RESTON, Va., Oct. 18 /PRNewswire/ -- NII Holdings, Inc. (Nasdaq : NIHD ) and its subsidiary, Nextel Mexico, announced today that they will continue to execute upon the strategy that calls for the deployment of a third generation (3G) network across Mexico with the first phase of the commercial launch of that network expected to occur in the next 12 to 18 months. Nextel Mexico's 3G plan will expand coverage and service offerings that will provide customers in Mexico with more choice in their wireless services. The new 3G network will be supported by the 30 MHz in the AWS spectrum [1710-1770/2110-2170 MHz] granted to Nextel Mexico on October 1, 2010. This 3G network is designed to provide customers in Mexico next-generation wireless services at broadband speeds.
"We are excited to be moving forward with our plans for the deployment of our 3G network in Mexico utilizing the spectrum granted by the Mexican government to Nextel Mexico," said Gokul Hemmady, NII Holdings' Vice President and Chief Financial Officer. "We are in a strong financial position with the funding necessary to carry out our deployment plans in the country and look forward to offering more choice in wireless services to the people of Mexico," he added.
As the Company previously announced, it has mutually agreed with Grupo Televisa, S.A.B. to terminate the Investment and Securities Subscription Agreement that was agreed to earlier this year. NII Holdings and Televisa have agreed to continue to discuss entering into commercial agreements that capitalize on Nextel Mexico's extensive wireless network infrastructure and expertise in operating wireless networks and Televisa's extensive programming and media content, distribution channels, backbone and backhaul network assets.
About NII Holdings, Inc.
NII Holdings, Inc., a publicly held company based in Reston, Va., is a leading provider of mobile communications for business customers in Latin America. NII Holdings, Inc. has operations in Mexico, Brazil, Argentina, Peru and Chile offering a fully integrated wireless communications tool with digital cellular voice services, data services, wireless Internet access and Nextel Direct Connect® and International Direct Connect(SM), a digital two-way radio feature. NII Holdings, Inc., a Fortune 500 company, trades on the NASDAQ market under the symbol NIHD and is a member of the NASDAQ 100 Index. Visit the Company's website at http://www.nii.com.
Nextel, the Nextel logo, and Nextel Direct Connect are trademarks and/or service marks of Nextel Communications, Inc.
This news release includes "forward-looking statements" regarding the proposed future service offerings, network speeds, future commercial agreements, business outlook and future performance, as well as other statements that are not historical or current facts and deal with potential future circumstances and developments. Forward-looking statements are qualified by the inherent risk and uncertainties surrounding future expectations generally and may materially differ from actual future experience. Risks and uncertainties that could affect the forward-looking statements in this release include: the inability to reach agreements on commercial arrangements; inability to realize operational efficiencies; unexpected costs or liabilities; the impact of more intense competitive conditions and changes in economic conditions in the Mexican telecommunications market; the impact on our financial results, and potential reductions in the recorded value of our assets, that may result from fluctuations in foreign currency exchange rates and, in particular, fluctuations in the relative values of the currencies of the countries in which we operate compared to the U.S. dollar; the risk that our network technologies will not perform properly or support the services our customers want or need, including the risk that technology developments to support our services will not be timely delivered; the risk that customers in the markets we serve will not find our services attractive; unexpected results of litigation; and the additional risks and uncertainties that are described from time to time in NII Holdings' Annual Report on Form 10-K for the fiscal year ended December 31, 2009, as well as in other reports filed from time to time by NII Holdings with the Securities and Exchange Commission. This press release speaks only as of its date, and NII Holdings disclaims any duty to update the information herein, except as required by law.
SOURCE NII Holdings, Inc.