SAN DIEGO, June 25, 2003 (PRIMEZONE) -- In a statement today commenting on Verizon Wireless' announcement in support of wireless number portability, Leap Wireless International's (OTCBB:LWINQ) Chairman and CEO, Harvey White said, "From day one, Leap has been a strong advocate and avid supporter of number portability. We welcome Verizon Wireless to the fold as an advocate of LNP. Clearly, Verizon is very well respected in the industry, as well as being the largest wireless carrier, and we believe that their significant voice will help further industry support for number portability. It is our hope that Verizon Wireless' announcement will serve as a signal that it's simply time to stop the ongoing LNP battle and allow consumers the benefits of number portability."
White continued, "Leap's perspective is that number portability creates a result worth achieving not only for the consumer but ultimately for the industry as well."
About Leap
Leap, headquartered in San Diego, Calif., is a customer-focused company providing innovative communications services for the mass market. Leap pioneered the Cricket Comfortable Wireless(r) service that lets customers make all of their local calls from within their local calling area and receive calls from anywhere for one low, flat rate. For more information, please visit www.leapwireless.com.
About Cricket Service
With Cricket(r) service, customers can make unlimited calls over their service area for a low, flat rate. Cricket customers can call long distance anywhere for a little more - just 8 cents per minute to anywhere in the United States and just 18 cents per minute anytime to anywhere in Mexico or Canada. The service offers text messaging, voicemail, caller ID, three-way calling and call waiting for a small additional monthly fee. The extra value Cricket(r) Talk rate plan is $39.99 per month plus tax, which includes unlimited local calls, 500 free minutes of U.S. long distance and a three-feature package (including caller ID, call waiting and three-way calling). Cricket service is an affordable wireless alternative to traditional landline service, and appeals to people completely new to wireless - from students to young families and local business people. For more information, please visit www.mycricket.com.
Except for the historical information contained herein, this news release contains "forward-looking statements" reflecting management's current forecast of certain aspects of Leap's future. Some forward-looking statements can be identified by forward-looking words such as "believe," "think," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "seek," "plan," "expect," "should," "would" and similar expressions. This news release is based on current information, which we have assessed but which by its nature is dynamic and subject to rapid and even abrupt changes. Our actual results could differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with our business. Factors that could cause actual results to differ include, but are not limited to:
- our ability to cause a Chapter 11 plan of reorganization to be finalized and to be confirmed by the Bankruptcy Court, and our ability to successfully implement the plan; - our ability to continue as a going concern; - our ability to obtain Bankruptcy Court approval with respect to motions prosecuted by us in our Chapter 11 cases from time to time; - risks associated with third parties seeking and obtaining Bankruptcy Court approval to terminate or shorten the exclusivity period for Leap, Cricket and substantially all of their subsidiaries to propose and confirm one or more plans of reorganization, for the appointment of a Chapter 11 trustee or to convert the Chapter 11 cases of Leap, Cricket and substantially all of their subsidiaries to Chapter 7 cases; - our ability to obtain and maintain normal terms with vendors and service providers; - our ability to maintain contracts that are critical to our operations; - the potential adverse impacts of the Chapter 11 cases on the liquidity or results of operations of Leap and Cricket; - our ability to attract, motivate and/or retain key executives and other employees; - our ability to attract and retain customers; - the unsettled nature of the wireless market, the current economic slowdown, service offerings of increasingly large bundles of minutes of use at increasingly low prices by some major carriers, other issues facing the telecommunications industry in general, our announcement of restructuring discussions, and our subsequent Chapter 11 filing, which have created a level of uncertainty that adversely affects our ability to predict future customer growth, as well as other key operating metrics; - changes in economic conditions that could adversely affect the market for wireless services; - the acceptance of our product offering by our prospective customers; - the effects of actions beyond our control in our distribution network; - rulings by courts or the Federal Communications Commission (FCC) adversely affecting our rights to own and/or operate certain wireless licenses, or changes in our ownership that could adversely affect our status as an "entrepreneur" under FCC rules and regulations; - our ability to maintain our cost, market penetration and pricing structure in the face of competition; - failure of network systems to perform according to expectations; - the effects of competition; - global political unrest, including the threat or occurrence of war or acts of terrorism; and - other factors detailed in the section entitled "Risk Factors" included in our Quarterly Report on Form 10-Q for the first fiscal quarter of 2003 and in our other SEC filings.
The forward-looking statements should be considered in the context of these risk factors. Investors and prospective investors are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Leap and the Leap logo design are trademarks of Leap Wireless International, Inc. Cricket and Comfortable Wireless are registered trademarks of Cricket Communications, Inc.