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Leading Proxy Advisory Service Glass Lewis Recommends Leap Stockholders Vote “FOR” Leap’s Board Nominees and Proposals

SAN DIEGO July 18, 2011 recommends that stockholders vote in favor of all of Leap’s nominees July 28th

http://photos.prnewswire.com/prnh/20101220/MM20546LOGO-a

Leap believes that Pentwater is an opportunistic investor with no long-term commitment to the Company and that Pentwater has failed to articulate any specific plan for Leap’s business that the Company is not already pursuing.

"[Pentwater] . . . appears to offer considerably less in the way of concrete plans relative to those presented by the board."

August 2010 June 20, 2011

"We believe the nature of Pentwater’s investment pattern in Leap raises significant doubts about the extent to which is shares an interest in the long-term value of the Company."

Doug Hutcheson

Leap continues to recommend that stockholders discard any gold proxy card they have received from Pentwater, and instead vote to elect the Company’s slate of directors by voting FOR all of the Company’s nominees on the WHITE Leap proxy card.

About Leap

San Diego, Calif. www.leapwireless.com

Leap is a registered service mark of Leap Wireless International, Inc.  Cricket is a registered trademark of Cricket Communications, Inc.

Important Information

www.sec.gov www.leapwireless.com

Leap and its directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from Leap’s stockholders in connection with the election of directors and other matters to be proposed at the 2011 Annual Meeting.  Information regarding the interests, if any, of these directors, executive officers and specified employees is included in the definitive proxy statement and other materials filed by Leap with the SEC.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements reflect management’s current expectations based on currently available operating, financial and competitive information, but are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements.  Our forward-looking statements include our discussions about our expected, future financial and operational performance, including as a result of our current and future product and service plan offerings, future plans to transition to LTE networks and expected contributions from management and from our proposed slate of nominees to Leap’s Board of Directors and are generally identified with words such as "believe," "expect," "intend," "plan," "could," "may" and similar expressions.  Risks, uncertainties and assumptions that could affect our forward-looking statements include, among other things:

  • our ability to attract and retain customers in an extremely competitive marketplace;
  • the United States
  • the impact of competitors’ initiatives;
  • our ability to successfully implement product and service plan offerings, expand our retail distribution and execute effectively on our other strategic activities;
  • our ability to obtain and maintain roaming and wholesale services from other carriers at cost-effective rates;
  • our ability to maintain effective internal control over financial reporting
  • our ability to attract, integrate, motivate and retain an experienced workforce, including members of senior management;
  • future customer usage of our wireless services, which could exceed our expectations, and our ability to manage or increase network capacity to meet increasing customer demand;
  • our ability to acquire additional spectrum in the future at a reasonable cost or on a timely basis;
  • our ability to comply with the covenants in any credit agreement, indenture or similar instrument governing any of our existing or future indebtedness;
  • South Texas
  • failure of our network or information technology systems to perform according to expectations and risks associated with the upgrade or transition of certain of those systems, including our customer billing system; and
  • May 6, 2011

All forward-looking statements included in this press release should be considered in the context of these risks.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.

Leap is a U.S. registered trademark and the Leap logo is a trademark of Leap.  Cricket, Cricket Wireless, Cricket Clicks, Jump, Jump Mobile, Flex Bucket, Real Unlimited Unreal Savings and the Cricket "K" are U.S. registered trademarks of Cricket.  In addition, the following are trademarks or service marks of Cricket:  BridgePay, Cricket By Week, Cricket Choice, Cricket Connect, Cricket Nation, Cricket PAYGo, Muve, Muve Music, Muve Money, Cricket Crosswave, Seek Music, MyPerks, Cricket MyPerks and Cricket Wireless Internet Service.  All other trademarks are the property of their respective owners.

SOURCE Leap Wireless International, Inc.

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