FSNN next target acquisition in my opinion WC

FSNN next target acquisition in my opinion

WCS Spectrum

We hold 30 licenses issued by the FCC for WCS spectrum, which were acquired pursuant to privately negotiated purchase

agreements. The 2.3 GHz WCS band is divided into four frequency blocks, A through D. Blocks A and B have 10 MHz of spectrum

each and blocks C and D have 5 MHz each. We hold WCS licenses in the A, B, C and D frequency blocks. The WCS A and B blocks

are licensed in 52 individual geographic regions covering the United States, including the Gulf of Mexico, and are called Major

Economic Areas (“MEA”). The WCS C and D blocks are licensed in six larger geographic regions, also covering the United States

and are called Regional Economic Area Groupings (“REAGs”). Both MEAs and REAGs are of various sizes in terms of population

and geographic coverage.

WCS licenses are allocated by the FCC for “flexible use.” This means that the spectrum can be used to provide any type of

fixed, portable, mobile (except aeronautical mobile) or radiolocation services to individuals and businesses, including wireless

broadband services. Any such services are subject to compliance with technical rules in Part 27, Title 47 of the Code of Federal

Regulations (“CFR”), as well as any applicable border treaties or agreements governing operations near the Canadian and Mexican

borders.