Exhibit 99.1
cingular
fits you best
SUNSHINE PCS CORPORATION
FOR MORE INFORMATION:
Xxxx Xxxx
000-000-0000
xxxx.xxxx@xxxxxxxx.xxx
Sunshine PCS Corporation
Xxxxx X. Xxxxxxx
000-000-0000
Cingular Wireless and Sunshine PCS Corporation Agree
to Terms for Spectrum Licenses
Sunshine PCS agrees to sell Cingular
three Florida PCS licenses for $13.75 million
Atlanta and New York - August 18, 2003 - Sunshine PCS Corporation (OTC:
XXXXX.XX) has entered into a definitive agreement with Cingular Wireless in
which Cingular will acquire three licenses in Florida for $13.75 million. The
licenses are for spectrum in markets where Cingular currently has voice and data
operations.
Under terms of the deal, Cingular would pay $13.75 million in cash, and obtain
FCC authorization to operate on 15 MHz of broadband PCS (1900 MHz) spectrum in
the following markets: Tallahassee, Panama City and Ocala. Sunshine PCS and
Cingular also entered into other commercial arrangements to facilitate service
in these markets.
The sale requires approval by the shareholders representing a majority of the
voting power of all outstanding shares of Sunshine PCS. In addition, completion
of the sale is subject to the consent of the Federal Communications Commission
to the transfer of the licenses.
In connection with the transaction, Sunshine PCS has reached an agreement with
Xxxxx Interactive Corporation, which owns all of the outstanding shares of the
three series of Preferred Stock of Sunshine PCS, to acquire those shares for a
total of approximately $7.2 million. Sunshine PCS also has reached an agreement
with the holder of its 3,069,313 shares of Class B Common Stock to reacquire
such shares for $.20 per share. The acquisition of both the Preferred Stock and
Class B Common Stock would coincide with the sale of the licenses to Cingular.
With regard to the remaining sale proceeds, Sunshine PCS is in the process of
evaluating all of its alternatives and will consider all options with regard to
their potential use.
ABOUT CINGULAR WIRELESS
Cingular Wireless, a joint venture between SBC Communications (NYSE - SBC) and
BellSouth (NYSE - BLS), serves more than 23 million voice and data customers
across the United States. A leader in mobile voice and data communications,
Cingular is the only U.S. wireless carrier to offer Rollover, the wireless plan
that lets customers keep their unused monthly minutes. Cingular has launched the
world's first commercial deployment of wireless services using Enhanced Data for
Global Evolution (EDGE) technology. Cingular provides cellular/PCS service in 43
of the top 50 markets nationwide, and provides corporate e-mail and other
advanced data services through its GPRS, EDGE and Mobitex packet data networks.
Details of the company are available at xxx.xxxxxxxx.xxx.
ABOUT SUNSHINE PCS
Sunshine PCS Corporation (OTC: XXXXX.XX), as the successor to Fortunet
Communications, L.P., owns three 15-megahertz PCS licenses for Tallahassee,
Panama City and Ocala, Florida, covering a population of approximately 900,000.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section21E
of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainty, including without
limitation, future action or inaction by the Board of Directors and stockholders
and Sunshine PCS and regulatory authorities with respect to the matters referred
to in this press release. Although Sunshine PCS believes that the assumptions
contained herein are reasonable, any of the assumptions could be inaccurate, and
therefore, there can be no assurance that the forward-looking statements
included in this press release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements included
herein, the inclusion of such information should not be regarded as a
representation by Sunshine PCS or any other person that the objectives and plans
of Sunshine PCS will be achieved.
