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OVERLAND PARK, Kan. (BUSINESS WIRE), May 08, 2013 - According to a recently published white paper, Sprint [NYSE: S] has made drastic improvements in the environmental impact of its device packaging. The paper, The Evolution of Greener Device Packaging at Sprint, closely examines the impacts of Sprint-branded device packaging from 2009 to 2012.
The white paper was co-authored by Rory Bakke, president of Sustainable Concepts Studio and leading environmental consulting firm Quantis International, which performed a full Life Cycle Assessment (LCA) for three generations of Sprint device packages. The report underscores Sprint's commitment to understanding and managing the environmental performance of the full spectrum of its products, packaging and services.
"Careful, innovation-driven design and production choices have enabled a 55 percent reduction in the environmental effect of Sprint-branded device packaging since 2009," said Mark Rexroat director of retail communications & marketing services at Sprint. "This industry-leading makeover left no stone unturned; we reworked everything from raw materials to inks to adhesives."
Compared to the first-generation "black box" style used in 2009, Sprint's current packaging by Deutsch Design Works is 60 percent smaller in volume and 50 percent lighter in weight. Besides lowering material use and costs, this change means more devices fit onto each loading palette, significantly reducing the number of plane flights and truck runs necessary to move them. Today, all Sprint-branded packaging is 100 percent recyclable, and boxes are made from unbleached kraft paper, using a minimum of 30 percent post-consumer recycled material. Packaging is printed with soy inks and uses eco-friendly adhesives and aqueous coatings.
The LCA studied all aspects of Sprint-branded device packaging, beginning with the extraction of raw materials, through manufacture, transport, usage and end of life.
The research examined five categories (climate change, human health, ecosystem quality, resources depletion and water withdrawal) and found that a series of changes both big and small have led to significant environmental reductions. By addressing concerns from petroleum-based inks to printed user guides (which are now available online), Sprint has successfully addressed an area that, until now, has largely been ignored within the telecommunications industry.
According to the study, for each million devices produced, the greening of Sprint packaging currently saves:
The ecosystem equivalent to about two football fields of clear-cut forest
2,100 metric tons of carbon dioxide – the amount emitted by 420 passenger cars annually
8,800 megawatt hours of energy – enough to light the Statue of Liberty and Ellis Island for 12 months
8,900 kilogallons of water – enough to fill 68 million half-liter plastic water bottles
"Sprint has made an impressive commitment to reduce the environmental impact of their packaging in every way feasible, and the results shown in this study demonstrate that they've had a lot of success," said Jon Dettling, managing director, U.S., Quantis International. "Their leadership sets a challenge for others in the industry to follow, and their openness in sharing this information also gives others a roadmap on how to mirror their success."
The LCA was conducted to meet International Standardization Organization (ISO) 14040 and 14044 standards for public disclosure, which include a protocol for peer review. They are the most ambitious LCA standards in the marketplace. More information about Sprint's commitment to sustainable packaging is available at sprint.com/packaging.
Sprint continues to receive recognition for its leadership in environmental practices. In each of the last two years, the carrier has been named No. 3 in the United States by Newsweek's annual Green Rankingsof the 500 greenest companies. Last month, global consulting and analyst firm Frost and Sullivan recognized Sprint as the 2012 North American Award for Green Excellence. In 2012, the carrier was named No. 4 – and the only wireless provider – on the U.S. Environmental Protection Agency's (EPA) Top 20 Technology & Telecom list of green power users within the sector. Sprint has also been recognized by independent analyst firm Verdantix for its corporate sustainability performance, and for the last two years Sprint Buyback has been named the best buyback program in the industry by Compass Intelligence, based on an overall score among national carriers.
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 55 million customers at the end of the first quarter of 2013 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. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 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.
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OVERLAND PARK, Kan., & SCOTTSDALE, Ariz. (BUSINESS WIRE), May 07, 2013 - Sprint (NYSE: S) a leader in the burgeoning field of Machine-to-Machine (M2M) technology, and Digital Caddies, Inc. (OTCPK: CADY), a 10-year-old, golf technology pioneer based in Scottsdale, today announced a venture where Sprint will provide wireless coverage and Android tablet hardware for the new Digital Caddies "Players Network" tablet-based technology platform.
Digital Caddies Players Network is a caddie, a concierge and a course marshal all in one. Players Network tablets easily install on golf carts and wirelessly connect to the Web through Sprint's nationwide high-speed network. This new technology is a powerful tool for golf course operators as it improves their guests' experiences, builds guest loyalty, increases course revenue, and lowers operating costs. Digital Caddies is able to offer its new Players Network technology platform at no cost to qualifying golf course operators.
Benefits to Golf Courses
The Digital Caddie Players Network delivers an improved guest experience by providing instant and accurate yardages, along with real-time communication with the golf shop and staff directly from the cart. It will also soon include other content golfers can use, such as live delivery of news, sports scores and stock market updates. Course operators can increase revenue by promoting merchandise, food and beverage specials, lessons, repeat rounds or whatever they'd like to sell through promotional videos or graphics.
