Nextel Partners Responds to Lawsuit Filed by Nextel Communications in Delaware Chancery Court.KIRKLAND, Wash. -- Nextel Partners, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NXTP) today issued the following statement regarding the lawsuit filed against Nextel Partners in Delaware Chancery Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England. The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . on October 7, 2005, by Nextel Communications Nextel Communications, styled NEXTEL, (Former NASDAQ: NXTL) which is now known as the Sprint Nextel Corporation was a telecommunications firm based in the United States. Known for providing a nation-wide mobile communications system. , Inc. and its subsidiary, Nextel WIP WIP Work In Progress WIP Work in Process WIP World Internet Project WIP Women in Prison (movie genre) WIP World Institute of Pain WIP Wash-In-Place WIP Women in Publishing WIP Work In Place WIP Wireless Internet Protocol Corp.:
We believe that Nextel's lawsuit has no merit and is just one more
attempt to rewrite an agreement that they willingly entered into
seven years ago in order to pay less than they are required to pay
for Nextel Partners' publicly traded shares under that agreement.
This time Nextel has asked the Court to concur with Nextel's
oft-repeated interpretations of fair market value under Nextel
Partners' charter. We believe that Nextel's interpretations are
wrong and its motives are transparent, and we look forward to
presenting our case before the Court.
Nextel Partners will continue to take all actions necessary to
protect the Company and its shareholders as we move through the
put process. We also intend to hold Sprint Nextel fully
responsible for any damage that its breaches and inappropriate
actions may cause Nextel Partners or its shareholders.
In addition to asking the Court to concur with Nextel's previously disclosed interpretations of the definition of fair market value, Nextel's lawsuit also seeks to prohibit Nextel Partners from disclosing to its public shareholders, as required by Nextel Partners' charter, the valuation reports of the first two appraisers to be appointed under Nextel Partners' put process. The suit also seeks to require Nextel Partners to provide Nextel and its appraiser A person selected or appointed by a competent authority or an interested party to evaluate the financial worth of property. Appraisers are frequently appointed in probate and condemnation proceedings and are also used by banks and real estate concerns to determine the market with certain financial information. Nextel Partners indicated that it will ask the Court to hear the case on an expedited basis to facilitate the timely execution of the put process. As previously announced, Nextel Partners' shareholders will vote on whether to exercise their put right to sell Nextel Partners to Nextel at the upcoming special meeting on October 24, 2005. If Nextel Partners' shareholders elect to exercise the put, each company must select an appraiser within 20 days. The charter requires the appraisal process to be completed no later than 110 days after the shareholder vote and Nextel Partners does not anticipate any delay in this process. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 A number of the matters and subject areas discussed in this press release that are not historical or current facts deal with potential future circumstances and developments, including without limitation, matters related to Nextel Partners' future financial and operating results. The words "believe," "expect," "intend," "estimate," "assume" and "anticipate," variations of such words and similar expressions identify forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , but their absence does not mean that a statement is not forward-looking. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from Nextel Partners' actual future experience involving any one or more of such matters and subject areas. Such risks and uncertainties include the economic conditions in our targeted markets, performance of our technologies, competitive conditions, customer acceptance of our services, access to sufficient capital to meet operating and financing needs and those additional factors that are described from time to time in Nextel Partners' reports filed with the SEC, including Nextel Partners' annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004, and its quarterly filings on Form 10-Q Form 10-Q See 10-Q. . This press release speaks only as of its date, and Nextel Partners disclaims any duty to update the information herein. About Nextel Partners Nextel Partners, Inc., (NASDAQ:NXTP), a FORTUNE 1000 company based in Kirkland, Wash., has exclusive rights to offer the same fully integrated, digital wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. services offered by Nextel Communications (Nextel) in mid-sized and rural markets in 31 states where approximately 54 million people reside. Nextel Partners and Nextel together offer the largest guaranteed all-digital wireless network in the country serving 297 of the top 300 U.S. markets. To learn more about Nextel Partners, visit www.nextelpartners.com. |
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