NTELOS Holdings Corp. Closes First Installment of Towers Sale to Grain Management

WAYNESBORO, Va., Feb. 18, 2015 /PRNewswire/ -- NTELOS Holdings Corp. (the "Company" or "NTELOS"; NASDAQ: NTLS), a leading regional provider of nationwide wireless voice and data communications and home to the "best value in wireless," today announced it has closed on the first installment of its previously announced towers sale to an affiliate of Grain Management, LLC ("Grain"), a private equity firm focused on investments in the media and communications sectors.  The first closing occurred on February 17, 2015 and consisted of 85 towers with proceeds to the Company of approximately $35 million.

On January 20, 2015, NTELOS announced that it had entered into a definitive agreement to sell up to 103 towers to Grain, with the transaction expected to close in multiple installments during calendar year 2015.  Under the agreement, the Company entered into long-term leases on the sold towers located in its Western Markets.  The Company has access to reserve capacity on the leased towers for future use.

About NTELOS

NTELOS Holdings Corp. (NTLS), operating through its subsidiaries as "nTelos Wireless," is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for approximately 282,100 retail subscribers based in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The Company's licensed territories in the Western Markets have a total population of approximately 4.4 million residents, of which its wireless network covers approximately 3.1 million residents. The Company is also the exclusive wholesale provider of network services to Sprint Corporation in portions of its western Virginia and West Virginia territories for all Sprint CDMA and LTE wireless customers.

About Grain Management, LLC

Grain Management, LLC is a private equity firm focused on investments in the media and communications sectors.  With offices in Sarasota, FL and Washington, DC, the firm manages funds for a number of the country's leading academic institutions, endowments and public pension funds.  Grain Management also builds, owns and operates wireless infrastructure assets across North America.  For more information, please visit http://www.graingp.com.

FORWARD-LOOKING STATEMENTS

Any statements contained in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words "anticipates," "believes," "expects," "intends," "plans," "estimates," "targets," "projects," "should," "may," "will" and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.  The reader is advised to read and consider the detailed cautionary statements and risk factors included in our SEC filings, including our most recent Annual Report filed on Form 10-K and our quarterly reports filed on Form 10-Q.

SOURCE NTELOS Holdings Corp.

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