Clearwire Corporation Annual Report is Now Available Online
May 02 2013 - 4:45PM
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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