Subject: [NEXTEL-1] First Avenue Snaps Up Some Spectrum

From: [email-masked]
Date: Thu, 08 Jul 2004 13:59:42 -0400

First Avenue Snaps Up Some Spectrum
BY SUSAN RUSH
JULY 8, 2004

First Avenue Networks has made a move to strengthen its portfolio. The
latest:
The company signed a letter of intent to purchase assets from Teligent,
including its 24 GHz spectrum licenses.
The transaction, if completed, includes Teligent's 24 GHz spectrum
licenses, fixed wireless broadband operations and radio assets. The deal
will boost the amount of spectrum First Avenue will hold at 24 GHz and
39 GHz to 700 MHz.

Under the terms of the deal, First Avenue will fork over 25.2 million
common shares. The company also will issue warrants to purchase an
additional 2.5 million common shares. As of July 7, First Avenue's stock
was trading at $3.60 per share, which would value the deal at roughly
$99 million. First Avenue's stock, which trades on Nasdaq's
over-the-counter-bulletin, got a shot in the arm following the spectrum
buy. As of mid-day EDT, the company's shares were up 10 percent to
$4.20.
As part of the deal, Raj Singh, the co-developer of the predecessor
concept for Teligent, will join First Avenue's board of directors.

Last month, First Avenue leased some of its existing spectrum to
Windchannel Communications. At the time of the announcement, the
companies said Windchannel was licensing spectrum from First Avenue in
an effort to build out its hybrid networks in North Carolina and South
Carolina. The fixed wireless broadband provider said it planned to use
the licensed spectrum to provide enterprise connectivity, customer
access, backhaul and building-to-building connectivity and aggregate
POPs.
http://www.wirelessweek.com/index.asp?layout=newsat2direct&starting=5&pubdate=07/08/04

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