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WirelessDevNet.com Press Release
NextWave Wireless Makes Revenue Milestone Payment to IPWireless Stockholders
San Diego, CA - NextWave Wireless Inc. (NASDAQ: WAVE) today announced that the achievement of revenue milestones in 2007 by IPWireless, which was acquired by NextWave in May 2007, has triggered an additional consideration payment in the amount of $50 million to selling shareholders of IPWireless. $21 million of the total payment, comprised of $3.87 million in cash and 3.42 million shares of NextWave common stock, has been deposited into an escrow account to provide funding for potential indemnification claims pursuant to the terms of the acquisition agreement. $29 million of the total payment, consisting of 5.7 million shares of NextWave common stock and $506,000 in cash, has been distributed to IPWireless shareholders.
About NextWave Wireless
NextWave Wireless Inc. (Nasdaq: WAVE) is engineering the future of mobility by providing next-generation mobile multimedia and wireless broadband technologies to the world’s leading mobile handset manufacturers, consumer electronics manufacturers and wireless service providers. From mobile television and mobile broadband systems to semiconductors and device-embedded mobile multimedia software that can be found in more than 200 million handsets around the globe, NextWave is evolving the way consumers experience mobile multimedia content. For more information, visit NextWave at www.nextwave.com.
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