WAYNESBORO, Va., April 15, 2015 /PRNewswire/ -- NTELOS Holdings Corp. (the "Company" or "NTELOS";NASDAQ: NTLS) announced today that it has completed the sale of its PCS wireless spectrum licenses covering its Eastern Markets. The Company announced the spectrum sale on December 2, 2014 as part of a strategic refocus on its Western Markets, where it benefits from strong operating performance, a favorable competitive position for its branded retail offering and its Strategic Network Alliance with Sprint. NTELOS received approximately $56.0 million in cash from T-Mobile for the spectrum, which covers the operating markets of Hampton Roads/Norfolk and Richmond, Virginia. Under the agreement, the Company is leasing back a portion of the spectrum to continue serving Eastern Markets customers until it shuts down operations in those markets in November of 2015.
"Closing the spectrum sale on schedule is another example of how we are executing on our strategic plan to enhance value for shareholders. The proceeds from the spectrum sale and the towers sale we announced in February 2015 will provide us with additional financial flexibility as we expand 4G LTE coverage in our Western Markets and invest in areas where we are the most competitive," said Rod Dir, Chief Executive Officer of NTELOS. "We have valued the relationships developed over the years to deliver wireless services to our customers in our Eastern Markets and we remain committed to continuing to provide these services throughout the transition period."
NTELOS Holdings Corp. (NTLS), operating through its subsidiaries as "nTelos Wireless," is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for approximately 282,100 retail subscribers based in its Western Markets, comprised of western Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The Company's licensed territories in the Western Markets have a total population of approximately 4.4 million residents, of which its wireless network covers approximately 3.1 million residents. The Company is also the exclusive wholesale provider of wireless network services to Sprint Corporation in portions of its western Virginia and West Virginia territories for all Sprint wireless customers.
This press release may contain statements, estimates or projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "plan," "estimate," "anticipate," "project," "will," "may," "should," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and its present expectations or projections. These risks include, but are not limited to, risks discussed in the Company's filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2014, which filing is available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
SOURCE NTELOS Holdings Corp.