Clearwire To Mail Definitive Proxy Materials; Special Meeting of Stockholders Scheduled For November 20, 2008

Business Wire, Oct 16, 2008

Clearwire Stockholders to Vote on Transaction Agreement To Combine the Sprint and Clearwire 4G Businesses and $3.2 Billion Equity Infusion from Strategic Investors

KIRKLAND, Wash. -- Clearwire Corporation (Nasdaq:CLWR), a leading provider of personal broadband and mobile Internet services, today announced it will commence shortly the mailing of its definitive proxy statement to all Clearwire stockholders of record as of October 15, 2008 to vote on the Transaction Agreement, pursuant to which Clearwire and Sprint Nextel Corporation (NYSE:S) will combine their respective next-generation wireless broadband businesses. The special meeting of stockholders will occur at 9 am PT on November 20, 2008 at the Woodmark Hotel in Kirkland, Washington.

"The stockholder vote is one of the final steps required to close the transaction with Sprint before the end of the year," said Benjamin G. Wolff, chief executive officer of Clearwire. "The explosive growth of mobile data usage and revenue demonstrates that consumers want both high-speed and mobility when it comes to their communications services. The new Clearwire will present an unparalleled opportunity to meet that demand by delivering a true broadband experience for our customers both at home and on the go."

On May 7, 2008, Clearwire announced that it had entered into a definitive agreement with Sprint to combine their next-generation wireless broadband businesses to form a new independent company to be called Clearwire. In addition, five independent strategic investors - Intel Corporation (Nasdaq:INTC) through Intel Capital, Google Inc. (Nasdaq:GOOG), Comcast Corporation (Nasdaq:CMSCA) (Nasdaq:CMCSK), Time Warner Cable Inc. (NYSE:TWC), and Bright House Networks - have collectively agreed to invest a total of $3.2 billion into the new Clearwire.

Clearwire's board of directors has by unanimous vote of all directors voting recommended that the Company's stockholders vote in favor of the transaction as they believe it is strategically and financially beneficial to the Company with the potential to create significant long-term value for its stockholders. The transaction is expected to close during the fourth quarter of 2008.

About Clearwire

Clearwire, founded in October 2003 by wireless pioneer Craig O. McCaw, is a provider of simple, fast, portable and reliable wireless high-speed Internet service. Clearwire customers connect to the Internet using licensed spectrum, thus eliminating the confines of traditional cable or phone lines. Headquartered in Kirkland, Wash., the company launched its first market in August 2004 and now offers service in 50 markets across the U.S. as well as in Europe. For more information, visit www.clearwire.com.

FORWARD LOOKING STATEMENTS

This news release includes "forward-looking statements" that involve risk and uncertainties. These forward-looking statements may include statements about Clearwire's future financial and operating performance and financial condition; proposed transactions; and strategic plans and objectives. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are projections reflecting management's judgment and assumptions based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements.

Future performance cannot be assured. Actual results may differ materially from those in the forward-looking statements due to a variety of factors, including, but not limited to the risks referenced from time to time in Clearwire's filings with the Securities and Exchange Commission ("SEC"), including in the Form 10-K for the year ended December 31, 2007, in Part I, Item 1A, "Risk Factors," and the Form 10-Q for the quarter ended June 30, 2008 in Part II, Item 1A, "Risk Factors and the risks referenced in the proxy statement/prospectus titled "Risk Factors." Clearwire believes the forward-looking statements in this press release are reasonable; however, you should not place undue reliance on forward-looking statements, which are based on current expectations and speak only as of the date of this release. Clearwire is not obligated to publicly release any revisions to forward-looking statements to reflect events after the date of this release.

IMPORTANT ADDITIONAL INFORMATION HAS BEEN AND WILL BE FILED WITH THE SEC

In connection with the proposed transactions with Sprint Nextel Corporation, Intel Corporation, Google Inc., Comcast Corporation, Time Warner Cable Inc., and Bright House Networks, LLC, Clearwire filed a proxy statement with the SEC. STOCKHOLDERS OF CLEARWIRE ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND RELATED TRANSACTIONS.