WAVEV Nextwave Wireless (MM)

Registers Shares Underlying Warrants Issued in Connection With $350 Million Debt Financing Completed in July 2006 SAN DIEGO, Jan. 4 /PRNewswire-FirstCall/ -- NextWave Wireless Inc. (NASDAQ:WAVEV) announced today that its Form S-1 shelf registration, filed on December 18, 2006, was declared effective by the Securities and Exchange Commission on December 29, 2006. The S-1 was filed by NextWave pursuant to its obligation to register 4,109,744 shares of NextWave Wireless common stock underlying warrants issued by the company in connection with the sale of $350 million of Senior Secured Notes ("Notes") in July 2006. NextWave Wireless Inc., which began trading on the NASDAQ Global Market on January 3, 2007, will not receive any proceeds from the sale, by warrant holders, of any of the 4.1 million shares registered in the S-1 declared effective by the SEC on December 29th. About NextWave Wireless Inc. NextWave Wireless is engaged in the development of next-generation mobile broadband and wireless multimedia products, technologies, and services for mobile device and network infrastructure manufacturers and for wireless service operators. Founded in 2005 and comprised of highly experienced wireless industry veterans from AT&T Wireless, Intel, Microsoft, Motorola, Nokia, QUALCOMM, and Texas Instruments, NextWave Wireless develops WiMAX semiconductors, network components and complete wireless LAN/WAN network solutions. Its PacketVideo subsidiary, a global provider of embedded multimedia software for mobile phones and converged devices, provides a wide range of multimedia solutions to many of the leading wireless carriers and handset manufacturers worldwide. NextWave has acquired a nationwide spectrum footprint in the U.S. that covers 247 million people and owns nationwide WiMAX spectrum in Germany through a majority-controlled joint venture. The Company intends to partner with companies to deploy next-generation wireless broadband networks on its spectrum that utilizes its next-generation wireless broadband products and technologies. Visit NextWave Wireless at http://www.nextwave.com/ Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved, and actual events or results could differ materially from the events or results predicted or from any other forward-looking statements made by, or on behalf of, NextWave, and should not be considered as an indication of future events or results. Important factors that could cause actual events or results to differ materially include: our ability to develop and commercialize mobile broadband products and technologies; consumer acceptance of WiMAX technology; our ability to enter into and maintain network partner relationships; changes in government regulations; changes in capital requirements; and other risks described in filings with the Securities and Exchange Commission. These risks and uncertainties, as well as others, are discussed in greater detail in the filings of NextWave with the Securities and Exchange Commission. All such documents are available through the SEC's website at http://www.sec.gov/. NextWave makes no commitment to revise or update any forward-looking statements in order to reflect changes in events or circumstances after the date any such statement is made, except as may be required pursuant to applicable law. DATASOURCE: NextWave Wireless Inc. CONTACT: Roy Berger of NextWave Wireless Inc., +1-203-742-2572, Web site: http://www.nextwave.com/

Copyright