Connecting on the Greens
With more than a decade of experience in telematics, Sprint provides a robust portfolio of transportation solutions through collaboration with some of the most experienced and innovative application providers for fleet operators, automotive manufacturers and auto insurance providers. This extensive ecosystem enables customized solutions to meet each company's unique requirements, including design, implementation and support. Additionally, with Sprint's all-new network, known as Network Vision, 3G customers can expect better wireless signal strength, faster data speeds, and fewer dropped/blocked calls. The network build is progressing across the country, and Sprint expects to cover the majority of its existing network footprint with the improved 3G service by the end of the year, with the remaining build-out forecasted to be completed by early 2014.
"We are delighted at the opportunity to collaborate with Digital Caddies on this exciting endeavor," said Kimberly Green-Kerr, regional vice president, Sprint. "The Digital Caddies solution extends Sprint's existing connected vehicle focus to a recreational environment where it makes perfect sense and adds to the pleasure of golfing. It provides a unique business model and value proposition and offers a fresh new experience for the golfing enthusiast. Golfers can now enjoy similar features on the course that Sprint enables for automobiles and commercial fleets nationwide."
The content provided through the Players Network is specifically designed to promote interaction between the golfer and the device throughout their round and thus provides an excellent opportunity for golf course operators and advertisers to interact directly with golfers in ways that have never before been possible.
"Our relationship with Sprint is a big key to the success of our launch," said Digital Caddies President, Mike Loustalot. "Together, Sprint and Digital Caddies will provide golfers and qualifying golf course operators easy-to-use technology that also helps lower operating costs by better tracking golf car inventory, understanding driver behavior, and monitoring agronomy issues."
The first complete installations of the Digital Caddie Players Network will take place this summer throughout Arizona, Southern California, Nevada and Florida.
"The new Digital Caddies tablets are great," said Daryl Crawford, general manager at ASU Karsten Golf Course. "Our customers will love them because they're easy to use and provide quick and accurate yardage information. We love the tablets because they're sleek, unobtrusive and help us better communicate with our guests during their round."
"We're excited about the customer service and golf course management tools that the new Digital Caddies system provides," said Tom Shultz, JDM director of operations for Wigwam Golf and the Arizona Biltmore Golf Club. "The tablets and service are free to my golf courses and my customers, which is awesome. The technology, graphics and ease-of-use are all phenomenal. The Digital Caddies system will help us to better manage our golf car fleet, pace of play and on-course food and beverage operations."
About Digital Caddies
Digital Caddies was founded in 2003 and has since established a solid reputation and customer base using a low cost, easy-to-use, easy-to-implement GPS service. The company is now transitioning to a new business model by providing golf courses a wirelessly connected tablet-based platform that is installed on golf cars. For more information about Digital Caddies please visit: www.digitalcaddies.net
About the Sprint Emerging Solutions Group
Sprint is a global leader in Machine-to-Machine (M2M) services, including solutions for the automotive, insurance, retail, transportation, utility and healthcare industries, among others. Sprint M2M capabilities include solutions that allow for more efficient vehicle operations, as well as solutions that help reduce distracted driving. Sprint's M2M leadership has earned prestigious third-party validation, including Connected World's 2013 CW 100 list of the most important and influential providers of M2M services for the ninth straight year, and the Machina Research M2M Leaderboard, where Sprint ranks ninth among the top 20 global mobile network operators (MNOs). Sprint also was honored as a key technology enabler in two Connected World Value Awards in 2012. To learn more about Sprint's M2M offerings, visit www.sprint.com/m2m.
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 55 million customers at the end of the first quarter of 2013 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. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 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.
OVERLAND PARK, Kan. (BUSINESS WIRE), May 06, 2013 - Sprint (NYSE: S) today announces the launch of Sprint CloudCompute, the infrastructure-as-a-service (IaaS) solution that integrates CSC's industry-leading virtualized, utility-based cloud computing solution with Sprint's robust cloud-aware Global MPLS network. The integrated solution provides secure, reliable networking and IT efficiency to business customers headquartered within the United States.
In the Ovum Business Trends Cloud Services Survey and as highlighted in Ovum's recent white paper, respondents rated cutting costs – whether IT or business related – and improving business agility as the most important factors influencing their decision to invest in cloud services.
"Sprint's IaaS offering is coming to market at an opportune time," said John Madden, principal analyst-IT Services, Ovum. "Customers are searching for the best options for cloud deployments including IaaS, and want to work with proven providers of IT services that are secure, reliable and well managed. Sprint's relationship with CSC brings together high-profile skills of two trusted providers for IaaS: one with expertise in secure network services and management with 'ownership' of the cloud, the other with extensive experience in cloud and data center management. Sprint's offering through its CSC collaboration gives customers another strong and viable option as they move ahead with their cloud decisions."
"Sprint has a long history of providing comprehensive, integrated solutions," said Mike Fitz, vice president-Wireline and Solutions Engineering, Sprint. "Companies can rely on Sprint as their single source for all their networking needs, which now includes cloud computing solutions. Investing in the network is critical to a company's cloud strategy and success. Sprint's all-IP network has the flexibility, scalability and reliability required to meet the performance demands of cloud applications."
