NTELOS Sells Additional Towers to AMT

American Tower Corp. buys towers from NTELOS and NTELOS agrees to lease space on them as part of the sale agreement.

by Roy Mark of www.internetnews.com [January 7, 2002]

NTELOS, Inc. (NASDAQ:NTLO) has closed on a second sale of wireless communication towers to American Tower Corp. (NYSE: AMT ) under a previously announced purchase agreement. This closing is on 14 towers for proceeds of approximately $4.8 million.

The towers are located in the markets of Richmond and Hampton Roads, Va., and were acquired by NTELOS through the acquisition of PrimeCo Virginia PCS in July 2000. NTELOS announced on November 1 a closing on 46 towers for $15.6 million. The Waynesboro, Va.-based NTELOS will lease back tower space under the terms of the agreement.

A third and final closing on additional qualifying towers covered by the purchase agreement is expected later this quarter.

NTELOS provides products and services to customers in Virginia, West Virginia, Kentucky, Tennessee and North Carolina, including digital PCS, dial-up Internet access, high-speed DSL (high-speed Internet access), and local and long distance telephone services.

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