BEDMINSTER, NJ — Verizon Wireless today said it stands ready to pay $8.7 billion to the U.S. Treasury and put the new licenses to work at a time when the federal government needs the funds and the economy needs the stimulus that the growing wireless industry can provide.
As the Justice Department testified at today's hearing before the House Judiciary Committee, if Congress does not approve this settlement legislation it will be 'at best' several years before the litigation concludes and the NextWave spectrum is returned to the government.
Verizon Wireless firmly believes the current settlement is the best result that can be achieved under these circumstances and will continue to work with the Administration and other supporters in Congress to pass this important legislation.
About Verizon Wireless
Verizon Wireless is the largest wireless communications provider in the U.S. with more than 28.7 million wireless voice and data customers. The coast-to-coast wireless provider was formed by the combination of the U.S. wireless businesses of Verizon Communications (NYSE:VZ) and Vodafone (NYSE and LSE: VOD). Verizon Wireless has a footprint covering more than 90 percent of the U.S. population, 49 of the top 50 and 97 of the top 100 U.S. markets. The company, headquartered in Bedminster, NJ, is 40,000 employees strong. Reporters and editors can find more information about the company on the Web at http://www.verizonwireless.com.