Sprint's robust "cloud-aware" Global MPLS network is congestion-free, designed for low latency and jitter needed for critical, real-time business applications. Sprint offers Class of Service (CoS) at no additional charge to eliminate bottlenecks in a customer's network through prioritization. Application performance is optimized through network-based Quality of Service (QoS), and Sprint's comprehensive service level agreements enable full support of any and all enterprise cloud applications.
With Sprint CloudCompute, businesses will benefit from:
Secure, private network access and seamless connectivity from the subscriber's business into the IaaS environment
Scalable, flexible and reliable cloud-aware network
On-demand provisioning and management capability via Web portal
Simplicity with a single account team, one contract and one invoice for all services
Sprint advanced to a Challenger position within the most recent Gartner Magic Quadrant for Global Network Service Providers (March 26, 2013). Since the previously published Magic Quadrant report, Sprint has grown its global MPLS, Ethernet and SIP Trunking coverage for business customers.
The key to Sprint's cloud strategy is teaming with leaders in software and cloud computing while enhancing the services with seamless integration of mobility for virtually anytime, anywhere access from any device. With reliable, secure connectivity over Sprint's network via 3G, 4G and all-IP Global MPLS technologies, businesses of all sizes can confidently embrace a variety of hosted services to improve their productivity and cost structures.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Sprint Network Leadership
Sprint offers a best-in-class global all-IP network and is a leader in converged solutions with forward thinking design and innovation in IP, mobile solutions, and wireless technologies.
The Network Vision initiative is designed to enhance customers' network experience with faster wireless data speeds, improved voice quality and easier connectivity. Sprint expects to be mostly complete with Network Vision by the end of 2013.
For more information on Sprint's converged, cloud and mobility solutions, visit www.sprint.com/convergence or contact your Sprint account team. To join in the latest discussions and learn more about business solutions available through wireline convergence, visit the Seamless Enterprise at www.seamlessenterprise.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 55 million customers at the end of the first quarter of 2013 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. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 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.
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OVERLAND PARK, Kan. & NEW YORK (BUSINESS WIRE), May 06, 2013 - Sprint (NYSE:S) and Time Inc. announced today a mobile content, advertising and retail alliance. As part of the arrangement, Time Inc. will deliver its branded content within a customizable section of the SprintZone application on select Sprint devices. Customers can expect the latest entertainment, lifestyle, sports and business news.
The content experience within SprintZone will be updated in real time, pulling content from Time Inc.'s brands, including stories, photography and videos. Users will be able to customize their content and experience by brand.
Time Inc. and Sprint will also collaborate on mobile advertising solutions leveraging Time Inc.'s mobile network of 20 million and Pinsight Media+, Sprint's targeted advertising service. The collaboration includes access to each other's premium mobile properties and audiences to extend the reach of client ad campaigns.
Adding unique retail integration, Time Inc. will provide its content for Sprint's retail stores, allowing Sprint to leverage Time Inc. content for demonstrating the capabilities of digital devices in the stores and enhancing consumers' in-store experience.
"Time Inc. is home to some of the biggest consumer media brands, and our audiences are seeking out our content on every mobile platform available," said Cyrus Beagley, senior vice president and general manager of Time Inc.'s Advertising Sales & Marketing Group. "We are thrilled that our arrangement with Sprint will make content from People, Sports Illustrated, Entertainment Weekly and other brands available to an even broader, highly engaged mobile audience."
Mike Cooley, vice president-New Ventures at Sprint, added, "This opportunity with Time Inc. is ideal for potentially introducing many of our customers to new content from Time Inc.'s well-known brands. With the option of preselecting categories, such as sports, news or entertainment, we are giving our customers a premium choice of the content they will receive for no extra charge."
Sprint and Time Inc. will be presenting at 11:40 a.m. (EDT) Thursday, May 9, at the Mobile Marketing Association Forum New York 2013. The topic, "Putting the Puzzle Pieces Together: How Strategy, Data, Creative and Media Come Together to Deliver Measurable Results," will feature Beagley joined by Dan Polk, head, Pinsight Media+, Sprint; Tony Jackson, director-Digital Marketing, Sprint; and Chia Chen, senior vice president and North American Mobile Practice lead, Digitas.
About Time Inc.
Time Inc., a division of Time Warner, is one of the largest branded media companies in the world. With 21 magazines, 26 websites, and more than 80 mobile products, Time Inc. engages 138 million consumers in the U.S. each month and accounts for more than 20% of total advertising revenues of U.S. consumer magazines. Time Inc. is home to the most culturally and socially influential brands including TIME, PEOPLE, FORTUNE, SPORTS ILLUSTRATED, Entertainment Weekly, InStyle and Real Simple, along with iconic franchises such as the FORTUNE 500, TIME 100, PEOPLE's Most Beautiful and SPORTS ILLUSTRATED's Sportsman of the Year.
About Pinsight Media+
Pinsight Media+ offers the latest in unparalleled targeting, unique campaign placements, and insightful analytics. With Pinsight Media+, advertisers have the power to reach consumers on their mobile device in a more personalized way through relevant advertisements that are designed to drive substantial value for brands, advertisers and publishers.
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 55 million customers at the end of the first quarter of 2013 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. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 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.
