Sprint and SoftBank Extend Time to File Proxy Statement/Prospectus

  Sprint and SoftBank Extend Time to File Proxy Statement/Prospectus

Business Wire

OVERLAND PARK, Kan. -- November 29, 2012

Sprint (NYSE: S) today announced that SOFTBANK CORP. and Sprint have extended
the deadline for filing the Registration Statement on Form S-4 from Nov. 29,
2012 until Dec. 21, 2012. The proxy statement that will be included in the
Registration Statement will only be sent to Sprint shareholders after the
Securities and Exchange Commission (SEC) has declared the Registration
Statement effective. The proxy statement will be sent to Sprint shareholders
in connection with the special shareholders meeting to approve the Agreement
and Plan of Merger, dated as of Oct. 15, 2012.

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 nearly 56 million
customers at the end of the third quarter of 2012 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.

Cautionary Statement Regarding Forward Looking Statements

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
transaction between Sprint Nextel Corporation ("Sprint") and SOFTBANK CORP.
("SoftBank") and its group companies, including Starburst II, Inc. ("Starburst
II") pursuant to a merger agreement and bond purchase agreement. All
statements, other than historical facts, including, but not limited to,
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 of the transaction such as improved
operations, enhanced revenues and cash flow, growth potential, market profile
and financial strength; the competitive ability and position of SoftBank or
Sprint; 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, that (1) one or more closing conditions to
the transaction may not be satisfied or waived, on a timely basis or
otherwise, including that a governmental entity may prohibit, delay or refuse
to grant approval for the consummation of the transaction or that the required
approval by Sprint’s stockholders may not be obtained; (2) there may be a
material adverse change of SoftBank or Sprint or the respective businesses of
SoftBank or Sprint may suffer as a result of uncertainty surrounding the
transaction; (3) the transaction may involve unexpected costs, liabilities or
delays; (4) legal proceedings may be initiated related to the transaction; and
(5) other risk factors as detailed from time to time in Sprint's and Starburst
II's reports filed with the Securities and Exchange Commission ("SEC"),
including Sprint's Annual Report on Form 10-K for the year ended December 31,
2011 and Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2012
and the proxy statement/prospectus to be contained in Starburst II's
Registration Statement on Form S-4, which are (or will be, when filed)
available on the SEC's web site (www.sec.gov). There can be no assurance that
the merger will be completed, or if it is completed, that it will close within
the anticipated time period or that the expected benefits of the merger will
be realized.

None of Sprint, SoftBank or Starburst II undertakes 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 proposed strategic combination, Starburst II plans to
file with the SEC a Registration Statement on Form S-4 that will include a
proxy statement of Sprint, and that also will constitute a prospectus of
Starburst II. Sprint will mail the proxy statement/prospectus to its
stockholders. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN
IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. The proxy
statement/prospectus, as well as other filings containing information about
Sprint, SoftBank and Starburst II, will be available, free of charge, from the
SEC's web site (www.sec.gov). Sprint's SEC filings in connection with the
transaction also may be obtained, free of charge, from Sprint's web site
(www.sprint.com) under the tab "About Us – Investors" and then under the
heading "Documents and Filings – SEC Filings," or by directing a request to
Sprint, 6200 Sprint Parkway, Overland Park, Kansas 66251, Attention:
Shareholder Relations or (913) 794-1091. Starburst II's SEC filings in
connection with the transaction (when filed) also may be obtained, free of
charge, by directing a request to SoftBank, 1-9-1 Higashi-Shimbashi,
Minato-ku, Tokyo 105-7303, Japan; telephone: +81.3.6889.2290; e-mail:
ir@SoftBank.co.jp.

Participants in the Merger Solicitation

The respective directors, executive officers and employees of Sprint,
SoftBank, Starburst II and other persons may be deemed to be participants in
the solicitation of proxies in respect of the transaction. Information
regarding Sprint's directors and executive officers is available in its Annual
Report on Form 10-K for the year ended Dec. 31, 2011. Other information
regarding the interests of such individuals as well as information regarding
SoftBank's and Starburst II's directors and executive officers will be
available in the proxy statement/prospectus when it becomes available. These
documents can be obtained free of charge from the sources indicated above.
This communication shall not constitute an offer to sell or the solicitation
of an offer to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.

Contact:

Sprint Nextel
Media Contact:
Scott Sloat, 240-855-0164
scott.sloat@sprint.com
or
Investor Contact:
Brad Hampton, 800-259-3755
investor.relations@sprint.com
 
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