WOODLAND PARK, N.J., Jan. 3, 2019 /PRNewswire/ -- In support of its strategy to focus its resources on enabling broadband communications to the critical infrastructure sector, pdvWireless Inc. today announced that it has entered into agreements to transfer certain dispatch customers and related solutions businesses by entering into separate arrangements with A Beep, LLC, Goosetown Enterprises, Inc. and the principals of Goosetown.
PDV intends to file a Current Report on Form 8-K with the Securities and Exchange Commission describing the material terms of the agreements and present pro forma financial information reflecting the financial impact of the transfer of its TeamConnect and pdvConnect businesses and related actions.
About pdvWireless, Inc.
pdvWireless, Inc. (NASDAQ: PDVW) 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. Leveraging our spectrum, we strive to enable secure and private broadband networks to address the growing and unmet needs of critical infrastructure and enterprise customers. Our chairman and our CEO co-founded Nextel Communications and have over 60 years of combined experience in telecom operations and creative spectrum initiatives. pdvWireless is headquartered in Woodland Park, NJ.
Any statements contained in this press release that do not describe historical facts are forward-looking statements as defined under the Federal securities laws. These forward-looking statements include statements regarding the regulatory status, timing and results of the initiatives and related regulatory actions the Company is pursuing in proceedings before the FCC, the Company's spectrum and other business initiatives and opportunities, the expected costs, timing and operational benefits of the Company's transfer of its TeamConnect and pdvConnect businesses and its other restructuring actions and the financial impact of the Company's transfer and restructuring actions on its future operating costs and financial results. Any forward-looking statements contained herein are based on the Company's current expectations, but 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 Company's spectrum initiatives, including its FCC proceedings aimed at modernizing and realigning the 900 MHz spectrum band to increase its usability and capacity, which contemplates the utilization of such spectrum for the future deployment of broadband technologies and services, may not be successful on a timely basis or at all, and may continue to require significant time and attention from its senior management team and the expenditure of significant resources; (ii) the Company may not be successful in identifying, developing and commercializing network and mobile communication solutions utilizing its current and future spectrum and commercially available technologies; (iii) the Company has had net losses each year since its inception and may not achieve or maintain profitability in the future; (iv) the Company's ability to control the costs and to achieve the expected operational benefits and long- term cost savings of its restructuring plan, including the transfer of its TeamConnect and pdvConnect businesses; (v) the wireless communication industry is highly competitive and the Company may not be able to compete successfully; and (vi) government regulation could adversely affect the Company's business and prospects. These and other factors that may affect the Company'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 Annual Report on Form 10-K/A for the fiscal year ended March 31, 2018, filed with the SEC on August 9, 2018. Modifications to those factors and/or additional factors are described in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, filed with the SEC on November 7, 2018. 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, the Company 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 Corporate Communications