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                                                                     EXHIBIT 99

                                 RISK FACTORS

  From time to time management of the Company has made, and may in the future
make, forward-looking statements, based on management's then-current
expectations, including statements made in Securities and Exchange Commission
filings, in press releases and oral statements. These forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. All forward-looking statements
involve risks and uncertainties, and actual results could differ materially
from those set forth in the forward-looking statements for a variety of
reasons. These reasons include, but are not limited to, factors outlined
below.

 . LIMITED OPERATIONS; HISTORY OF NET LOSSES. Having commenced full scale
  commercial operations in the fourth quarter of 1996, the Company has
  generated only nominal revenues from operations to date. The Company's
  primary activities since the inception of its business have focused on
  obtaining licenses, personnel, capital, and systems to offer its services.
  The Company has generated operating and net losses since its inception and
  expects to generate significant operating and net losses for at least the
  next several years. There can be no assurance that the Company will develop
  a successful business or achieve or sustain profitability in the future.

 . UNCERTAIN ACCEPTANCE OF 38 GHZ SERVICES.  The Company and other providers
  have only recently begun to market wireless broadband services on 38 GHz
  frequencies. The provision of such services represents an emerging sector of
  the telecommunications industry, and the demand for such services is
  uncertain. There can be no assurance that a substantial market will develop
  for 38 GHz wireless broadband services.

 . COMPETITION. The industry and markets in which the Company plans to provide
  services are highly competitive. The Company competes with other 38 GHz
  service providers as well as with other technologies which have established
  market acceptance and will compete with technologies not yet introduced.
  Each of these other technologies may offer advantages over the Company's
  services. Many of the other wireline and wireless services providers have
  longer operating histories, longer standing relationships with customers and
  suppliers, greater name recognition, better geographic footprints and
  greater financial, technical and marketing resources than the Company. The
  Company's competitors include the incumbent LECs as well as CAPs, cable
  television operators, long distance carriers and other wireless services
  providers. There can be no assurance that the Company will be able to
  compete effectively with these other technologies and service providers in
  any of its markets.

 . GOVERNMENT REGULATION. The telecommunications services offered by the
  Company are subject to regulation by federal, state and local government
  agencies. Changes in existing laws and regulations applicable to the
  provisions of wireless local telecommunications services via 38 GHz
  licenses, or any failure or significant delay in obtaining or maintaining
  any regulatory approvals which may be required, could have a material
  adverse effect on the Company.

 . RISK OF FORFEITURE, NON-RENEWAL AND FLUCTUATION IN VALUE OF FCC
  LICENSES. The Company must comply with FCC rules relating, among other
  things, to its licenses. For example, the Company must meet construction
  deadlines for 53 licenses between mid-April and mid-August 1997. The Company
  must also comply with rules relating to transmission of operational traffic
  and non-removal of equipment and facilities. Failure to comply with FCC
  rules could subject licenses to forfeiture.

 All of the Company's 38 GHz licenses expire in February 2001. Although the
 Company currently anticipates that its licenses will be renewed, there can be
 no assurance that all or any of the licenses will be renewed upon expiration
 of their initial terms. In the event that the FCC does not renew one or more
 of the licenses, the Company's business and results of operations could be
 materially adversely affected.


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 The value of licenses held or acquired hereafter by the Company will depend,
 among other things, upon the success of the Company's wireless broadband
 operations, fluctuations in the level of supply and demand for such licenses
 and the telecommunications industry's response to the availability and
 efficacy of wireless broadband systems. In addition, federal and state
 regulations limit the ability of licensees to sell their licenses. Assignment
 of licenses and changes of control involving entities holding licenses
 require prior FCC and, in some instances, state regulatory approval and are
 subject to restrictions and limitations on the identity and status of the
 assignee or successor. These regulatory restrictions on transfer of licenses
 may adversely affect the value of the Company's licenses.

 . FOREIGN LICENSES. Entities in which the Company has a substantial interest
  have applied or intend to apply for licenses to provide wireless broadband
  services in Canada and in various Western European countries. There can be
  no assurance that such entities will be able to acquire such licenses,
  obtain necessary financing, implement their business plans or operate in any
  country on a profitable basis or at all.

 . MANAGEMENT OF GROWTH. The Company expects to experience rapid growth and is
  pursuing a business plan that, if successfully implemented, will result in
  expansion of its operations and the provision of 38 GHz services on a
  widespread basis over the next two to five years. If this growth is
  achieved, the Company's success will depend on its ability to manage this
  growth effectively, enhance its operational and financial controls and
  information systems, and attract, assimilate and retain qualified and key
  personnel. Failure to meet customer demands and manage expansion could have
  a material adverse effect on the Company's results.

 . ATTENUATION; ROOF RIGHTS. Wireless broadband services over 38 GHz
  frequencies require a direct line of sight between two transceivers
  comprising a link and are subject to distance and rain attenuation. There
  can be no assurance that line of sight and distance and rain limitations of
  38 GHz transmissions will not have a material adverse effect on the
  Company's future development and results of operations. Due to line of sight
  limitations, the Company primarily installs its transceivers and antennas on
  rooftops and other tall structures. There can be no assurance that the
  Company will succeed in obtaining the roof and other rights necessary to
  provide wireless broadband services to potential customers in its market
  areas on favorable terms, if at all, or that delays in obtaining such rights
  will not have a material adverse effect on the Company's development and
  results of operations.