OVERLAND PARK, Kan. (BUSINESS WIRE), May 06, 2013 - Sprint Nextel (NYSE: S) today announced that it had received formal notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act") that Charles Ergen, Chairman of DISH Network Corporation (NASDAQ: DISH), has filed to acquire in excess of 50 percent of Sprint's Series 1 Common Stock, through DISH Network or a wholly owned subsidiary of the company.
As a result of Mr. Ergen's submission, the HSR Act requires Sprint to make HSR filings withthe US Department of Justice and Federal Trade Commission including certain information regarding Sprint's business operations, revenues, and shareholdings. Sprint's Special Committee, established on April 22, 2013, continues to evaluate DISH Network's proposal and has not yet determined whether the proposal is, or is reasonably likely to lead to, a Superior Offer as such term is defined in Sprint's existing merger agreement with Softbank Corp. The company does not plan to comment further until the appropriate time.
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 55 million customers at the end of the first quarter of 2013 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. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 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.
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Clearwire Mails Letter to Stockholders Stating Proposed Transaction With Sprint Provides Best Strategic Alternative for Clearwire's Minority Stockholders
BELLEVUE, Wash., May 6, 2013 (GLOBE NEWSWIRE) -- Clearwire (Nasdaq:CLWR) today mailed a letter to stockholders regarding its proposed transaction with Sprint Nextel Corporation ("Sprint"). The letter describes the proposed transaction with Sprint as providing the best strategic alternative for Clearwire's minority stockholders, representing fair, attractive and certain value.
The full text of the letter follows:
May 6, 2013
On May 21, 2013, Clearwire will hold a Special Meeting of Stockholders to vote on the proposed Sprint transaction. Clearwire stockholders of record as of the close of business on April 2, 2013, are entitled to vote at the Special Meeting.
PROPOSED TRANSACTION WITH SPRINT PROVIDES THE BEST STRATEGIC ALTERNATIVE FOR CLEARWIRE'S MINORITY STOCKHOLDERS AND REPRESENTS FAIR, ATTRACTIVE AND CERTAIN VALUE
Clearwire's board of directors has always been committed to considering strategic options and pursuing those that maximize stockholder value. A Special Committee conducted a careful and rigorous review of all options available to Clearwire, with the assistance of independent financial and legal advisors. On the unanimous recommendation of the Special Committee, the Clearwire board has unanimously concluded that the proposed transaction with Sprint is the best strategic alternative for stockholders, representing fair, attractive and certain value, especially in light of the Company's limited alternatives and the well-known constraints of its liquidity position.
The proposed $2.97 per share offer price equates to a total payment to Clearwire minority stockholders of approximately $2.2 billion. This transaction represents a total Clearwire enterprise value of approximately $10 billion, including net debt and spectrum lease obligations of $5.5 billion. Additional benefits include:
Attractive spectrum value of $0.21 / MHz — POP;
A ~130% premium to Clearwire's closing share price on October 10, 2012, just before Sprint publicly acknowledged its merger discussions with SoftBank, and Clearwire was speculated to be part of that transaction;
A 40% premium to the closing share price on November 20, 2012, the day before Clearwire received Sprint's $2.60 per share initial non-binding indication of interest;
Higher certainty of value for stockholders compared to other alternatives; and
Immediate liquidity to stockholders at transaction close.
SPRINT PROPOSAL WAS THOROUGHLY EVALUATED BY CLEARWIRE'S BOARD OF DIRECTORS AND SPECIAL COMMITTEE
Clearwire formed a Special Committee, comprised of three directors independent from Sprint. Clearwire's Special Committee hired its own legal and financial advisors to evaluate and negotiate the Sprint transaction. Specifically, the Special Committee:
Rejected Sprint's initial indication of interest of $2.60;
Oversaw subsequent negotiations, leading to an increase in the offer price of 14% and other more favorable terms; and
Received a fairness opinion from its financial advisors that the $2.97 merger consideration was fair, from a financial point of view, to the Company's non-Sprint stockholders.
In addition to the actions taken by the Special Committee outlined above, the Board hired its own separate, independent legal and financial advisors and received a fairness opinion stating that the $2.97 merger consideration was fair, from a financial point of view, to the Company's non-Sprint stockholders.
The $2.97 per share consideration represents a substantial premium to the price received by other sophisticated investors in recent transactions. For example, Google received $2.26 per share for its Clearwire Common Stock on March 1, 2012, and Time Warner received $1.37 per share for its Clearwire Common Stock on October 3, 2012.
In addition, Eagle River received $2.97 per share for its sale of Clearwire Common Stock on December 17, 2012.
Other stockholders consider $2.97 to be a fair and compelling price: Comcast, Intel, and Bright House Networks have committed to vote their shares in support of the transaction. Collectively, these sophisticated investors own approximately 13% of the voting shares, or approximately 26% of non-Sprint voting shares.
