Subject: [NEXTEL-1] SpectraSite Announces Divestiture of Wireless Network Services Division

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Date: Wed, 27 Nov 2002 23:31:15 -0500

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SpectraSite Announces Divestiture of Wireless Network Services Division

CARY, N.C., Nov 27, 2002 (BUSINESS WIRE) -- SpectraSite Communications, Inc., a wholly owned subsidiary of SpectraSite Holdings, Inc., announced today its WesTower Corporation subsidiary has entered into a definitive agreement for the sale of its wireless network services division to WesTower, LLC, an investment vehicle owned by certain members of the division's existing management team, including its President, Calvin J. Payne.

Source:

Business Wire

Date:

11/27/2002 10:44

Price:

Free

Document Size:

Very Short (less than 1 page)

Document ID:

FD20021127260000070

Subject(s):

Annual Report; Business; CEO; Communications; Divestiture; Investment; Leasing; Market; North Carolina; President; Restructuring; SEC; Securities; Television; Wireless

Document Type:

Press releases

SpectraSite Announces Divestiture of Wireless Network Services Division

Story Filed: Wednesday, November 27, 2002 10:44 AM EST

CARY, N.C., Nov 27, 2002 (BUSINESS WIRE) -- SpectraSite Communications, Inc., a
wholly owned subsidiary of SpectraSite Holdings, Inc., announced today its
WesTower Corporation subsidiary has entered into a definitive agreement for the
sale of its wireless network services division to WesTower, LLC, an investment
vehicle owned by certain members of the division's existing management team,
including its President, Calvin J. Payne.

The sale is expected to close on December 31, 2002, and is subject to customary
closing conditions, including certain financing contingencies.

Other terms of the transaction were not disclosed.

Stephen H. Clark, President and CEO of SpectraSite stated, "The sale of our
network services division is a natural step for SpectraSite as the company
continues to focus on its core tower leasing business. SpectraSite acquired its
network services division in 1999 to enable it to perform under various
build-to-suit contracts with certain wireless carriers. Now that those
build-to-suit contracts have been completed, it is no longer strategically
imperative for SpectraSite to offer network services as a complementary product
offering to its tower leasing business."

About SpectraSite Communications, Inc.

SpectraSite Communications, Inc. (
www.spectrasite.com), based in Cary, North
Carolina, is one of the largest wireless tower operators in the United States.
At September 30, 2002, SpectraSite owned or managed approximately 20,000 sites,
including 7,999 towers primarily in the top 100 markets in the United States.
SpectraSite's customers are leading wireless communications providers and
broadcasters, including AT&T Wireless, ABC Television, Cingular, Nextel, Paxson
Communications, Sprint PCS, Verizon Wireless and Voicestream.

Safe Harbor

This press release and oral statements made from time to time by representatives
of SpectraSite may contain "forward-looking statements" concerning SpectraSite's
future expectations, financial and operating projections, plans, strategies and
the trading markets for its securities. These forward-looking statements are
subject to a number of risks and uncertainties. SpectraSite wishes to caution
readers that certain factors may impact SpectraSite's actual results and could
cause results for subsequent periods to differ materially from those expressed
in any forward-looking statements made by or on behalf of SpectraSite. Such
factors include, but are not limited to (i) SpectraSite Communications's ability
to complete the sale of the wireless network services division, (ii) SpectraSite
Holdings's ability to complete its proposed restructuring plan, (iii)
SpectraSite's substantial capital requirements and leverage, even after the
proposed restructuring is completed, (iv) market conditions, (v) SpectraSite's
dependence on demand for wireless communications and related infrastructure,
(vi) competition in the communications tower industry, including the impact of
technological developments and (vii) future regulatory actions and conditions in
its operating areas. These and other important factors are described in more
detail in Item 1a "Risk Factors" of SpectraSite Holdings's Annual Report on Form
10-K for the year ended December 31, 2001 and in its other SEC filings and
public announcements. SpectraSite undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events or
circumstances.

CONTACT: SpectraSite Communications, Inc.
Investor Relations Department, 919/466-5492;
[email-masked]

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KEYWORD: NORTH CAROLINA

INDUSTRY KEYWORD: TELECOMMUNICATIONS

COMPUTERS/ELECTRONICS

SOURCE:

SpectraSite

Communications,

Inc.

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