Exhibit 99.1

NTELOS Holdings Corp. Reports Third Quarter 2009 Operating Results

NTELOS’ Third Quarter Net Income of $14.3 million, or $0.34 per share

Increased Dividend Reflects High Free Cash Flow Generation

Company Updates 2009 Guidance

WAYNESBORO, VA – November 5, 2009 – NTELOS Holdings Corp. (NASDAQ: NTLS), a leading provider of wireless and wireline communications services (branded as NTELOS) in Virginia and West Virginia, today announced operating results for its third quarter of 2009.

Operating highlights for the quarter include:

“We continue to experience year-to-date sales growth and we are especially pleased with the early success of our new FRAWG product,” said James S. Quarforth, CEO of NTELOS Holdings Corp. “It is clear from our third quarter sales results that prepay unlimited plans are preferred by many customers and our FRAWG products are meeting their needs. Our postpay data ARPU continued its growth trend through the quarter – up 29% year over year and now solidly over ten dollars. Our wireline business performed impressively again for the quarter with significant revenue growth from several of our strategic products driving another record level of adjusted EBITDA.”

Recent Developments

Increase and Declaration of Dividend: On November 3, 2009, the Board of Directors of NTELOS Holdings Corp. declared a quarterly cash dividend on its common stock in the amount of $0.28 per share, an increase of 8%, to be paid on January 12, 2010 to stockholders of record on December 14, 2009.

Closing of Refinancing: On August 7, 2009 the Company closed on the refinancing of the existing first lien term loan of its wholly-owned subsidiary, NTELOS Inc. In connection with the refinancing, NTELOS Inc. entered into a new $635 million first lien term loan maturing August 7, 2015, together with a $35 million revolving credit facility maturing August 7, 2014. NTELOS Inc. used proceeds of the new first lien term loan to pay off its outstanding $603 million first lien term loan and to pay closing costs and other expenses related to the transaction, including unwinding its interest rate swap agreement, with the remaining proceeds of approximately $4 million available for general corporate purposes. Pricing on the new first lien term loan was set at LIBOR plus 3.75% with a LIBOR minimum of 2%, and sold at $99 per $100 of principal amount, or 1% OID.

Share Repurchase Program: On August 24, 2009, the Company announced that its Board of Directors had approved a share repurchase program authorizing management to repurchase up to $40 million of NTELOS’ common stock. During the third quarter of 2009, 118,340 shares were repurchased for $1.9 million.

Fiber Network Expansion: In September 2009, NTELOS completed a fiber optic route from Charlottesville to Ashburn, Virginia, replacing leased services and providing interconnection to the Internet hub in Ashburn. In addition to cost savings from bringing traffic on-network, this route creates revenue opportunities for both wholesale and enterprise sales in three new key markets. The capital expenditure for this expansion was approximately $4.5 million.

Agreement to Acquire Fiber Optic Assets: The Company announced on October 6, 2009 that it executed an agreement to purchase certain fiber optic and network assets and related transport and data service contracts from

Allegheny Energy, Inc. The purchase includes approximately 2,200 route-miles of fiber located primarily in central and western Pennsylvania and West Virginia, with portions also in Maryland, Kentucky and Ohio. Closing, which is expected by year-end 2009, is subject to regulatory approvals and customary closing conditions. Projected 2009 service revenues, including revenues from NTELOS, and adjusted EBITDA, pro forma for the terms and conditions of the agreement, on this fiber network are approximately $8.0 million and $4.5 million, respectively. The purchase price for the transaction assets is approximately $27 million.

FRAWG Wireless: Third quarter 2009 represents the first full quarter results for the FRAWG Unlimited Wireless sub-brand in the Richmond and Hampton Roads, Virginia markets. FRAWG plans feature competitive price points, but acquisition costs for the Company are substantially lower than with traditional offerings due to reduced handset subsidy and sales costs. FRAWG gross additions for the quarter were 17,926, with 84% of sales at the top two price tiers of $40 and $50 per month.

“The power of n” Marketing Campaign: A new marketing campaign was launched during third quarter emphasizing the strength of NTELOS’ newly upgraded network and focusing on “worry-free wireless,” highlighting new overage alerts and increased flexibility for wireless customers and customer service that is always local and always best in class. Concepts of the campaign may be viewed on the NTELOS web site at http://www.nteloswireless.com/powerofn/.

Business Segment Highlights

Wireless

“Churn remains a challenge, but we are confident that it will improve with the economic recovery, especially in levels of involuntary churn,” said Quarforth. “This, combined with our continued sales strength due to our EV-DO capabilities, robust handset line-up, broader distribution and generally positive fourth quarter seasonal trends, provides optimism for the remainder of the year with regard to wireless subscribers.”

Wireline

“Our wireline business continues to outperform the industry with another solid quarter,” stated Quarforth. “Our high-bandwidth data products are the main drivers of revenue and adjusted EBITDA growth. Our recent fiber network expansion to the Internet hub in Ashburn and, when completed, the Allegheny acquisition, will nearly double the route miles of our fiber network, allowing expansion of these same successful strategic products and services.”