CLEARWIRE'S STANDALONE PROSPECTS ARE RISKY AND HIGHLY UNCERTAIN
The proposed transaction with Sprint provides a clear solution to the substantial funding gap Clearwire is facing. The Company's prospects of securing the $2-$4 billion in additional funding necessary to continue operations and the LTE build plan are highly uncertain. In evaluating the Sprint transaction in the context of its funding constraints, the Special Committee considered two sets of financial projections prepared by Clearwire's management team:
Single-Customer Case (SCC): Assumes Sprint remains Clearwire's only major wholesale customer, and increases its wholesale purchases by over 500% to over $2 billion by 2020.
Multi-Customer Case (MCC): Requires substantial non-Sprint network traffic beginning in 2014, which implies an immediate agreement with another major wholesale customer.
Industry reality is that many carriers have recently consolidated spectrum positions and are focused on other strategic priorities.
Despite concerted efforts and discussions with more than 100 targets, Clearwire has failed to secure an additional major wholesale customer.
Both SCC and MCC have significant funding gaps that need to be addressed:
SCC: Estimated $3.9 billion peak cash shortfall in 2017.
MCC: Estimated $2.1 billion peak cash shortfall in 2015.
At the time Clearwire entered into the proposed Sprint transaction, it disclosed in its third quarter 2012 filings that the Company had 12 months of liquidity remaining, and in its first quarter 2013 filings the Company disclosed that, even if it curtails or suspends its LTE build, its liquidity will be depleted in the first quarter 2014 without securing additional financing. Moreover, the Company believes that securing the additional financing to fund the standalone business plan would be challenging, expensive and highly dilutive to stockholders, if available at all.
SPRINT TRANSACTION REPRESENTS CULMINATION OF RIGOROUS MULTI-YEAR STRATEGIC REVIEW
The Clearwire board and management undertook an extensive, multi-year process to explore strategic and financial alternatives over the past two years, which the Special Committee, with its advisors, also independently evaluated, including:
Alternative #1: Additional Wholesale Partners
Without a second major wholesale customer, Clearwire's business plan is exceedingly risky due to increasing dependence upon Sprint, its largest customer, and a significant funding gap ($3.9 billion under SCC);
MCC is only viable with another major wholesale customer in addition to Sprint; and
Success remains unlikely given industry dynamics, and potential partners expressed a strong preference for spectrum acquisition over a wholesale partnership due to greater control.
Conclusion: Clearwire has been unsuccessful at attracting a second major wholesale customer, despite concerted efforts and discussions with more than 100 targets.
Alternative #2: Monetize Excess Spectrum
Clearwire's exhaustive sale process in 2010 involved contacting 37 parties and did not result in an agreement;
Since then, Clearwire has engaged in a series of conversations with a number of parties that did not result in any compelling offers, including a market check conducted in December of 2012;
The proceeds of any sale of spectrum could be subject to significant tax leakage and use of proceeds restrictions under Clearwire's existing debt agreements and thereby wouldn't provide sufficient liquidity to the Company;
Outstanding proposals for Clearwire's spectrum are for premium portfolios of either primarily owned spectrum or leased spectrum concentrated in metro markets; Clearwire is unlikely to have buyer interest for all 47 billion MHz-POPs of spectrum above the $0.21/MHz-POP value implied by Sprint proposal; and
Even a sale of a meaningful block of spectrum would leave Clearwire exposed to significant risks and would not solve Clearwire's long-term liquidity challenges as it does not address the fundamental need for significant additional revenues, and potentially reduces future demand for Clearwire's network if sold to a potential wholesale customer.
Conclusion: A spectrum sale does not address, and may exacerbate, long-term challenges.
Alternative #3: Financing Alternatives (Debt / Equity Financing)
Currently, Clearwire has an annual cash interest burden of approximately $510 million and the interest burden created from additional debt financing will further increase cash outflows and potentially result in an untenable capital structure;
Under its current debt agreements, Clearwire has extremely limited secured borrowing capacity remaining;
Fewer than 200 million available authorized shares limit our ability to issue significant equity financing without approval from a majority of stockholders (i.e. Sprint); and
New unsolicited financing offers from Crest and Aurelius are not actionable at this time without Sprint's approval.
Conclusion: Debt or equity financing would have unattractive terms, and would be very expensive and dilutive to existing stockholders.
Alternative #4: Partnerships / Other Strategic Transactions
Clearwire would not be able to sell the whole Company as Sprint has stated that they are not willing sellers; and
Under existing agreements, Clearwire's ability to offer meaningful governance rights to new partners is limited.
Conclusion: A sale of the Company to a third party other than Sprint is unlikely to occur due to Clearwire's governance structure and Sprint's unwillingness to sell its stake.
Alternative #5: Financial Restructuring / Bankruptcy
Clearwire's difficult liquidity situation will put it in a worse position to negotiate any other strategic transaction, and financial restructuring may be the only available alternative;
Clearwire engaged Blackstone Advisory Partners and Kirkland & Ellis LLP to explore the possibility of a financial restructuring in fall of 2011, and has spent significant time with these advisors to understand the implications and risks of restructuring;
The process could take 24 months or longer and stockholders would be unlikely to receive any value prior to completion; and
The outcome of a financial restructuring is subject to many uncertainties, including:
− The existence of buyers in an auction for the entire Company; − The ability to sell the entire spectrum portfolio without flooding the market at non-distressed prices; − Potential taxes on spectrum sales which could materially reduce value to stockholders; and − Potential damages claims by Sprint which could be substantial and could reduce value to stockholders, among others.
