SAN DIEGO, Sept. 12, 2003 (PRIMEZONE) -- Leap Wireless International, Inc. (OTCBB:LWIQE), an innovator of wireless communications services, today announced that Harvey P. White will retire as CEO from the Company he founded five years ago. White will continue to serve on the company's board of directors following his retirement and will continue actively managing the business as CEO until a new CEO is selected and approved.
"When I founded Leap five years ago, I was extremely optimistic about the wireless industry and the company's potential and I remain so to this day," said White. "At the time, only a select group of people were benefiting from the mobility that wireless communications enabled. The introduction of our Cricket service brought these benefits to the mass consumer market and Cricket has firmly staked out its leadership position within the industry. As the company enters a new chapter and I approach my 70th birthday, it is time to plan for the future leadership of the company. Although I will end my tenure as CEO, I will remain on the board and will continue to be an avid supporter of the Leap and Cricket heritage and business."
A wireless industry veteran, White directed the spin-off of Leap from QUALCOMM Incorporated into an independent, publicly traded company in September 1998. Under White's leadership, Leap became the 10th largest wireless carrier in the nation in terms of wireless POPs and became EBITDA positive in record time. He has been a senior executive and leader of three successful startups, having also been a co-founder and former president of QUALCOMM Incorporated and part of the early executive team at Linkabit, the leading-edge communications company that gave birth to the wireless telecommunications industry in San Diego.
The Company has initiated a search for a new CEO, which includes both internal and external candidates, and expects to fill the position within the next four months.
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.
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
timely and fully 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 fiscal
quarter ended March 31, 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.