Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NextWave Wireless Inc. | mm07-3010_8k.htm |
| EX-99.2 - EX.99.1 - PV PRESS RELEASE - NextWave Wireless Inc. | mm07-3010_8ke9902.htm |
| EX-2.1 - EX.2.1 - STOCK PURCHASE AGREEMENT - NextWave Wireless Inc. | mm07-3010_8ke0201.htm |
EXHIBIT
99.1
News
NextWave to Sell Remaining Interest in PacketVideo
Corporation to NTT DOCOMO
SAN
DIEGO – August 1, 2010 – NextWave Wireless Inc. (OTCQB: WAVE - News) (the
“Company”) today announced that it has reached an agreement with NTT DOCOMO,
INC. (“DOCOMO”) to sell the remaining 65 percent equity interest in PacketVideo
Corporation (“PacketVideo”) held by the Company to DOCOMO for
US$111.6 million.
DOCOMO acquired a 35-percent stake in PacketVideo from the
Company in July 2009 to jointly develop technologies for mobile applications.
Upon completion of the transaction, which is expected during the third quarter
of 2010, PacketVideo will become a wholly owned subsidiary of DOCOMO. The
transaction remains subject to customary closing conditions, including clearance
under the Hart-Scott-Rodino Antitrust Improvements Act, and approval by the
Company’s stockholders.
The Company expects to apply the proceeds of the
transaction, net of transaction expenses, to retire approximately $95 million of
First Lien Notes pursuant to its secured note agreements, and expects to retain
approximately $12.5 million to fund its working capital needs.
In connection with the signing of the agreement, Dr. James
C. Brailean resigned from his position as the Chief Executive Officer, Chief
Operating Officer and President of the Company and as a member of the Company’s
Board of Directors. Dr. Brailean continues to serve as the President and Chief
Executive Officer and as a member of the Board of Directors of
PacketVideo.
PacketVideo is a market leader in mobile phone-based
multimedia solutions and develops enterprise technologies that have been widely
adopted by mobile operators and device manufacturers in North America and
Europe. PacketVideo also provides solutions that allow PCs to share music,
photos and video content with TVs, video recorders and other consumer
electronics.
About NextWave
Wireless
NextWave Wireless Inc. is a wireless technology company
that, through its PacketVideo subsidiary, develops, produces and markets mobile
multimedia and consumer electronic connectivity products including
device-embedded software for mobile handsets, client-server media platforms,
media sharing software for consumer electronics and pocket-sized mobile
broadcast receivers. The company also manages and maintains worldwide wireless
spectrum licenses.
Additional Information
This press release contains “forward-looking statements”
for purposes of the Private Securities Litigation Reform Act of 1995 that
involve risks and uncertainties. There can be no assurances that forward-looking
statements will be achieved, including that the proposed transaction will be
approved by NextWave’s stockholders or that the other conditions to closing of
the transaction will be satisfied. Actual events or results could differ
materially from the events or results predicted by such statements. Important
factors that could cause actual events or results to differ materially are
discussed in greater detail in the filings of NextWave with the Securities and
Exchange Commission. All such documents are available through the SEC’s website
at www.sec.gov. NextWave
makes no commitment to update any forward-looking statements in order to reflect
subsequent changes in events or circumstances except as may be required pursuant
to applicable law.
NextWave will file a proxy statement with the Securities
and Exchange Commission (the "SEC") regarding the proposed transaction. NEXTWAVE
STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT
BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION.
Stockholders may obtain free copies of the proxy statement
and other documents filed by NextWave (when available), at the SEC's Web site at
www.sec.gov
or at NextWave's Web site at www.nextwave.com.
The proxy statement and such other documents may also be obtained for free, when
they become available from NextWave, by directing such request to Investor
Relations, NextWave Wireless Inc., 12264 El Camino Real, Suite 305, San Diego,
California 92130, telephone: 858-731-5300.
NextWave and its directors, executive officers and other
members of its management and employees may be deemed to be participants in the
solicitation of proxies from NextWave's stockholders in connection with the
proposed transaction. Information concerning the interests of those persons is
set forth in NextWave's proxy statement relating to the 2010 annual meeting of
stockholders and annual report on Form 10-K for the fiscal year ended January 2,
2010, both filed with the SEC, and will also be set forth in the proxy statement
relating to the transaction when it becomes available.
CONTACT
NextWave
Wireless Investor Relations
Fran Harding
Investor Relations
NextWave Wireless
(858) 731-5642
fharding@nextwave.com
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