Conclusion: Represents a highly uncertain outcome for Clearwire stockholders, and unlikely to yield value to stockholders exceeding $2.97 per share.
Given the comprehensive reviews of the alternatives, the Special Committee and board of directors determined that the Sprint transaction is in the best interests of the Company's non-Sprint stockholders.
MAXIMIZE THE VALUE OF YOUR INVESTMENT IN CLEARWIRE. VOTE "FOR" THE SPRINT TRANSACTION ON THE WHITE PROXY CARD
The Clearwire board unanimously recommends that you vote your shares FOR all of the proposals relating to the proposed transaction with Sprint by returning the WHITE proxy card with a "FOR" vote for all proposals. The failure to vote or an abstention has the same effect as a vote against the proposed combination. Because some of the proposals required to close the proposed transaction requires the affirmative vote of 75% of all outstanding shares, the votes of all of Clearwire stockholders are important. If stockholders do not approve the proposals related to the proposed combination, there is no assurance that your shares of Clearwire common stock will be able to be sold for the same or greater value in the future.
We urge you to discard any gold proxy cards you may receive, as they were sent by a dissident stockholder. If you previously submitted a gold proxy card, we urge you to cast your vote as instructed on the WHITE proxy card as soon as you receive it. A vote on the WHITE proxy card will revoke any earlier dated proxy card that was submitted, including any white proxy card. If you have questions or need assistance voting your shares, please contact our proxy solicitor, MacKenzie Partners, Inc., toll-free at (800) 322-2885 or call collect at (212) 929-5500.
On behalf of your board of directors, we thank you for your continued support.
Sincerely,
John Stanton Chairman of the Board
If you have any questions, require assistance with voting your WHITE proxy card,
or need additional copies of the proxy materials, please contact:
This document includes "forward-looking statements" within the meaning of the securities laws. The words "may," "could," "should," "estimate," "project," "forecast," "intend," "expect," "anticipate," "believe," "target," "plan," "providing guidance" and similar expressions are intended to identify information that is not historical in nature.
This document contains forward-looking statements relating to the proposed merger and related transactions (the "transaction") between Sprint and Clearwire. All statements, other than historical facts, including statements regarding the expected timing of the closing of the transaction; the ability of the parties to complete the transaction considering the various closing conditions; the expected benefits and efficiencies of the transaction; the competitive ability and position of Sprint and Clearwire; and any assumptions underlying any of the foregoing, are forward- looking statements. Such statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. You should not place undue reliance on such statements. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, any conditions imposed in connection with the transaction, approval of the transaction by Clearwire stockholders, the satisfaction of various other conditions to the closing of the transaction contemplated by the merger agreement, and other factors discussed in Clearwire's and Sprint's Annual Reports on Form 10- K for their respective fiscal years ended December 31, 2012, their other respective filings with the U.S. Securities and Exchange Commission (the "SEC") and the proxy statement and other materials that have been or will be filed with the SEC by Clearwire in connection with the transaction. There can be no assurance that the transaction will be completed, or if it is completed, that it will close within the anticipated time period or that the expected benefits of the transaction will be realized.
Clearwire does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Additional Information and Where to Find It
In connection with the transaction, Clearwire has filed a Rule 13e-3 Transaction Statement and a definitive proxy statement with the SEC. The definitive proxy statement has been mailed to the Clearwire's stockholders. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT CLEARWIRE AND THE TRANSACTION. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC at the SEC's web site at www.sec.gov. In addition, the documents filed by Clearwire with the SEC may be obtained free of charge by contacting Clearwire at Clearwire, Attn: Investor Relations, (425) 505-6494. Clearwire's filings with the SEC are also available on its website at www.clearwire.com.
Participants in the Solicitation
Clearwire and its officers and directors and Sprint and its officers and directors may be deemed to be participants in the solicitation of proxies from Clearwire stockholders with respect to the transaction. Information about Clearwire officers and directors and their ownership of Clearwire common shares is set forth in the definitive proxy statement for Clearwire's Special Meeting of Stockholders, which was filed with the SEC on April 24, 2013. Information about Sprint officers and directors is set forth in Sprint's Annual Report on Form 10-K for the year ended December 31, 2012, which was filed with the SEC on February 28, 2013. Investors and security holders may obtain more detailed information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the transaction by reading the definitive proxy statement regarding the transaction, which was filed by Clearwire with the SEC.
