HOUSTON, May 9, 2013 /PRNewswire/ -- Crest Financial
Limited, the largest of the independent, minority stockholders of
Clearwire Corporation (NASDAQ: CLWR), yesterday filed a 40-page
presentation with the Securities and Exchange Commission detailing
its reasons for asking Clearwire stockholders to reject the
proposed merger with Sprint Nextel Corporation.
The presentation elaborates on Crest's long-held contentions
that the price Sprint is offering to pay Clearwire stockholders for
their shares is highly inadequate and that the Clearwire Board
entered into an unfair Merger Agreement with Sprint, is plagued by
weak corporate governance, is under undue influence of Sprint and
has failed to protect non-Sprint stockholders.
In addition, the presentation highlights statements from the
chief executives of DISH Network and SoftBank earlier this month
suggesting that the real prize offered by an acquisition of Sprint
is acquiring control of Clearwire and its valuable spectrum.
As noted in the presentation, DISH's Charlie Ergen, as reported in the Denver
Business Journal, said, "It's better for us to own Sprint, because
then we control Clearwire." In addition, at SoftBank's "Press
Conference 2013 Summer," SoftBank Chief Executive Officer
Masayoshi Son said: "In the
Sprint-SoftBank transaction, Clearwire's spectrum is
key."
David Schumacher, the General
Counsel of Crest Financial, said: "These statements confirm
what Crest has been communicating to Clearwire's other shareholders
for some time now: The battle for Sprint is really a battle
for Clearwire's valuable spectrum, and that each of Sprint's
suitors wants to divert the value of Clearwire's spectrum assets to
itself so as to extract maximum benefit for itself to the detriment
of Clearwire's minority shareholders."
Crest strongly urges Clearwire stockholders to vote "AGAINST"
the Sprint-Clearwire merger using the GOLD proxy card.
D.F. King & Co, Inc. has been
retained by Crest to assist it in the solicitation of proxies in
opposition to the merger. If stockholder have any questions or need
assistance in voting the GOLD proxy card, please call D.F. King & Co. at (800) 949-2583. The
presentation can be found at http://www.dfking.com/clwr.
About Crest Financial Limited
Crest Financial Limited
("Crest") is a limited partnership under the laws of the
State of Texas. Its principal
business is investing in securities.
Important Legal Information
In connection with the
proposed merger of Clearwire with Sprint Nextel Corporation (the
"Proposed Sprint Merger"), Crest and other persons (the
"Participants") have filed a definitive proxy statement with the
U.S. Securities and Exchange Commission ("SEC"). The definitive
proxy statement was mailed to the stockholders of Clearwire on or
about May 6, 2013. SECURITYHOLDERS OF
CLEARWIRE ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT, WHICH
IS AVAILABLE NOW, AND THE PARTICIPANTS' OTHER PROXY MATERIALS FILED
WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO
THE PARTICIPANTS, CLEARWIRE AND THE PROPOSED SPRINT MERGER. The
definitive proxy statement and all other proxy materials filed with
the SEC are available at no charge on the SEC's website at
http://www.sec.gov. In addition, the definitive proxy
statement is also available at no charge on the website of the
Participants' proxy solicitor at http://www.dfking.com/clwr.
Forward-looking Statements
Certain statements
contained herein are forward-looking statements including, but not
limited to, statements that are predications of or indicate future
events, trends, plans or objectives. Undue reliance should not
be placed on such statements because, by their nature, they are
subject to known and unknown risks and
uncertainties. Forward-looking statements are not guarantees
of future activities and are subject to many risks and
uncertainties. Due to such risks and uncertainties, actual
events may differ materially from those reflected or contemplated
in such forward-looking statements. Forward-looking statements
can be identified by the use of the future tense or other
forward-looking words such as "believe," "expect," "anticipate,"
"intend," "plan," "should," "may," "will," believes," "continue,"
"strategy," "position" or the negative of those terms or other
variations of them or by comparable terminology.
SOURCE Crest Financial Limited