Subject: [NEXTEL-1] Cingular buys up Florida radio spectrum

From: [email-masked]
Date: Thu, 21 Aug 2003 03:33:38 -0400

Cingular buys up Florida radio spectrum

Sunshine PCS says that it has entered into an agreement with Cingular Wireless in
which Cingular will acquire three licenses in Florida for US$13.75 million. The
licenses are for spectrum in markets where Cingular currently has voice

and data operations. Under terms of the deal, Cingular would pay US$13.75 million
in cash, and obtain FCC authorization to operate on 15 MHz of broadband PCS (1900
MHz) spectrum in the following markets: Tallahassee, Panama City and Ocala.
Sunshine PCS and Cingular also entered into other commercial arrangements to
facilitate service in these markets.

The sale requires approval by the shareholders representing a majority of the
voting power of all outstanding shares of Sunshine PCS.  In addition, completion
of the sale is subject to the consent of the Federal Communications Commission to
the transfer of the licenses.

In connection with the transaction, Sunshine PCS has reached an agreement with
Lynch Interactive Corporation, which owns all of the outstanding shares of the
three series of Preferred Stock of Sunshine PCS, to acquire those shares for a
total of approximately US$7.2 million. Sunshine PCS also has reached an agreement
with the holder of its 3,069,313 shares of Class B Common Stock to reacquire such
shares for US$0.20 per share. The acquisition of both the Preferred Stock and
Class B Common Stock would coincide with the sale of the licenses to Cingular.

With regard to the remaining sale proceeds, Sunshine PCS is in the process of
evaluating all of its alternatives and will consider all options with regard to
their potential use.

Posted to the site on 21-Aug-03

http://www.cellular-news.com/story/9563.shtml

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