CONTACT: Media Contacts: Susan Johnston, (425) 505-6178 susan.johnston@clearwire.com JLM Partners for Clearwire Mike DiGioia or Jeremy Pemble, (206) 381-3600 mike@jlmpartners.com or jeremy@jlmpartners.com Investor Contacts: Alice Ryder, (425) 505-6494 alice.ryder@clearwire.com MacKenzie Partners for Clearwire Dan Burch or Laurie Connell, (212) 929-5500 dburch@mackenziepartners.com or lconnell@mackenziepartners.com
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Clearwire Corporation 4400 CARILLON PT , Kirkland, WA 98033-7353 Service provided by Shareholder.com
Clearwire Corporation Annual Report is Now Available Online
BELLEVUE, Wash., May 2, 2013 (GLOBE NEWSWIRE) -- Clearwire Corporation, (NASDAQ: CLWR), a leading provider of 4G wireless broadband services in the U.S., announced today that the company's annual report on SEC form 10-K/A for the year ended December 31, 2012 is now available online. Shareholders and others may view and download a copy of the annual report by visiting Clearwire's investor relations site, http://corporate.clearwire.com/sec.cfm
About Clearwire
Clearwire Corporation (NASDAQ: CLWR), through its operating subsidiaries, is a leading provider of 4G wireless broadband services offering services in areas of the U.S. where more than 130 million people live. The company holds the deepest portfolio of wireless spectrum available for data services in the U.S. Clearwire serves retail customers through its own CLEAR® brand as well as through wholesale relationships with some of the leading companies in the retail, technology and telecommunications industries, including Sprint and NetZero. The company is constructing a next-generation 4G LTE Advanced-ready network to address the capacity needs of the market, and is also working closely with the Global TDD-LTE Initiative to further the TDD-LTE ecosystem. Clearwire is headquartered in Bellevue, Wash. Additional information is available at http://www.clearwire.com.
Forward-Looking Statements
This release, and other written and oral statements made by Clearwire from time to time, contain 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:
Our business has become increasingly dependent on our wholesale partners, and Sprint in particular. Additionally, our current business plans depend on our ability to attract new wholesale partners with substantial requirements for additional data capacity, which is subject to a number of risks and uncertainties. If we do not receive the amount of revenues we expect from existing wholesale partners or if we are unable to enter into new agreements with additional wholesale partners for significant new wholesale commitments in a timely manner, our business prospects, results of operations and financial condition could be adversely affected, or we could be forced to consider all available alternatives, including financial restructuring.
If the proposed merger with Sprint fails to close for any reason, we believe that we will require substantial additional capital to fund our business and to further develop our network; such capital may not be available on acceptable terms or at all. If the merger fails to close and the funding under our Note Purchase Agreement with Sprint was no longer available, we would have to significantly curtail substantially all of our LTE network build plan to conserve cash and there would likely be substantial doubt about our ability to continue as a going concern for the next twelve months. Additionally, if the proposed merger with Sprint fails to close and we are unable to obtain sufficient additional capital, or we fail to generate sufficient revenue from our businesses to meet our ongoing obligations, our business prospects, financial condition and results of operations will likely be materially and adversely affected, and we will be forced to consider all available alternatives, including financial restructuring.
We have a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future.
Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business. Further, unless we are able to secure the required shareholder approvals to increase the number of authorized shares under our Certificate of Incorporation, we may not have enough authorized but unissued shares available to raise sufficient additional capital through an equity financing.
Sprint owns a majority of our common shares, is our largest shareholder, and may have, or may develop in the future, interests that may diverge from other stockholders.
Our proposed merger with Sprint is subject to certain regulatory conditions that may not be satisfied on a timely basis, or at all, and is also conditioned on the consummation of the Sprint-Softbank (or a similar merger) transaction. If the merger with Sprint fails because it is not adopted by our shareholders, then under certain circumstances Sprint may gain significant additional control over us by acquiring the Clearwire shares held by other parties to our Equityholders' Agreement, pursuant to the terms of an agreement with those other shareholders. Additionally, failure to complete the proposed merger could negatively impact our business and the market price of our Class A Common Stock, and substantial doubt may arise regarding our ability to continue as a going concern.
We are in the early stages of deploying LTE on our wireless broadband network, alongside mobile WiMAX, to remain competitive and to generate sufficient revenues for our business; we will incur significant costs to deploy such technology. Additionally, LTE technology, or other alternative technologies that we may consider, 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 add a new technology to our current network and to operate dual technology networks without disruptions to customer service, as well as our ability to generate new wholesale customers for the new network.
We currently depend on our commercial partners to develop and deliver the equipment for our legacy and mobile WiMAX networks, and are dependent on commercial partners to deliver equipment and devices for our planned LTE network as well.
Many of our competitors for our retail business are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services.
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 14, 2013, and subsequent SEC filings. Clearwire assumes no obligation to update or supplement such forward-looking statements.
CONTACT: Investor Relations: Alice Ryder, 425-505-6494 alice.ryder@clearwire.com Media Relations: Susan Johnston, 425-505-6178 susan.johnston@clearwire.com JLM Partners for Clearwire: Mike DiGioia or Jeremy Pemble, 206-381-3600 mike@jlmpartners.com or jeremy@jlmpartners.com
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OVERLAND PARK, Kan. (BUSINESS WIRE), May 01, 2013 - The Environmental Investment Organisation (EIO) released its 2013 Environmental Tracking (ET) Carbon Rankings this week and named Sprint [NYSE:S] the highest ranking of all companies in the United States and No. 13 globally. Sprint was named a leader for North America and the continent's highest ranked telecommunications company.
Sprint also received the Disclosure Leader Award for its Scope 3 emissions reporting. The EIO rankings highlight Scope 3 emissions – indirect emissions from categories such as purchased goods from suppliers, disposal of waste, employee commuting and business travel.
