Crest Financial Increases Stake to 7.88% in Clearwire Corporation
HOUSTON, June 6, 2012 /PRNewswire-iReach/ -- Crest Financial Limited announced today that Crest and certain of its affiliates had increased their stake in Clearwire Corporation (NASDAQ: CLWR) to 7.88%.
Contrary to a number of news reports, Crest has been a shareholder of Clearwire, a leading mobile broadband network provider, for many years. In 2004, Crest acquired an initial equity interest in then privately-held Clearwire when Crest sold certain operating assets to Clearwire. Crest and its affiliates maintained a significant position following Clearwire's IPO in 2007 and continued to periodically add to its holdings. As of May 22, 2012, the Crest group had increased its stake to 38,844,560 shares of Class A Common Stock, representing 7.88% of the outstanding shares of Clearwire, making the Crest group one of the largest shareholders of Clearwire. The Crest group reported its Clearwire holdings to the Securities and Exchange Commission (SEC) on June 1, 2012.
"As one of the early investors in the business, Crest believed, and continues to believe, that Clearwire has a significant opportunity in the market" said Jason Woods, President of Crest Capital Ventures an affiliate of the Crest group. "We are convinced that Clearwire's operating model and asset portfolio are undervalued."
Crest Financial is an investment company headquartered in Houston, Texas.Media Contact:
Cynthia Laird, Crest Investment Company, (713) 222 6900, firstname.lastname@example.org
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SOURCE Crest Investment Company