[LETTERHEAD OF TELECORP PCS]
TELECORP AND TRITEL COMPLETE MERGER
CREATING TOP TEN WIRELESS PROVIDER
TELECORP ALSO COMPLETES EXCHANGE OF PROPERTIES WITH AT&T WIRELESS
ARLINGTON, VIRGINIA, AND JACKSON, MISSISSIPPI - NOVEMBER 13, 2000 - TeleCorp
PCS, Inc. (NASDAQ NM: TLCP), AT&T Wireless' largest affiliate, announced today
that it has completed its merger with Tritel, Inc. (NASDAQ NM: TTEL), AT&T
Wireless' second largest affiliate. As part of the same transaction, and in
exchange for 9,272,740 common shares issued to AT&T Wireless, TeleCorp received
$20 million and the rights to acquire additional wireless licenses covering
approximately three million people in Wisconsin and Iowa. Additionally, AT&T
agreed to an extension through July 2005 of the AT&T brand license agreement to
cover all of the markets served by the newly combined company. The new company
will retain the TeleCorp PCS, Inc. name and trade under the TLCP ticker symbol
listed on the NASDAQ market.
Tritel's chairman and CEO, William M. Mounger, II, has been named chairman of
TeleCorp and Gerald T. Vento, former chairman and CEO of TeleCorp, will remain
chief executive officer. Thomas H. Sullivan will remain executive vice president
and chief financial officer, and E.B. Martin, executive vice president and chief
financial officer of Tritel has been named vice chairman. Julie A. Dobson and
William S. Arnett will serve as chief operating officers of TeleCorp and Tritel
operations, respectively.
In a separate transaction, TeleCorp and AT&T Wireless have completed an exchange
of wireless properties and rights to acquire additional wireless properties in a
move to improve the respective service areas of both companies. As a result of
these transactions TeleCorp received approximately $80 million and licenses
covering approximately four million people in the Wisconsin and Iowa markets. In
return, AT&T Wireless received TeleCorp's wireless systems in the New England
market including Worcester and Cape Cod, Massachusetts and southern New
Hampshire, covering a population base of approximately 1.9 million people.
As a result of the completion of these transactions, TeleCorp's licensed service
area increased by a net amount of approximately eighteen million people. Taken
as a whole, TeleCorp's business now includes PCS licenses covering approximately
35 million people.
"Today marks the beginning of a new era for TeleCorp," said Gerald T. Vento,
chief executive officer of TeleCorp. "We are not simply a larger TeleCorp; we
are in fact a more powerful TeleCorp with even greater opportunities ahead. With
our valuable markets and contiguous networks we gain significant economies of
scale. At the same time, we will be able to leverage our footprint to enhance
our service offerings, especially in wireless data services where a large,
contiguous network is crucial. With a stronger operating structure and a larger,
more valuable network, we will be able to improve our position in the
competitive wireless marketplace in the years ahead."
"Tritel and TeleCorp have accomplished a great deal in the two short years we
have been in operation," said William M. Mounger, II, former chairman and chief
executive officer of Tritel and now chairman of TeleCorp. "Since launching our
first markets in February of last year, we have built two thriving businesses
operating in over 71 markets in 14 states and Puerto Rico. In combining these
valuable operations, we create a contiguous footprint that runs from the Great
Lakes to the Gulf of Mexico and includes 16 of the top 100 markets. Together we
will strive to bring ever-higher levels of quality to our coverage areas and
service offerings as we work toward our goal of realizing more value for our
shareholders," added Mounger.
Management has scheduled a conference call for Thursday, November 16, 2000 at
8:30 a.m. Eastern Standard Time to provide forecasts for the 4th quarter and
2001 for the combined company. Investors and interested parties may listen to
the call via a live Webcast accessible on the investor relations page of
TeleCorp's website at www.telecorppcs.com. To listen, please register and
download audio software at the site at least 15 minutes prior. The Webcast will
be available on the site for approximately three months, while a telephone
replay of the call is available for seven days beginning at 10:30 a.m. Eastern
Standard Time, November 16, 2000 at 1-800-633-8284 (domestic) or 858-812-6440
(int'l), reservation # 16898073.
ABOUT TELECORP PCS, INC.
TeleCorp is AT&T Wireless' largest affiliate with licenses approximately 35
million people from the Great Lakes to the Gulf of Mexico. The company provides
its SunCom digital wireless services in selected markets in fourteen states and
the Commonwealth of Puerto Rico, encompassing 16 of the top 100 markets.
TeleCorp is headquartered in Arlington, Virginia and employs more than 2,500
people. More information about the company can be found on the web at
WWW.TELECORPPCS.COM and more information about the SunCom service can be found
at www.suncom1.com.
EXCEPT FOR HISTORICAL INFORMATION, THE MATTERS DISCUSSED IN THIS NEWS RELEASE
THAT MAY BE CONSIDERED FORWARD-LOOKING STATEMENTS COULD BE SUBJECT TO CERTAIN
RISKS AND UNCERTAINTIES THAT COULD CAUSE THE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE PROJECTED. THESE INCLUDE UNCERTAINTIES IN THE MARKET, COMPETITION,
LEGAL AND OTHER RISKS DETAILED IN THE TELECORP-TRITEL HOLDING COMPANY
REGISTRATION STATEMENT ON FORM S-4 (FILE NO. 333-36954), THE TELECORP PCS, INC.
REGISTRATION STATEMENT ON FORM S-4 (FILE NO. 333-43596) AND THE TELECORP PCS,
INC. FORM 10K FILED WITH THE SEC ON MARCH 30, 2000, EACH AS AMENDED OR
SUPPLEMENTED. TELECORP PCS, INC. ASSUMES NO OBLIGATION TO UPDATE INFORMATION IN
THIS RELEASE.
INVESTOR CONTACTS: MEDIA CONTACTS:
Jim Morrisey Russell Wilkerson
703-629-6668 (PCS) 703-625-2069 (PCS)
703-236-1136 (Office) 703-236-1292 (Office)
Clark Akers
601-594-8010 (PCS)
601-914-8010 (Office)
John Nesbett/Mary Ellen Adipietro
Lippert/Heilshorn
212-838-3777