iPCS, Inc., a PCS Affiliate of Sprint, Reports Financial Results for the Quarter Ended June 30, 2005

Business Wire, August 15, 2005

SCHAUMBURG, Ill. -- iPCS, Inc. (OTCBB: IPCX), a PCS Affiliate of Sprint, today reported financial and operational results for its third fiscal quarter ended June 30, 2005. This information supplements the subscriber activity results, which the Company previously announced on July 20, 2005.

Highlights for the Quarter ended June 30, 2005 (does not include Horizon PCS):

--  Total revenues of approximately $59.5 million

    --  Net loss of approximately $12.5 million or $1.35 per share

    --  Adjusted EBITDA of approximately $10.5 million

    --  Capital expenditures of approximately $3.1 million

    --  As previously announced on July 20, 2005:

        --  Gross activations of approximately 32,300

        --  Net additions of approximately 11,800

        --  Monthly churn, net of 30 day deactivations, of 2.2%

        --  Ending subscribers of approximately 271,000

"We were very pleased with our results during our most recent period," said Timothy M. Yager, President and Chief Executive Officer of the Company. "Subscriber growth demonstrates the continuing momentum we started at the end of last year. Net additions of over 11,000 exceeded our expectations and was the highest quarterly net additions in over two and one-half years. At the same time, an increase in ARPU allowed us to record strong quarterly revenues and a meaningful increase in Adjusted EBITDA from our most recent quarter."

On July 1, 2005, the Company completed its merger with Horizon PCS, Inc., whereby Horizon PCS was merged with and into the Company. Accordingly, the results of the Company for the quarter ended June 30, 2005 do not include any results from Horizon PCS. Therefore, the Company is providing certain summary financial and operational results for Horizon PCS for the quarter ended June 30, 2005.

Horizon PCS Highlights for the Quarter ended June 30, 2005:

--  Total revenues of approximately $47.1 million

    --  Net loss of approximately $29.8 million

    --  Adjusted EBITDA of approximately $3.6 million; this includes
        approximately $3.6 million in merger related expenses

    --  Capital expenditures of approximately $7.9 million

    --  As previously announced on July 20, 2005

        --  Gross additions of approximately 20,300

        --  Net additions of approximately 4,200

        --  Monthly churn, net of 30 day deactivations, of 2.6%

        --  Ending subscribers of approximately 188,000

"At the beginning of the quarter we closed our merger with Horizon PCS, and the pace of integration and the coordination among our combined management team has exceeded my expectations," Yager continued. "Even though we completed our merger with Horizon PCS just six weeks ago, we are already excited about the growth opportunities in the combined markets and feel confident that we will be able to translate our recent successes at iPCS to the newly acquired Horizon PCS territories."

Conference Call to be held at 10:00am ET (9:00am CT)

The Company has scheduled a conference call for later today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). To listen to the call, dial 1-800-370-0898 at least five minutes before the conference call begins and reference the "iPCS Earnings Conference Call." Those calling in from international locations should dial 1-973-935-2101 and use the same pass code. A replay of the call will be available at 4:00 p.m. Eastern Time on August 15, 2005. To access the replay, dial 1-877-519-4471 using a pass code of 6277635. To access the replay from international locations, dial 1-973-341-3080 and use the same pass code. The call will also be webcast and can be accessed at the Investor Relations page of the iPCS website at www.ipcswirelessinc.com. Replay of the webcast and the call will be available through midnight on August 22, 2005.

About iPCS, Inc.

iPCS is the PCS Affiliate of Sprint with the exclusive right to sell wireless mobility communications, network products and services under the Sprint brand in 80 markets including markets in Illinois, Michigan, Pennsylvania, Indiana, Iowa, Ohio and Tennessee. The territory includes key markets such as Grand Rapids (MI), Fort Wayne (IN), Tri-Cities (TN), Quad Cities (IA/IL), Scranton (PA) and Saginaw-Bay City (MI). As of June 30, 2005 and giving effect to the July 1, 2005 completion of its merger with Horizon PCS, iPCS's licensed territory had a total population of approximately 15.0 million residents, of which its wireless network covered approximately 11.3 million residents, and had approximately 459,000 subscribers. iPCS is headquartered in Schaumburg, Illinois. For more information, please visit the Company's website at www.ipcswirelessinc.com.

Comparability of Financial Results

Upon emergence from Chapter 11 bankruptcy on July 20, 2004, iPCS applied fresh-start accounting effective as of July 2, 2004. As a result, the reported historical financial statements of iPCS for periods prior to July 2, 2004 are not comparable to those of iPCS for periods ending after July 2, 2004. Activity of iPCS for any periods after July 2, 2004 is included in the post-bankruptcy, or "Successor Company" financial statements. Activity of iPCS for periods prior to July 2, 2004 is included in the pre-bankruptcy, or "Predecessor Company" financial statements. In accordance with generally accepted accounting principles, the reported historical financial statements of the Predecessor Company for periods ending prior to July 2, 2004 cannot be added to those of the Successor Company.