Basking Ridge, N.J. - Verizon Wireless (NYSE: VZ) announced on Friday that the spectrum it paid $9.36 billion for in the Federal Communication Commission's (FCC) recent 700 MHz auction is "a critical piece of its overall broadband strategy to take advantage of the enormous opportunity for growth in data services in the future."

"We now have sufficient spectrum to continue growing our business and data revenues well into -- and possibly through --the next decade," said Verizon president and CEO Lowell McAdam.

The spectrum will be ideal for connecting a variety of consumer electronics, "from wireless phones to medical devices to gaming consoles," the company said.

Verizon plans to launch its new wireless network utilizing the 700 MHz spectrum in the 2010 timeframe.

Related Links:
http://www.verizon.com/investor

http://snipurl.com/23i63 (Reuters)