Leap Wireless To Acquire California PCS Spectrum

Santa Barbara, CA

Alpine PCS, which filed for Chapter 11 bankruptcy protection in 2003, today announced the Bankruptcy Court approval of the sale of its Fresno, CA C-block PCS license (930,000 POPs) for $27.1 million to Leap Wireless (“Leap”). This represented a price of nearly $1.00 per MHz/POP. Leap successfully outbid other bidders, including Metro PCS, in an auction process to acquire the assets. The acquisition is a natural expansion of Leap’s local calling area in the region. Completion of the transaction is subject to regulatory approval, and is expected to close in February 2005.

The buyer, Leap Wireless (OTCBB: LEAP), is a leading provider of innovative and value-driven wireless communications services. Headquartered in San Diego, Leap offers its Cricket® service to customers in 39 markets in 20 states stretching from New York to California.

Waller Capital Corp., a telecommunications-focused Investment Bank based in New York, represented Alpine PCS as its financial advisor in the transaction.

For further information please contact:
Steve Patriarca, Assistant Vice President
Waller Capital Corporation
Phone # (212) 632-3600