Clearwire, Time Warner Cable and Sprint Expand New York City Metro 4G Mobile Broadband Network By 21 Percent
(GlobeNewswire Via Acquire Media NewsEdge) KIRKLAND, Wash., NEW YORK CITY, and OVERLAND PARK, Kan., July 12, 2011 (GLOBE NEWSWIRE) -- Clearwire (NASDAQ: CLWR), Time Warner Cable (NYSE: TWC) and Sprint (NYSE: S) today announced a significant expansion of the Clearwire 4G network footprint and key capacity upgrades for mobile broadband customers in the greater New York City metro area. The regional CLEAR®, Time Warner Cable Mobile Internet and Sprint 4G service area have added coverage for an additional 91,363 people. Now, more than 11,927,000 people in the New York City area have access to Clearwire’s 4G mobile broadband network. This expansion represents new coverage since Clearwire’s initial launch on November 1, 2010.
Enhanced capacity and expanded coverage can be experienced in the following communities: Alpine, Bayonne, Elizabeth, Fair Lawn, Newark, Paramus, Secaucus, Union, NJ; and Hartsdale, New Rochelle, New York, Rockville Centre, Yonkers, NY.
"Across New York and New Jersey, Clearwire’s 4G speed continues to set the standard in delivering a high-speed network that businesses and consumers demand," said Sean Reid, regional general manager for Clearwire. "Unlimited mobile broadband usage is a product that Clearwire pioneered across the country over the last several years and is currently now in seventy-one markets across the United States."
"Sprint 4G customers in the Greater New York area will benefit from these enhancements," said Karen Paletta, Sprint vice president-East Region. "Our customers enjoy a wide selection of cutting-edge 4G devices - smartphones, tablets and mobile connectivity devices. Sprint 4G allows for sophisticated services such as video chat and a wide variety of applications that keep expanding every day with great new mobile devices from Sprint."
"Time Warner Cable continues to take steps as a leader in the industry by offering our customers multiple ways to access the information and content they want at home, at work and on the go," said Lou Lazzaro, vice president of wireless, Time Warner Cable New York City. "Mobile Internet keeps Time Warner Cable business and residential customers connected in multiple ways from multiple places so they’re never out of touch."
4G customers in these cities will be able to increase their mobility and productivity in many ways: from instantly downloading large files to get work done on the run, browsing the Web just like at home from across the city, or watching online videos and movies while travelling in the family car around town. A variety of 4G devices are available from both service providers.
A detailed coverage map of CLEAR 4G service is available at www.clear.com/coverage.
Additional information about Sprint 4G is available at www.sprint.com/4G.
Additional information about Time Warner Cable Mobile Internet is available at http://mobileservices.timewarnercable.com
Clearwire Corporation (NASDAQ: CLWR), through its operating subsidiaries, is a leading provider of wireless broadband services. Clearwire's 4G network is currently available in areas of the U.S. where 130 million people live. Clearwire's open all-IP network, combined with significant spectrum holdings, provides an unprecedented combination of speed and mobility to deliver next generation broadband access. The company markets its 4G service through its own brand called CLEAR® as well as through its wholesale relationships with companies such as Sprint, Comcast, Time Warner Cable, Locus Telecommunications, Cbeyond, Mitel and Best Buy. Strategic investors include Intel Capital, Comcast, Sprint, Google, Time Warner Cable, and Bright House Networks. Clearwire is headquartered in Kirkland, Wash. Additional information is available at www.clearwire.com.
About Time Warner Cable
Time Warner Cable Inc. (NYSE: TWC) is among the largest providers of video, high-speed data and phone services in the United States, connecting more than 14 million customers to entertainment, information and each other. Time Warner Cable Business Class offers data, video and phone services to businesses of all sizes, cell tower backhaul services to wireless carriers, and through its NaviSite subsidiary, enterprise-class hosting, managed application, messaging and cloud services. Time Warner Cable Media, the advertising arm of Time Warner Cable, offers national, regional and local companies innovative advertising solutions. More information about the services of Time Warner Cable is available at www.timewarnercable.com, www.twcbc.com, www.navisite.com, and www.twcmedia.com
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 51 million customers at the end of 1Q 2011 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. Newsweek ranked Sprint No. 6 in its 2010 Green Rankings, listing it as one of the nation’s greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.
*Speed claims based on download speeds only. Actual performance may vary and is not guaranteed. CLEAR performance claim is based on average download user speeds achieved during tests performed on the CLEAR commercial network by CLEAR. Other carrier performance based on their advertised claims.
Unlimited plans subject to CLEAR’s Acceptable Use Policy, posted at www.clear.com/legal/aup.
Clearwire, CLEAR, and the CLEAR logo are trademarks or registered trademarks of Clearwire Communications LLC in the United States and/or other countries. All other company or product names are trademarks of their respective owners.
This release, and other written and oral statements made by Clearwire from time to time, contains forward-looking statements which are based on management's current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, management's expectations regarding future financial and operating performance and financial condition; proposed transactions; network development and market launch plans; strategic plans and objectives; industry conditions; the strength of the balance sheet; and liquidity and financing needs. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan" and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially and adversely from such statements. Some factors that could cause actual results to differ are:
We have a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future.
If our business fails to perform as we expect, we may require substantial additional capital, which may not be available on acceptable terms or at all.
Our current plans, and our expectations about becoming EBITDA and cash flow positive, are based on a number of assumptions about our future performance, which may prove to be inaccurate, such as our ability to substantially expand our wholesale business and implement various cost savings initiatives.
We regularly evaluate our plans, and we may elect to pursue new or alternative strategies which we believe would be beneficial to our business, including among other things, expanding our network coverage to new markets, augmenting our network coverage in existing markets, changing our sales and marketing strategy and or acquiring additional spectrum. Such modifications to our plans could significantly change our capital requirements.
We have deployed a wireless broadband network based on mobile WiMAX technology, and would incur significant costs to deploy alternative technologies. Additionally, such alternative technologies may not perform as we expect on our network and deploying such technologies would result in additional risks to the company, including uncertainty regarding our ability to successfully transition from the current technology to the new technology without disruptions to customer service.
We may experience difficulties in maintaining and upgrading our networks, which could adversely affect customer satisfaction, increase subscriber churn and costs incurred, and decrease our revenues.
We currently depend on our commercial partners to develop and deliver the equipment for our legacy and mobile WiMAX networks.
Many of our competitors are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services.
Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business.
Sprint Nextel Corporation owns a majority of our shares, resulting in Sprint holding a majority voting interest in the Company, and Sprint may have, or may develop in the future, interests that may diverge from other stockholders.
Future sales of large blocks of our common stock may adversely impact our stock price.
For a more detailed description of the factors that could cause such a difference, please refer to Clearwire's filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K filed on February 22, 2011. Clearwire assumes no obligation to update or supplement such forward-looking statements.
CONTACT: Regional Media for Clearwire
Regional Media for Sprint
Regional Media for Time Warner Cable
Source: Clearwire Corporation
2011 GlobeNewswire, Inc.
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