BELLEVUE, Wash., May 2, 2013 (GLOBE NEWSWIRE) -- Clearwire Corporation,(NASDAQ: CLWR), a leading provider of 4G wireless broadbandservices in the U.S., announced today that the company's annualreport on SEC form 10-K/A for the year ended December 31, 2012 isnow available online. Shareholders and others may view and downloada copy of the annual report by visiting Clearwire's investorrelations site, http://corporate.clearwire.com/sec.cfm About Clearwire Clearwire Corporation (NASDAQ: CLWR), through its operatingsubsidiaries, is a leading provider of 4G wireless broadbandservices offering services in areas of the U.S. where more than 130million people live. The company holds the deepest portfolio ofwireless spectrum available for data services in theU.S. Clearwire serves retail customers through its ownCLEAR ® brand as well as through wholesale relationshipswith some of the leading companies in the retail, technology andtelecommunications industries, including Sprint andNetZero. The company is constructing a next-generation 4G LTEAdvanced-ready network to address the capacity needs of themarket, and is also working closely with the Global TDD-LTEInitiative to further the TDD-LTE ecosystem. Clearwire isheadquartered in Bellevue, Wash. Additional information isavailable at http://www.clearwire.com. Forward-Looking Statements This release, and other written and oral statements made byClearwire from time to time, contain forward-looking statementswhich are based on management's current expectations and beliefs,as well as on a number of assumptions concerning future events madewith information that is currently available. Forward-lookingstatements may include, without limitation, management'sexpectations regarding future financial and operating performanceand financial condition; proposed transactions; network developmentand market launch plans; strategic plans and objectives; industryconditions; the strength of the balance sheet; and liquidity andfinancing needs. The words "will," "would," "may," "should,""estimate," "project," "forecast," "intend," "expect," "believe,""target," "designed," "plan" and similar expressions are intendedto identify forward-looking statements. Readers are cautioned notto put undue reliance on such forward-looking statements, which arenot a guarantee of performance and are subject to a number ofuncertainties and other factors, many of which are outside ofClearwire's control, which could cause actual results to differmaterially and adversely from such statements. Some factors thatcould cause actual results to differ are:
- Our business has become increasingly dependent on ourwholesale partners, and Sprint in particular. Additionally, ourcurrent business plans depend on our ability to attract newwholesale partners with substantial requirements for additionaldata capacity, which is subject to a number of risks anduncertainties. If we do not receive the amount of revenues weexpect from existing wholesale partners or if we are unable toenter into new agreements with additional wholesale partners forsignificant new wholesale commitments in a timely manner, ourbusiness prospects, results of operations and financial conditioncould be adversely affected, or we could be forced to consider allavailable alternatives, including financialrestructuring.
- If the proposed merger with Sprint fails to close for anyreason, we believe that we will require substantial additionalcapital to fund our business and to further develop our network;such capital may not be available on acceptable terms or atall. If the merger fails to close and the funding under ourNote Purchase Agreement with Sprint was no longer available, wewould have to significantly curtail substantially all of our LTEnetwork build plan to conserve cash and there would likely besubstantial doubt about our ability to continue as a goingconcern for the next twelve months. Additionally, if the proposedmerger with Sprint fails to close and we are unable to obtainsufficient additional capital, or we fail to generate sufficientrevenue from our businesses to meet our ongoing obligations, ourbusiness prospects, financial condition and results of operationswill likely be materially and adversely affected, and we will beforced to consider all available alternatives, including financialrestructuring.
- We have a history of operating losses and we expect tocontinue to realize significant net losses for the foreseeablefuture.
- Our substantial indebtedness and restrictive debt covenantscould limit our financing options and liquidity position and maylimit our ability to grow our business. Further, unless we areable to secure the required shareholder approvals to increase thenumber of authorized shares under our Certificate of Incorporation,we may not have enough authorized but unissued shares available toraise sufficient additional capital through an equityfinancing.
- Sprint owns a majority of our common shares, is our largestshareholder, and may have, or may develop in the future, intereststhat may diverge from other stockholders.
- Our proposed merger with Sprint is subject to certainregulatory conditions that may not be satisfied on a timely basis,or at all, and is also conditioned on the consummation of theSprint-Softbank (or a similar merger) transaction. If the mergerwith Sprint fails because it is not adopted by our shareholders,then under certain circumstances Sprint may gain significantadditional control over us by acquiring the Clearwire shares heldby other parties to our Equityholders' Agreement, pursuant to theterms of an agreement with those other shareholders. Additionally,failure to complete the proposed merger could negatively impact ourbusiness and the market price of our Class A Common Stock, andsubstantial doubt may arise regarding our ability to continue as agoing concern.
- We are in the early stages of deploying LTE on our wirelessbroadband network, alongside mobile WiMAX, to remain competitiveand to generate sufficient revenues for our business; we will incursignificant costs to deploy such technology. Additionally, LTEtechnology, or other alternative technologies that we may consider,may not perform as we expect on our network and deploying suchtechnologies would result in additional risks to the company,including uncertainty regarding our ability to successfully add anew technology to our current network and to operate dualtechnology networks without disruptions to customer service, aswell as our ability to generate new wholesale customers for the newnetwork.
- We currently depend on our commercial partners to developand deliver the equipment for our legacy and mobile WiMAX networks,and are dependent on commercial partners to deliver equipment anddevices for our planned LTE network as well.
- Many of our competitors for our retail business are betterestablished and have significantly greater resources, and maysubsidize their competitive offerings with other products andservices.
- Future sales of large blocks of our common stock mayadversely impact our stock price.
CONTACT: Investor Relations: Alice Ryder, 425-505-6494 firstname.lastname@example.org Media Relations: Susan Johnston, 425-505-6178 email@example.com JLM Partners for Clearwire: Mike DiGioia or Jeremy Pemble, 206-381-3600 firstname.lastname@example.org or email@example.com