CHICAGO, July 12, 2011 (GLOBE NEWSWIRE) -- Clearwire (NASDAQ: CLWR), a leading provider of wireless broadband services and operator of the first 4G network in the country, today announced the second consecutive year of a sponsorship with the World’s Largest Block Party and Old St. Patrick’s Church.
"We are proud to partner with this event and organization that makes such a big difference in the Chicago community and around the world through its outreach programs," said Jeannie Weaver, regional director of sales for CLEAR. "We also look forward to giving our customers a unique sales experience through our retail stores with an opportunity to qualify to win tickets from some of today’s top musical acts including Barenaked Ladies and Plain White T’s."
"Clearwire has been an aggressive new sponsor for the past two years at the World’s Largest Block Party," said Sheila Griefhan, director of special events for Old St. Patrick’s Church. "Our fans responded favorably last year to CLEAR’s high speed 4G mobile broadband demonstrations. We are glad to have them back again."
The World’s Largest Block Party is a Chicago summer tradition not to be missed where nearly 20,000 people enjoy two blocks of music, food and fun. Tickets are $40 in advance; $45 at the gate, and a two-night pass is available for $75. The price of admission includes five FREE beverages; a choice of beer, wine, soda or bottled water. Complete ticket information is available at www.worldslargestblockparty.com.
*Seven Chicago area CLEAR retail stores will have a raffle drawing at each location where new customers who sign up for service will qualify for a drawing that will conclude at 5:00 p.m. on July 14, 2011. For a complete listing of Chicago locations go to www.clear.com/stores.
A CLEAR Difference
The CLEAR experience is similar to Wi-Fi but without the short-range limitations. CLEAR uses wireless 4G technology that differs from Wi-Fi because it provides service areas measured in miles, not feet. CLEAR also offers average mobile download speeds of 3 to 6 mbps with bursts over 10 mbps.*
For more information about CLEAR, visit www.clear.com or The CLEAR Blog www.clear.com/blog. You can also follow CLEAR information on Twitter at @Clear. Information about Clearwire is available at http://www.clearwire.com. For press and broadcast: images, video and company logos are available from the Clearwire Newsroom at www.clearwire.com/newsroom. To subscribe to Clearwire's RSS news feed, click here.
About Clearwire
Clearwire Corporation (NASDAQ: CLWR), through its operating subsidiaries, is a leading provider of wireless broadband services. Clearwire's 4G network is currently available in areas of the U.S. where 130 million people live. Clearwire's open all-IP network, combined with significant spectrum holdings, provides an unprecedented combination of speed and mobility to deliver next generation broadband access. The company markets its 4G service through its own brand called CLEAR® as well as through its wholesale relationships with companies such as Sprint, Comcast, Time Warner Cable, Locus Telecommunications, Cbeyond, Mitel and Best Buy. Strategic investors include Intel Capital, Comcast, Sprint, Google, Time Warner Cable, and Bright House Networks. Clearwire is headquartered in Kirkland, Wash. Additional information is available at http://www.clearwire.com/">www.clearwire.com.
*Speed claims based on download speeds only. Actual performance may vary and is not guaranteed. CLEAR performance claim is based on average download user speeds achieved during tests performed on the CLEAR commercial network by CLEAR. Other carrier performance based on their advertised claims.
Unlimited plans subject to CLEAR’s Acceptable Use Policy, posted at www.clear.com/legal/aup.
Clearwire, CLEAR, and the CLEAR logo are trademarks or registered trademarks of Clearwire Communications LLC in the United States and/or other countries. All other company or product names are trademarks of their respective owners.
Forward-Looking Statements
This release, and other written and oral statements made by Clearwire from time to time, contains 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:
- We have a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future.
- If our business fails to perform as we expect, we may require substantial additional capital, which may not be available on acceptable terms or at all, to be able to continue to operate.
- Our current plans, and our expectations about becoming EBITDA and cash flow positive, are based on a number of assumptions about our future performance, which may prove to be inaccurate, such as our ability to substantially expand our wholesale business and implement various cost savings initiatives.
- We expect that our business will become increasingly dependent on our wholesale partners, and Sprint in particular; if we do not receive the amount of revenues we expect from existing wholesale partners or if we are unable to enter into agreements with additional wholesale partners our business prospects, results of operations and financial condition could be adversely affected, or we could be required to revise our current business plans.
- We regularly evaluate our plans, and we may elect to pursue new or alternative strategies which we believe would be beneficial to our business, including among other things, expanding our network coverage to new markets, augmenting our network coverage in existing markets, changing our sales and marketing strategy and or acquiring additional spectrum. Such modifications to our plans could significantly change our capital requirements.
- We have deployed a wireless broadband network based on mobile WiMAX technology, may need to deploy other 4G technologies such as LTE to remain competitive, and would incur significant costs to deploy alternative technologies. Additionally, such alternative technologies 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 transition from the current technology to the new technology without disruptions to customer service.
- We may experience difficulties in maintaining and upgrading ournetworks, which could adversely affect customer satisfaction, increase subscriberchurn and costs incurred, and decrease our revenues.
- We currently depend on our commercial partners to develop and deliver the equipment for our legacy and mobile WiMAX networks.
- Many of our competitors are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services.
- Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business.
- Sprint Nextel Corporation owns a majority of our shares, resulting in Sprint holding a majority voting interest in the Company, and Sprint may have, or may develop in the future, interests that may diverge from other stockholders.
- 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 22, 2011 and Quarterly Report on Form 10-Q filed on May 4, 2011. Clearwire assumes no obligation to update or supplement such forward-looking statements.
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