inlet/VS GSM VII PCS LLC, a joint venture between T-Mobile and Cook Inlet in which T-Mobile has a non-controlling majority interest (Cook Inlet), and Leap's non-controlled, majority-owned venture Savary Island Wireless, LLC (
Under the agreements, Leap acquired 10 MHz of additional AWS spectrum in
, TX to supplement the spectrum Leap currently operates in those markets, among others. Leap and
also assigned T-Mobile and Cook Inlet spectrum in various markets in
and Wisconsin. The transactions also included intra-market exchanges between Leap and T-Mobile in
and various markets in
, and between Leap and Cook Inlet in certain markets in
"The closing of these agreements will allow us to enhance the delivery of our wireless services in key markets through the realignment of spectrum," said
, Leap's president and chief executive officer. "In addition, we now have added depth to our spectrum in select markets providing us with longer term flexibility to offer a larger LTE channel."
Financial details were not disclosed.
Leap also announced today that its wholly owned subsidiary, Cricket Communications, Inc. ("Cricket"), completed the acquisition of the remaining 15 percent controlling membership interest that it did not own in
in cash. As a result of the acquisition,
and its subsidiaries became wholly owned subsidiaries of Cricket.
Leap provides innovative, high-value wireless services to a young and ethnically diverse customer base. With the value of unlimited wireless services as the foundation of its business, Leap pioneered its Cricket service. Cricket products and services are available nationwide through company-owned stores, dealers, national retailers and at
. Through its affordable, flat-rate service plans, Cricket offers customers a choice of unlimited voice, text, data and mobile Web services. Headquartered in
San Diego, Calif.
, Leap is traded on the NASDAQ Global Select Market under the ticker symbol "LEAP." For more information, please visit
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations based on currently available operating, financial and competitive information, but are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements. Our forward-looking statements, which include discussions regarding future plans to offer LTE services, are generally identified with words such as "believe," "expect," "intend," "plan," "could," "may" and similar expressions. Risks, uncertainties and assumptions that could affect our forward-looking statements can be found in the section entitled "Risk Factors" included in our periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended
June 30, 2012
filed with the SEC on
August 8, 2012
All forward-looking statements included in this news release should be considered in the context of these risks. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.