January 21, 2008
FiberTower Announces Resignation of Michael
Gallagher
San Francisco, CA, January 21, 2008 –
FiberTower Corporation (NASDAQ: FTWR), a wireless backhaul
services provider, today announced that Michael Gallagher has
resigned, effective immediately, as President, Chief Executive
Officer and Director to pursue other interests. The Board of Directors
has begun a search for a new Chief Executive Officer and has
retained Heidrick & Struggles to assist in its recruiting
efforts.
“On behalf of the Board, I’d like to
thank Mike for his considerable contribution to the Company and
wish him the best in his future endeavors. Under Mike’s
leadership, we have signed MSA’s with five of the top seven
carriers and have achieved record levels of T-1 adds,” said
John D. Beletic, Executive Chairman. The Company expects to report
record T-1 additions for the fourth quarter of 2007 and record
order backlog as of December 31, 2007.
The Company also announced that it has formed an
“Office of the President” to lead the Company on an
interim basis. Thomas Scott, Chief Financial Officer, and Ravi
Potharlanka, Senior Vice President Operations, will serve as co-Presidents
for the interim period. The Board has also promoted Mr. Potharlanka
to Chief Operating Officer. “Tom, Ravi and the balance of
the executive team have done a great job building our company
in 2007, and we have utmost
confidence in their ability to continue our success,” said
Beletic.
About FiberTower Corporation
FiberTower is a backhaul and access services provider focused
primarily on the wireless carrier market. With its extensive spectrum
footprint in 24 GHz and 39 GHz bands, carrier-class microwave
and fiber networks in 13 major markets, customer commitments from
six of the leading cellular carriers, and partnerships with the
largest tower operators in the U.S, FiberTower is considered to
be the leading alternative carrier for wireless backhaul. FiberTower
also provides backhaul and access service to government and enterprise
markets. For more information, please visit our website athttp://www.fibertower.com.
Forward Looking Statements
Statements included in this news release which are not historical
in nature are “forward-looking statements” within
the meaning of Section 21E of the U.S. Securities Exchange Act
of 1934 and the U.S. Private Securities Litigation Reform Act
of 1995. Forward looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or
trends and similar expressions concerning matters that are not
historical facts. These include, without limitation, statements
regarding the Company’s anticipated customer growth, backlog
and identification of a new CEO. There are many risks, uncertainties
and other factors that can prevent the achievement of goals or
cause results to differ materially from those expressed or implied
by these forward-looking statements including, without limitation,
difficulties in integrating our companies after our merger in
2006, anticipated negative cash flows and
operating losses, additional liquidity requirements, potential
loss of significant customers, downturns in the wireless communication
industry, regulatory costs and restrictions, potential loss of
FCC licenses, equipment supply disruptions and cost increases,
and competition from alternative backhaul service providers and
technologies, along with those risk factors described in the Company’s
filings with the Securities and Exchange Commission, including
its most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q.
Company Contact:
Ornella Napolitano, VP and Treasurer
FiberTower Corporation
(202) 251-5210
onapolitano@fibertower.com
Investor Contact:
Gus Okwu / DRG&E
404-532-0086
gokwu@drg-e.com
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