Capital expenditures for the third quarter 2009 were $21.5 million and were $91.0 million for the first nine months of 2009. The year to date amount reflects heavier spending levels in the first half of the year for several projects, including the wireless EV-DO upgrade, fiber expansion and wireline core data network upgrades, and corporate IT upgrades for the new prepay billing platform and a web portal.

“Overall, our third quarter results demonstrated stability considering the nearly $3 million revenue reduction related to the Sprint wholesale travel data rate reset and sluggish macro economic conditions,” said Quarforth. “Sales of the new FRAWG wireless products are most encouraging and we are now preemptively well-positioned against future competitive products in these markets. Trends in data ARPU growth remain strong, surpassing the ten dollar level. Our wireline segment continues its solid and growing contributions and network expansion will be a significant further catalyst.”

“We have updated our 2009 guidance to reflect our year to date results,” concluded Quarforth. “While the economy has clearly been a factor in our subscriber growth this year, we believe our net income and free cash flow growth over previous year will be approximately 30% and 32%, respectively.”

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Business Outlook

The following statements are based on management’s current expectations. These statements are forward-looking and actual results may differ materially. Please see “Special Note from the Company Regarding Forward-Looking Statements.”

The Company expects 2009 consolidated operating revenues to range between $549 million and $553 million; consolidated adjusted EBITDA to range between $227 million and $230 million; and capital expenditures to range between $107 million and $108 million. Net income attributable to NTELOS Holdings Corp. for 2009 is expected to be between $56 million and $60 million. Expenditures related to the acquisition of fiber optic assets from Allegheny Energy, Inc. are not included in 2009 Wireline capital expenditure outlook. Please see the Business Outlook exhibit with this press release for additional guidance detail.

Non-GAAP Measures

Adjusted EBITDA is defined as net income attributable to NTELOS Holdings Corp. before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, loss on interest rate swap agreement, net income attributable to noncontrolling interests, other income, non-cash compensation charges and voluntary early retirement charges.

ARPU, or average monthly revenues per subscriber/unit with service, is computed by dividing service revenues per period by the weighted average number of subscribers with service during that period. Please see the footnotes in the exhibits for a complete definition of this measure.

Adjusted EBITDA and ARPU are non-GAAP financial performance measures. They should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the exhibits and materials posted on the Company’s website for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures.

Note: Subsequent to the Company’s filing of its Annual Report on Form 10-K for the year ended December 31, 2008, the Company discovered an error related to the billing information used by the Company for billing services to Sprint under its Strategic Network Alliance agreement. A portion of network usage by Sprint customers had been incorrectly classified in the Company’s billing process. As a result, wireless wholesale revenue was overstated by approximately $3.9 million in 2008 ($2.4 million after tax, or $0.06 per share). Quarterly for 2008, this amount is

estimated to be $0.2 million, $0.9 million and $2.8 million in the second, third and fourth quarters 2008, respectively. The Company assessed the materiality and determined that the error was immaterial to previously reported amounts contained in its periodic reports. The Company’s financial statements for the fiscal 2008 quarterly periods have been adjusted to reflect the effect of this immaterial error.

About NTELOS

NTELOS Holdings Corp. is an integrated communications provider with headquarters in Waynesboro, VA. NTELOS provides products and services to customers in Virginia, West Virginia, Kentucky, Ohio, Tennessee, Maryland and North Carolina, including wireless phone service, local and long distance telephone services, IPTV-based video services, and data services for internet access and wide area networking. Detailed information about NTELOS is available at www.ntelos.com.

SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS

Any statements contained in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “targets,” “projects,” “should,” “may,” “will” and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include, but are not limited to: rapid development and intense competition in the telecommunications industry; adverse economic conditions; operating and financial restrictions imposed by our senior credit facilities and other indebtedness; our cash and capital requirements; declining prices for our services; the potential to experience a high rate of customer turnover; our dependence on our affiliation with Sprint Nextel (“Sprint”); a potential increase in our roaming rates and wireless handset subsidy costs; the potential for Sprint to build networks in our markets; federal and state regulatory fees, requirements and developments; loss of our cell sites; the rates of penetration in the wireless telecommunications industry; our reliance on certain suppliers and vendors and the transition of our prepay billing services to a new vendor; and other unforeseen difficulties that may occur. These risks and uncertainties are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our SEC filings, including our Annual Reports filed on Forms 10-K.

Exhibits:

NTELOS Holdings Corp.

Condensed Consolidated Balance Sheets (unaudited)

NTELOS Holdings Corp.

Condensed Consolidated Statements of Operations (unaudited)

NTELOS Holdings Corp.

Summary of Operating Results

NTELOS Holdings Corp.

Reconciliation of Net Income Attributable to NTELOS Holdings Corp. to Operating Income

NTELOS Holding Corp.

Reconciliation of Operating Income to Adjusted EBITDA

NTELOS Holdings Corp.

Customer Summary Table

NTELOS Holdings Corp.

Wireless Customer Detail