 . RELIANCE ON EQUIPMENT SUPPLIERS; LACK OF INDUSTRY STANDARDS. The Company
  presently purchases the majority of its telecommunications equipment from
  two suppliers. Any reduction or interruption in supply from either supplier
  could have a disruptive effect on the Company. There is no industry standard
  or uniform protocol for 38 GHz equipment, and a single manufacturer's
  equipment must be used in establishing a link and generally will be used
  across an entire market area. The failure of the Company to procure
  sufficient equipment from one manufacturer for a particular market area
  could adversely effect the Company's results of operations.

 . DEPENDENCE ON THIRD PARTIES FOR MARKETING AND SERVICE. The Company is, and
  expects to continue to be, partly dependent upon third parties for marketing
  its services to end users and maintaining its operational systems. The
  Company also plans to enter into sales and marketing agreements with other
  companies. The failure of third parties to perform, the loss of third party
  agreements, or the failure to successfully implement new agreements could
  have a material adverse effect on the Company's development and results of
  operations.

 . ACQUISITION OF ADDITIONAL BANDWIDTH IN SELECTED AREAS. Although the Company
  believes the 38 GHz licenses it owns, manages, or has the long-term right to
  use are sufficient in each of its markets to implement its current business
  strategy, the Company may seek to acquire or lease additional licenses to
  expand its geographic footprint or to enhance its ability to provide service
  to its current target market or customers it may target in the future. There
  can be no assurance that the Company will be able to acquire additional
  radio spectrum on favorable terms or at all.

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 . NEW SERVICES; TECHNOLOGICAL CHANGE. The telecommunications industry has been
  characterized by rapid technological advances, changes in end user
  requirements, frequent new service introductions, evolving industry
  standards, and decreases in the cost of equipment. There can be no assurance
  that (i) the Company's wireless broadband services will not be outmoded by
  technology or services now existing or developed and implemented in the
  future, (ii) the Company will have sufficient resources to develop or
  acquire new technologies or to introduce new services capable of competing
  with future technologies or services offerings, (iii) the Company's
  inventory of equipment will not be rendered obsolete or (iv) the cost of 38
  GHz equipment will decline as rapidly as that of competitive alternatives.

 . DEPENDENCE ON KEY EMPLOYEES. The success of the Company is dependent, in
  part, on its ability to attract and retain qualified technical, marketing,
  sales and management personnel. Competition for such personnel is intense,
  and the Company's inability to attract and retain additional key employees
  or the loss of one or more of its current key employees could have a
  material adverse effect on the Company's business and results of operations.

 . SIGNIFICANT CAPITAL REQUIREMENTS; NEED FOR ADDITIONAL FINANCING. The
  Company's current business plan projects that the Company has resources to
  fund its operations and capital requirements at least through December 31,
  1997 and that the Company will require significant additional capital after
  that date. The Company will require substantial additional capital for the
  continued development and expansion of its wireless broadband operations,
  the continued funding of operating losses, and the possible acquisition of
  additional licenses, other assets or other businesses. In addition, if,
  among other things, (i) the assumptions underlying the Company's business
  plan and projections change or prove to be inaccurate, (ii) the Company's
  financial resources prove to be insufficient to fund the operations and
  capital requirements of the Company through December 31, 1997, (iii) the
  Company completes any material acquisitions or buys spectrum at auction or
  (iv) the Company changes or accelerates implementation of its business plan,
  the Company may require additional financing earlier than December 31, 1997.
  There can be no assurance that the Company will be able to obtain any
  financing when required, or, if such financing is available, that the
  Company will be able to obtain it on acceptable terms. In the event that the
  Company fails to obtain additional financing when required, such failure
  could result in the modification, delay or abandonment of some or all of the
  Company's development and expansion plans. Any such modification, delay or
  abandonment is likely to have a material adverse effect on the Company.

 . LEVERAGE; ABILITY TO SERVICE INDEBTEDNESS. The Company is highly leveraged
  and, accordingly, (i) a substantial portion of the Company's cash flow from
  operations will be required to pay interest with respect to its 14% Senior
  Notes due 2007, commencing in 2000, and will be required to pay interest
  with respect to any additional indebtedness incurred by the Company; (ii)
  the Company's flexibility may be limited in responding to changes in the
  industry and economic conditions generally; (iii) the failure to comply with
  the numerous financial and other restrictive covenants of such debt may
  result in an event of default, which, if not cured or waived, could have a
  material adverse effect on the Company; (iv) the ability of the Company to
  satisfy its obligations pursuant to such indebtedness is dependent upon its
  future performance which, in turn, is subject to management, financial,
  business and other factors affecting the business and operations of the
  Company; (v) the Company's ability to obtain any necessary financing in the
  future may be limited; (vi) the Company may be more highly leveraged than
  many of its competitors, which may put it at a competitive disadvantage; and
  (vii) the Company's leverage may make it more vulnerable in the event of an
  economic downturn. There can be no assurance that the Company will be able
  to generate sufficient cash flow to meet required interest and principal
  payments associated with its indebtedness. If the Company is unable to
  generate sufficient cash flow to meet its debt obligations, the Company may
  be required to renegotiate the payment terms or to refinance all or a
  portion of its indebtedness, to sell assets or to obtain additional
  financing. There is no assurance that the Company would be able to do so.

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