SAN FRANCISCO, Nov. 16, 2011 /PRNewswire/ -- FiberTower
Corporation (NASDAQ: FTWR), a wireless backhaul services provider,
announced today that it has reduced its workforce approximately
40%, and has halted all capital and project related spending in an
effort to conserve existing liquidity. Remaining staff will
be focused on maintaining the Company's network and day-to-day
operations as management makes decisions about future actions.
About FiberTower
FiberTower is a backhaul and access services provider focused
primarily on the wireless carrier market. With its extensive
spectrum footprint in 24 GHz and 39 GHz bands, carrier-class fiber
and microwave networks in 13 major markets and master service
agreements with nine U.S. wireless carriers, FiberTower is an
alternative carrier for wireless backhaul. FiberTower also
provides backhaul and access service to government and enterprise
markets. For more information, please visit our website at
www.fibertower.com.
Forward-Looking Statements
This news release includes "forward-looking'" statements, as
that term is defined in the Private Securities Litigation Reform
Act of 1995 or by the Securities and Exchange Commission, or SEC,
in its rules, regulations and releases. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts.
These include statements regarding, among other things, our
future financial performance and results of operations including
our financial and business prospects, the determination of asset
impairment charges for the quarterly period ended September 30, 2011, our ability to file our third
quarter report on Form 10-Q for the period ended September 30, 2011 in a timely fashion, the
deployment of our services, capital requirements, financing
prospects, planned capital expenditures, anticipated customer
growth, expansion plans, and anticipated cash balances.
There are many risks, uncertainties and other factors that can
prevent the achievement of goals or cause results to differ
materially from those expressed or implied by these forward-looking
statements. These include, among other things, negative cash flows
and operating and net losses, additional liquidity requirements,
potential loss of significant customers, downturns in the wireless
communication industry, regulatory costs and restrictions,
potential loss of FCC licenses, equipment supply disruptions and
cost increases, competition from alternative backhaul service
providers and technologies, along with those risk factors described
in the company's Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q, as filed with the SEC.
SOURCE FiberTower Corporation