Sprint Nextel Receives All Regulatory Approvals for iPCS, Inc. Acquisition

Sprint Nextel Corp. (NYSE: S) today announced that it has received all regulatory approvals needed to complete the acquisition of iPCS, Inc. (NASDAQ: IPCS). On Nov. 24 the Federal Communications Commission approved the transfer of the spectrum license held by a subsidiary of iPCS. On Nov. 23 the Public Service Commission of West Virginia granted the joint petition of Sprint Nextel and iPCS for prior consent and approval of the acquisition and ownership of iPCS by Sprint Nextel. No other state public service commission approval is required to satisfy the conditions to the tender offer. In addition, on Nov. 10 the Hart-Scott-Rodino waiting period applicable to the transaction expired.

All other terms and conditions of the previously announced tender offer for all outstanding shares of the common stock of iPCS, which is being conducted through a wholly-owned subsidiary of Sprint named Ireland Acquisition Corporation, remain unchanged. The iPCS board has unanimously recommended that the iPCS stockholders accept the tender offer, tender their shares of iPCS common stock in the tender offer, and if necessary, adopt the merger agreement. The tender offer is scheduled to expire at midnight EST today, Wednesday, Nov. 25.

Upon the successful closing of the tender offer, stockholders of iPCS will receive $24.00 in cash for each share of iPCS common stock tendered in the tender offer, without interest and less any required withholding taxes. Following the completion of the tender offer and merger, iPCS will become a wholly-owned subsidiary of Sprint Nextel.

Sprint Nextel anticipates that the acquisition will be completed in the fourth quarter of 2009.

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Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two wireless networks serving more than 48 million customers at the end of the third quarter of 2009 and the first and only 4G service from a national carrier in the United States; industry-leading mobile data services; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The company