Study: Clearwire Spectrum Worth Two to Three Times More than Sprint Bid

   Study: Clearwire Spectrum Worth Two to Three Times More than Sprint Bid

PR Newswire

HOUSTON, Feb. 26, 2013

HOUSTON, Feb. 26, 2013 /PRNewswire/ --An independent study by experts at
Information Age Economics (IAE) indicates that the true value of the wireless
spectrum owned by Clearwire Corporation is two or three times higher than the
value reflected in the price Sprint has offered to pay to acquire Clearwire.

According to a new filing with the Federal Communications Commission by Crest
Financial Limited, Sprint's $2.97-a-share offer for Clearwire represents a
value of $0.21 per MHz-POP for Clearwire's spectrum. IAE's study, which is
based on comparable recent transactions and broadband market forces, states
that a more appropriate range for the value of Clearwire's spectrum would be
between $0.40 and $0.70 per MHz-POP.

The IAE report, which Crest commissioned and attached to its new filing with
the FCC, also states that Sprint's valuation of Clearwire fails to take into
account that Clearwire's 2.5 GHz Band is Sprint's only remaining option to
keep pace with such national competitors as Verizon, AT&T and T-Mobile, which
makes Clearwire's spectrum more valuable to Sprint than it otherwise would be.
To read the IAE report and Crest's FCC filing click here:

Crest's FCC filing also contends that the proposed Sprint/Clearwire merger
would harm the public interest at a time of spectrum scarcity. Crest contends
that FCC approval of the proposed merger would delay spectrum deployment
andexacerbate "spectrum crunch" at a time of severe scarcity. The merger
would contradict the FCC's stated mission to maximize spectrum availability
for public consumption. What's more, it would place the country's largest
remaining spectrum portfolio in hands least equipped, by past example, to
serve the best interests of the United States and its wireless consumers. 

Crest Financial, which currently owns 8.34 percent of Clearwire's outstanding
Class A stock, has sued Sprint and Clearwire's board of directors for
conspiring to intentionally lower the value of Clearwire's high-speed,
broadband spectrum so that it could acquire Clearwire at an artificially
depressed price. Crest's lawsuit states that Sprint's intentions are to the
financial detriment of Clearwire's minority shareholders, and contrary to the
commercial interests of the public.

SOURCE Crest Financial Limited

Contact: Jeffrey Birnbaum, BGR Public Relations, +1-202-661-6367
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