Document:

<Page>

                                                                     EXHIBIT 4.5

     THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF,
AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS
HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT
WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR
A PERIOD OF 180 DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) DEUTSCHE BANK SECURITIES INC. ("DEUTSCHE BANK") OR AN UNDERWRITER
OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING (DEFINED BELOW), OR (II) A
BONA FIDE OFFICER OR PARTNER OF DEUTSCHE BANK OR OF ANY SUCH UNDERWRITER OR
SELECTED DEALER. THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF
(I) THE CONSUMMATION BY GRANAHAN MCCOURT ACQUISITION CORPORATION ("COMPANY") OF
AN ACQUISITION OF ONE OR MORE ASSETS OR OPERATING BUSINESSES IN THE
TELECOMMUNICATIONS AND MEDIA INDUSTRIES THROUGH A MERGER, CAPITAL STOCK
EXCHANGE, ASSET OR STOCK ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION
("BUSINESS COMBINATION") AND (II) _________, 2007. VOID AFTER 5:00 P.M. NEW YORK
CITY LOCAL TIME, _________, 2010.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                  781,250 UNITS

                                       OF

                    GRANAHAN MCCOURT ACQUISITION CORPORATION

     1. PURCHASE OPTION.

     THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf
of _________ ("HOLDER"), as registered owner of this Purchase Option ("PURCHASE
OPTION"), to Granahan McCourt Acquisition Corporation ("COMPANY"), Holder is
entitled, at any time or from time to time upon the later of the consummation of
a Business Combination or _________, 2007 ("COMMENCEMENT DATE"), and at or
before 5:00 p.m., New York City local time, _________, 2010 ("EXPIRATION DATE"),
but not thereafter, to subscribe for, purchase and receive, in whole or in part,
up to 781,250 units ("UNITS") of the Company, each Unit consisting of one share
of common stock of the Company, par value $0.0001 per share ("COMMON STOCK"),
and one warrant ("WARRANT") expiring four years from the effective date
("EFFECTIVE DATE") of the registration statement ("REGISTRATION STATEMENT")
pursuant to which Units are offered for sale to the public

<Page>

("OFFERING"). Each Warrant is the same as the warrants included in the Units
being registered for sale to the public by way of the Registration Statement
("PUBLIC WARRANTS"), except that the exercise price of the Warrant is $7.50 per
share (such exercise price, as it may be adjusted hereunder, the "Underwriter's
Warrant Price"). If the Expiration Date is a day on which banking institutions
are authorized by law to close in New York City, then this Purchase Option may
be exercised on the next succeeding day which is not such a day in accordance
with the terms herein. During the period ending on the Expiration Date, the
Company agrees not to take any action that would terminate the Purchase Option.
This Purchase Option is initially exercisable at $10.00 per Unit so purchased;
provided, however, that upon the occurrence of any of the events specified in
Section 6 hereof, the rights granted by this Purchase Option, including the
exercise price per Unit and the number of Units (and shares of Common Stock and
Warrants) to be received upon such exercise, shall be adjusted as therein
specified. The term "EXERCISE PRICE" shall mean the initial exercise price per
Unit or the adjusted exercise price per Unit, depending on the context.

     2. EXERCISE.

     2.1. EXERCISE FORM. In order to exercise this Purchase Option, the exercise
form attached hereto must be duly executed and completed and delivered to the
Company, together with this Purchase Option and payment of the Exercise Price
for the Units being purchased payable in cash or by certified check or official
bank check. If the subscription rights represented hereby shall not be exercised
at or before 5:00 p.m., New York City local time, on the Expiration Date, this
Purchase Option shall become and be void without further force or effect, and
all rights represented hereby shall cease and expire.

