|To: Bruce Byall who wrote (1024)||3/29/2000 9:31:00 AM|
|From: DubM||Read Replies (1) | Respond to of 1176|
Wednesday March 29, 9:04 am Eastern Time|
Company Press Release
Advanced Radio Telecom to Acquire 14 Additional 39 GHz Licenses in Major Markets
BELLEVUE, Wash.--(BUSINESS WIRE)--March 29, 2000--Advanced Radio Telecom Corp. (ART) (Nasdaq:ARTT - news), the first broadband wireless Internet Protocol Service Provider (IPSP), today announced it had entered into a definitive agreement with Bachow Communications, Inc. to acquire 39 GHz licenses including the Atlanta, Boston, Buffalo, Cincinnati, Indianapolis, Las Vegas, Los Angeles, Milwaukee, Portland, San Diego, Washington and Baltimore markets.
The 14 licenses to be acquired cover a population of approximately 37 million, bringing ART's U.S. license coverage to over 370 million channel pops.
``Increasing spectrum depth in our major markets enhances our growth strategy and strengthens ART's nationwide footprint which we are using to build next generation IP broadband wireless metropolitan networks,' said Robert McCambridge, ART president and COO.
ART will issue approximately 2.2 million common shares as consideration for the licenses. The parties expect to close the transaction in the second half of the year. Closing is subject to various conditions, including FCC approval.
Advanced Radio Telecom Corp. (Nasdaq:ARTT - news), headquartered in Bellevue, Wash., is a provider of broadband Internet Protocol (IP) access services at speeds up to 155 Mbps. ART currently owns and operates broadband wireless metropolitan area networks in San Jose, Seattle, Portland, Ore., and Phoenix, and plans to expand to 40 major markets over the next three years. ART is a Cisco Powered Network(TM) service provider and has a strategic relationship with Qwest Communications International Inc. (NYSE:Q - news). ART has a nationwide footprint of 39GHz spectrum licenses in the United States, and owns 26 GHz and/or 39 GHz spectrum licenses in the United Kingdom and several Scandinavian countries. For more information, please visit ART's web site at www.ipsp.com.