i wireless Builds Cash Reserve to Invest in Wireless Network Expansion.
Des Moines, IA (1888PressRelease) October 19, 2012 - i wireless, a leading regional wireless communications provider, and TowerCo announced today that they have entered an agreement for TowerCo to purchase 119 i wireless towers for $45.5 million in cash (subject to post-close adjustments). The transaction is expected to close in Q4 2012 and includes a long term lease agreement for TowerCo to provide i wireless with wireless communications towers to support the company's GSM network.
"The TowerCo transaction will support i wireless' market expansion plans and statewide network investment to bring our customers a stronger and faster 4G experience," said Craven Shumaker, i wireless CEO. "i wireless is committed to providing exceptional customer service, and this mutually beneficial agreement enables us to continue to do just that long-term."
Richard Byrne, CEO of TowerCo, said "We are pleased to enter an agreement with i wireless that enables TowerCo to strengthen our portfolio of shared wireless infrastructure in the US and develop a long-term partnership with a leading regional carrier."
About i wireless
i wireless, a leading regional wireless communications provider serving Iowa, western Illinois, and eastern Nebraska is a T-Mobile Affiliate and Iowa Wireless Services company. Founded in 1997 and headquartered in Urbandale, i wireless is owned by T-Mobile USA and Iowa Network Services (a consortium of 127 Iowa Independent Telecommunications Companies). i wireless provides wireless communications products for monthly billed and pay in advance customers under the brand MEGAtalk by i wireless. i wireless has over 250 full service company stores and authorized dealers and offers customers access to the world's largest and fastest wireless voice and data network. For more information on i wireless, visit www.iwireless.com or contact Amanda Carlson at 319-390-7228.
About TowerCo
TowerCo meets the infrastructure needs of wireless service providers by developing, owning and leasing communication towers. Based in Cary, NC, the company was founded in 2004 by industry veterans Richard Byrne (CEO) and Scot Lloyd (COO). It was the 5th largest independent tower company in the US prior to selling 3,252 towers to SBA Communications on October 1, 2012. TowerCo is backed by funding from investors Tailwind Capital and Soros Strategic Partners. For more information, visit www.TowerCo.com.
i wireless Builds Cash Reserve to Invest in Wireless Network Expansion. 
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