     2.2. CASHLESS EXERCISE.

          2.2.1. DETERMINATION OF AMOUNT. In lieu of the payment of the Exercise
     Price multiplied by the number of Units for which this Purchase Option is
     exercisable (and in lieu of being entitled to receive Common Stock and
     Warrants) in the manner required by Section 2.1, the Holder shall have the
     right (but not the obligation) to convert any exercisable but unexercised
     portion of this Purchase Option into Units ("CONVERSION RIGHT") as follows:
     upon exercise of the Conversion Right, the Company shall deliver to the
     Holder (without payment by the Holder of any of the Exercise Price in cash)
     that number of Units (or that number of shares of Common Stock and Warrants
     comprising that number of Units) equal to the quotient obtained by dividing
     (x) the Value (as defined below) of the portion of the Purchase Option
     being converted by (y) the Current Market Value (as defined below) of a
     Unit. The "VALUE" of the portion of the Purchase Option being converted
     shall equal the remainder derived from subtracting (a) (i) the Exercise
     Price multiplied by (ii) the number of Units underlying the portion of this
     Purchase Option being converted from (b) the Current Market Value of a Unit

                                        2

<Page>

     multiplied by the number of Units underlying the portion of the Purchase
     Option being converted. As used herein, the term "CURRENT MARKET VALUE" per
     Unit at any date means: (A) in the event that neither the Units nor Public
     Warrants are still trading, the remainder derived from subtracting (x) the
     exercise price of the Warrants multiplied by the number of shares of Common
     Stock issuable upon exercise of the Warrants underlying one Unit from (y)
     (i) the Current Market Price of the Common Stock multiplied by (ii) the
     number of shares of Common Stock underlying one Unit, which shall include
     the shares of Common Stock underlying the Warrants included in such Unit;
     (B) in the event that the Units, Common Stock and Public Warrants are still
     trading, (i) if the Units are listed on a national securities exchange or
     quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC
     Bulletin Board (or successor exchange), the last sale price of the Units in
     the principal trading market for the Units as reported by the exchange,
     Nasdaq or the NASD, as the case may be, on the last trading day preceding
     the date in question; or (ii) if the Units are not listed on a national
     securities exchange or quoted on the Nasdaq National Market, Nasdaq
     SmallCap Market or the NASD OTC Bulletin Board (or successor exchange), but
     is traded in the residual over-the-counter market, the closing bid price
     for Units on the last trading day preceding the date in question for which
     such quotations are reported by the Pink Sheets, LLC or similar publisher
     of such quotations; and (C) in the event that the Units are not still
     trading but the Common Stock and Public Warrants underlying the Units are
     still trading, the Current Market Price of the Common Stock plus the
     product of (x) the Current Market Price of the Public Warrants and (y) the
     number of shares of Common Stock underlying the Warrants included in one
     Unit. The "CURRENT MARKET PRICE" shall mean (i) if the Common Stock (or
     Public Warrants, as the case may be) is listed on a national securities
     exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or
     NASD OTC Bulletin Board (or successor exchange), the last sale price of the
     Common Stock (or Public Warrants) in the principal trading market for the
     Common Stock as reported by the exchange, Nasdaq or the NASD, as the case
     may be, on the last trading day preceding the date in question; (ii) if the
     Common Stock (or Public Warrants, as the case may be) is not listed on a
     national securities exchange or quoted on the Nasdaq National Market,
     Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor
     exchange), but is traded in the residual over-the-counter market, the
     closing bid price for the Common Stock (or Public Warrants) on the last
     trading day preceding the date in question for which such quotations are
     reported by the Pink Sheets, LLC or similar publisher of such quotations;
     and (iii) if the fair market value of the Common Stock cannot be determined
     pursuant to clause (i) or (ii) above, such price as the Board of Directors
     of the Company shall determine, in good faith. In the event the Public
     Warrants have expired and are no longer exercisable, no "VALUE" shall be
     attributed to the Warrants underlying this Purchase Option. Additionally,
     in the event that this Purchase Option is exercised pursuant to this
     Section 2.2 and the

                                        3

<Page>

     Public Warrants are still trading, the "VALUE" shall be reduced by the
     difference between the Warrant Exercise Price and the exercise price of the
     Public Warrants multiplied by the number of Warrants underlying the Units
     included in the portion of this Purchase Option being converted.

          2.2.2. MECHANICS OF CASHLESS EXERCISE. The cashless exercise right
     described in this Section 2.2 (the "CASHLESS EXERCISE RIGHT") may be
     exercised by the Holder on any business day on or after the Commencement
     Date and not later than the Expiration Date by delivering the Purchase
     Option with the duly executed exercise form attached hereto with the
     cashless exercise section completed to the Company, exercising the Cashless
     Exercise Right and specifying the total number of Units the Holder will
     purchase pursuant to such Cashless Exercise Right.

