WOODLAND PARK, N.J., April 7, 2020 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today announced that it has signed a Letter of Intent (LOI) with Ameren for a long-term lease of 900 MHz broadband spectrum to enable Ameren to deploy a private LTE network that will provide critical communications services for its service territories in Missouri and Illinois. Ameren has successfully piloted a private LTE network in support of its Smart Energy Plan which includes investments to strengthen the grid while providing clean and reliable energy. The pilot demonstrated 14 different use cases leveraging Anterix's spectrum under an FCC experimental license.
Utilities provide essential services which are vital to the quality of life for the customers and communities they serve. In order to be prepared for resiliency in the face of disasters, utilities are required to take proactive measures, often well in advance, to respond to the expected and unexpected. By securing access to Anterix's low-band 900 MHz spectrum, which would be enabled through the FCC's proposed rulemaking, we believe Ameren will be well positioned to execute on its long-term private LTE network plans, strengthening its ability to provide affordable, reliable and safe electricity for its customers in both good and bad situations.
"Ameren has been leading the industry in evaluating and piloting 900 MHz broadband solutions, and its success with solving key use cases has demonstrated real-world benefits that can enable Ameren to modernize its electric grid for generations to come," said Anterix President Rob Schwartz. "Ameren's LOI represents a critical step in solving the unique private broadband needs of utilities, paving the way for the adoption of utility private LTE networks to enable secure, reliable and resilient communication networks across the nation."
"To enable the grid of the future, the system requires a smarter, stronger and more secure communications network with far greater bandwidth," said Bhavani Amirthalingam, senior vice president and chief digital information officer for Ameren. "Ameren envisions a future where broadband plays a key role in the control and management of our network, providing enhanced communication with co-workers, resulting in a better experience for our customers. Ameren intends to use a private LTE network for a wide range of applications slated to expand over time."
Anterix empowers the modernization of critical infrastructure and enterprise businesses by enabling private broadband connectivity. Our foundational spectrum, as further enhanced through the FCC's proposed rulemaking, enables risk mitigation and meets evolving business needs, with greater cyber security, resiliency and control. Anterix is the largest holder of licensed spectrum in the 900 MHz band, with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico. Anterix is currently pursuing a regulatory proceeding at the Federal Communications Commission that seeks to modernize and realign the 900 MHz band by allowing it to be utilized for the deployment of broadband networks, technologies and solutions. Our chairman and our CEO co-founded Nextel Communications and have significant experience in telecom operations and innovative spectrum initiatives.
Any statements contained in this press release that do not describe historical facts are forward-looking statements as defined under the Federal securities laws. Any such forward-looking statements, including statements regarding (i) the FCC's expected issuance of a final report and order realigning the 900 MHz band and (ii) Anterix's business strategies and opportunities, are based on Anterix's current expectations and are subject to a number of risks and uncertainties that could cause its actual future results to differ materially from its current expectations or those implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: (i) the FCC may not issue a final Report and Order on a timely basis, or at all; (ii) the terms of any final Report and Order may not be favorable or may significantly delay or increase the costs required for Anterix to commercialize its spectrum assets compared to the timing and costs assumed in its business plan; and (iii) even if its FCC initiatives are successful, Anterix may not be successful in commercializing its spectrum assets to its targeted customers and markets. These and other factors that may affect Anterix's future results of operations are identified and described in more detail in its filings with the Securities and Exchange Commission (the "SEC"), including its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2019, filed with the SEC on February 4, 2020. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, Anterix does not intend to update any of the forward-looking statements to conform these statements to actual results, later events or circumstances or to reflect the occurrence of unanticipated events.
Director of Investor Relations & Corporate Communications
RH Strategic Communications