Sprint's commitment to transparent carbon reporting is particularly notable given the EIO's research, which found that less than 40 percent of leading North American companies correctly adopt the basic principles of reporting greenhouse gas (GHG) emissions. The ET Carbon Ranking series is the only public database of its kind and includes companies based on their market size.
"While effective greenhouse gas emissions reporting is certainly not an easy task for any company, it is excellent to see certain companies demonstrating that it can be done and to an ever increasingly higher standard," said Sam Gill, CEO of the EIO. "Any company ranking within the top 10 in their respective region should be viewed as a pioneering leader, constantly raising the bar for others around them."
Sprint is more than halfway to its industry-leading goal of reducing GHG emissions by 20 percent by 2017 and was the first U.S. wireless carrier to publicly announce a goal for reducing absolute emissions (as opposed to the industry standard, emissions intensity, which measures emissions relative to the volume of data traffic carried on a carrier's network).
Sprint's success in reducing overall emissions is the result of forward-looking innovations such as Network Vision, an increase in renewable energy purchases, energy efficiency improvements at data centers, and a shift to SmartWay certified fleet vehicles. Sprint's progress in measuring and reporting Scope 3 emissions illustrates its commitment to addressing all areas of its environmental impact, including its entire supply chain, with guidance from such third-party experts as the World Wildlife Fund (WWF). Sprint is one of only 30 companies accepted in World Wildlife Fund's Climate Savers program based on its aggressive commitments to combat climate change. Sprint recently began creating educational materials to help its outside suppliers understand and reduce their own emissions.
"Sprint has shown an ongoing commitment to cut emissions and deliver solutions that curb climate change," said Matt Banks, Senior Program Officer at WWF. "We applaud Sprint for their success and hope more companies will take Sprint's lead by taking progressive actions to cut carbon emissions throughout their value chain – because collaboration is key to creating a carbon-free world."
Sprint continues to receive recognition for its leadership in environmental practices and transparent reporting. The carrier was named one of 53 top companies – and the top U.S. wireless carrier – on the 2012 Carbon Disclosure Project S&P 500 Climate Change Report 2012. In each of the last two years, the carrier has been named No. 3 in the United States by Newsweek's annual Green Rankingsof the 500 greenest companies. Earlier this year, global consulting and analyst firm Frost and Sullivan recognized Sprint as the 2013 North American Award for Green Excellence. In 2012, the carrier was named No. 4 – and the only wireless provider – on the U.S. Environmental Protection Agency's (EPA) Top 20 Technology & Telecom list of green power users within the sector.
About the Environmental Investment Organisation
The Environmental Investment Organisation (EIO) is an independent not-for-profit research body promoting carbon transparency and investment solutions designed to address climate change. The Environmental Tracking (ET) Carbon Rankings, which are designed to encourage an ever greater standard of transparency and advantage carbon efficient companies, are compiled from publicly available emissions data taken from company sustainability reports, annual reports and websites. The Rankings and the fully transparent methodology behind them can be viewed online at www.eio.org.uk.
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 55 million customers at the end of the first quarter of 2013 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. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 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.
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OVERLAND PARK, Kan. (BUSINESS WIRE), May 01, 2013 - Sprint (NYSE: S) today announced that its plans to shut down the iDEN Nextel National Network remain on schedule for the end of June, as originally announced in May of last year.
The last full day of iDEN service will be June 29; shutdown begins first thing Sunday, June 30, and will continue throughout the day. iDEN devices will then no longer receive voice service – including 911 calls – or data service. Sprint will shut down switch locations in rapid succession on June 30, followed by powering down equipment and eliminating backhaul at each cell site.
Sprint announced plans on May 29, 2012 to cease service on the iDEN Nextel National Network as early as June 30, 2013, as part of its Network Vision plan – a series of network updates designed to offer next-generation network capabilities to customers.
Since then, Sprint has been aggressively notifying customers to migrate from the iDEN Nextel National Network to avoid service disruptions. The notifications have included customer letters, legal notifications, and email reminders. Sprint added iDEN shutdown reminder text messages and will use other communications tactics during the network's final days of operation.
"Our shutdown communications are meant to give customers more than enough lead time to plan their migration," said Bob Azzi, senior vice president-Network. "This has been especially important for public safety, first responders, health care users and others who rely on the service to protect and preserve people's lives. We strongly urge customers to migrate now, rather than wait until the last minute."
Customers who migrate to Sprint Direct Connect experience three times the push-to-talk coverage compared to iDEN, international direct connect reach to Latin American countries, and 3G broadband data capabilities.
"SprintDirect Connect is a gold standard in push-to-talk," Azzi said. "It comes with the broadband capabilities that businesses and public safety pros need for business applications, social media, and future push-to-X capabilities on Sprint's broadband CDMA network."
The transition of Sprint's push-to-talk service from iDEN to CDMA is part of the company's Network Vision plans. Network Vision is expected to add net economic value for Sprint from reduced roaming costs, cell site reduction, backhaul efficiencies, more efficient use of capital, and energy cost savings.
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 55 million customers at the end of the first quarter of 2013 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. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 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.
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