     2.3. LIMITATIONS. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Purchase
Option and shall have no obligation to settle the Purchase Option exercise
unless a registration statement under the Securities Act of 1933, as amended
(the "SECURITIES ACT"), with respect to the securities underlying the Purchase
Option is effective and a current prospectus is on file with the Securities and
Exchange Commission (the "COMMISSION"). In the event that a registration
statement with respect to the securities underlying a Purchase Option is not
effective under the Securities Act or a current prospectus is not on file with
the Commission, the holder of such Purchase Option shall not be entitled to
exercise such Purchase Option. Notwithstanding anything to the contrary in this
Purchase Option, under no circumstances will the Company be required to net cash
settle the Purchase Option exercise. Purchase Options may not be exercised by,
or securities underlying such Purchase Option issued to, any registered holder
in any state in which such exercise or issuance would be unlawful. For the
avoidance of doubt, as a result of this Section 2.3, any or all of the Purchase
Option may expire unexercised. In no event shall the registered Holder of this
Purchase Option be entitled to receive any monetary damages if the securities
underlying this Purchase Option have not been registered by the Company pursuant
to an effective registration statement or if a current prospectus is not on file
with the Commission, provided the Company has fulfilled its obligation to use
its best efforts to effect such registration and ensure a current prospectus is
on file with the Commission.

     3. TRANSFER.

     3.1. GENERAL RESTRICTIONS. The registered Holder of this Purchase Option,
by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge
or hypothecate, or enter into any hedging, short sale, derivative, put, or call
transaction that would result in the effective economic disposition of, this
Purchase Option for a period of 180 days following the Effective Date to anyone
other than (i) Deutsche Bank or an underwriter or a selected dealer in
connection with the Offering, or (ii) a bona fide officer or partner of Deutsche
Bank or of any such underwriter or selected dealer. On and after the 181st day

                                        4

<Page>

after the Effective Date, transfers to others may be made subject to compliance
with or exemptions from applicable securities laws. In order to make any
permitted assignment, the Holder must deliver to the Company the assignment form
attached hereto duly executed and completed, together with the Purchase Option
and payment of all transfer taxes, if any, payable in connection therewith. The
Company shall within five business days transfer this Purchase Option on the
books of the Company and shall execute and deliver a new Purchase Option or
Purchase Options of like tenor to the appropriate assignee(s) expressly
evidencing the right to purchase the aggregate number of Units purchasable
hereunder or such portion of such number as shall be contemplated by any such
assignment.

     3.2. RESTRICTIONS IMPOSED BY THE SECURITIES ACT. The securities evidenced
by this Purchase Option shall not be transferred unless and until (i) the
Company has received the opinion of counsel for the Holder that the securities
may be transferred pursuant to an exemption from registration under the
Securities Act and applicable state securities laws, the availability of which
is established to the reasonable satisfaction of the Company (the Company hereby
agreeing that the opinion of Debevoise & Plimpton LLP shall be deemed
satisfactory evidence of the availability of an exemption), or (ii) a
registration statement or a post-effective amendment to the Registration
Statement relating to such securities has been filed by the Company and declared
effective by the Commission and compliance with applicable state securities law
has been established.

     4. NEW PURCHASE OPTIONS TO BE ISSUED.

     4.1. PARTIAL EXERCISE OR TRANSFER. Subject to the restrictions in Section 3
hereof, this Purchase Option may be exercised or assigned in whole or in part.
In the event of the exercise or assignment hereof in part only, upon surrender
of this Purchase Option for cancellation, together with the duly executed
exercise or assignment form and funds sufficient to pay any Exercise Price
and/or transfer tax, the Company shall cause to be delivered to the Holder
without charge a new Purchase Option of like tenor to this Purchase Option in
the name of the Holder evidencing the right of the Holder to purchase the number
of Units purchasable hereunder as to which this Purchase Option has not been
exercised or assigned.

