Leap Also Announces President and CEO Doug Hutcheson Assumes
Interim CFO Role
SAN DIEGO--(BUSINESS WIRE)--Sept. 7, 2007--Leap Wireless
International, Inc. (NASDAQ:LEAP), a leading provider of innovative
and value-driven wireless communications services, today announced
that its Board of Directors will review the unsolicited proposal
received on September 4 from MetroPCS Communications, Inc. (NYSE:PCS)
to acquire all of Leap.
Leap's Board of Directors will make a determination regarding the
proposal following completion of its review. In connection with this
matter, Leap is being advised by Goldman, Sachs & Co. and Jeffrey
Williams & Co. LLC as financial advisors, and Wachtell, Lipton, Rosen
& Katz, and Latham & Watkins, LLP as legal advisors.
Separately, Leap announced that CFO, Amin Khalifa, has resigned
from the company to pursue other interests. Leap CEO and President,
Doug Hutcheson, will assume the additional duties of interim CFO,
pending the naming of a successor to Mr. Khalifa. Hutcheson held the
post of CFO at Leap from August 2002 to February 2005 when he was
"I want to thank Amin for his contributions," Hutcheson said. "We
believe the company has made good progress in the last year and is
positioned for continued success. I wish Amin continued success in his
Leap provides innovative, high-value wireless services to a
fast-growing, young and ethnically diverse customer base. With the
value of unlimited wireless services as the foundation of its
business, Leap pioneered both the Cricket(R) and Jump Mobile(TM)
services. The company and its joint ventures now operate in 23 states
and hold licenses for 35 of the top 50 U.S. markets. Through its
affordable, flat-rate service plans, Cricket offers customers a choice
of unlimited voice, text, data and mobile Web services. Jump Mobile is
a unique prepaid wireless service designed for the mobile-dependent,
urban youth market. Headquartered in San Diego, Calif., Leap is traded
on the NASDAQ Global Select market under the ticker symbol "LEAP." For
more information, please visit www.leapwireless.com.
Leap is a U.S. registered trademark and the Leap logo is a
trademark of Leap. Cricket is a U.S. registered trademark of Cricket.
In addition, the following are trademarks of Cricket: Unlimited Access
Plus, Unlimited Access, Unlimited Plus, Unlimited Classic, By Week,
Jump, Travel Time, Cricket Clicks and the Cricket "K." All other
trademarks are the property of their respective owners.
CONTACT: Leap Wireless International, Inc.
Greg Lund, Media Relations, 858-882-9105
James Seines, Investor Relations, 858-882-6084
Sard Verbinnen & Co.
Jim Barron, 212-687-8080
Matt Benson, 415-618-8750
SOURCE: Leap Wireless International, Inc.