     4.2. LOST CERTIFICATE. Upon receipt by the Company of evidence satisfactory
to it of the loss, theft, destruction or mutilation of this Purchase Option and
of reasonably satisfactory indemnification or the posting of a bond, the Company
shall execute and deliver a new Purchase Option of like tenor and date. Any such
new Purchase Option executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation
on the part of the Company.

                                        5

<Page>

     5. REGISTRATION RIGHTS.

     5.1. DEMAND REGISTRATION.

          5.1.1. GRANT OF RIGHT. The Company, upon written demand ("INITIAL
     DEMAND NOTICE") of the Holder(s) of at least 50.1% of the Purchase Options
     and/or the underlying Units and/or the underlying securities ("MAJORITY
     HOLDERS"), agrees to use its reasonable best efforts to register (the
     "DEMAND REGISTRATION") under the Securities Act on one occasion, all of the
     Purchase Options requested by the Majority Holders in the Initial Demand
     Notice and all of the securities underlying such Purchase Options,
     including the Units, Common Stock, the Warrants and the Common Stock
     underlying the Warrants (collectively, the "REGISTRABLE SECURITIES"). On
     such occasion, the Company will file a registration statement for use in an
     offering of the Registrable Securities from time-to-time or a
     post-effective amendment to the Registration Statement covering all of the
     Registrable Securities that will permit an offering of the Registrable
     Securities from time-to-time within sixty days after receipt of the Initial
     Demand Notice and use its best efforts to have such registration statement
     or post-effective amendment declared effective as soon as possible
     thereafter. The demand for registration may be made at any time during a
     period of four years beginning on the Effective Date. The Initial Demand
     Notice shall specify the intended method(s) of distribution of the
     Registrable Securities. The Company will notify all holders of the Purchase
     Options and/or Registrable Securities of the demand within ten days from
     the date of the receipt of any such Initial Demand Notice. Each holder of
     Registrable Securities who wishes to include all or a portion of such
     holder's Registrable Securities in the Demand Registration (each such
     holder including shares of Registrable Securities in such registration, a
     "DEMANDING HOLDER") shall so notify the Company within fifteen (15) days
     after the receipt by the holder of the notice from the Company. Upon any
     such request, the Demanding Holders shall be entitled to have their
     Registrable Securities included in the Demand Registration, subject to
     Section 5.1.4.

          5.1.2. EFFECTIVE REGISTRATION. A registration will not count as a
     Demand Registration until the registration statement filed with the
     Commission with respect to such Demand Registration has been declared
     effective and the Company has complied with all of its obligations under
     this Agreement with respect thereto; provided, however, that if, after such
     registration statement has been declared effective, the offering of
     Registrable Securities pursuant to a Demand Registration is interfered with
     by any stop order or injunction of the Commission or any other governmental
     agency or court, the registration statement with respect to such Demand
     Registration will be deemed not to have been declared effective, unless and
     until, (i) such stop order or injunction is removed,

                                        6

<Page>

     rescinded or otherwise terminated, and (ii) a majority-in-interest of the
     Demanding Holders thereafter elect to continue the offering.

          5.1.3. UNDERWRITTEN OFFERING. If the Majority Holders so elect and
     such holders so advise the Company as part of the Initial Demand Notice,
     the offering of all or any portion of the Registrable Securities pursuant
     to such Demand Registration shall be in the form of one underwritten
     offering. All Demanding Holders proposing to distribute their securities
     through such underwriting shall enter into an underwriting agreement in
     customary form with the underwriter or underwriters selected for such
     underwriting by the Majority Holders.

          5.1.4. REDUCTION OF OFFERING. If the managing underwriter or
     underwriters for a Demand Registration that is to be an underwritten
     offering advises the Company and the Demanding Holders in writing that the
     dollar amount or number of shares of Registrable Securities which the
     Demanding Holders desire to sell pursuant to the underwritten offering,
     taken together with all other shares of Common Stock or other securities
     which the Company desires to sell and the shares of Common Stock, if any,
     as to which registration has been requested pursuant to written contractual
     piggy-back registration rights held by other stockholders of the Company
     who desire to sell, exceeds the maximum dollar amount or maximum number of
     shares that can be sold in such offering without adversely affecting the
     proposed offering price, the timing, the distribution method, or the
     probability of success of such offering (such maximum dollar amount or
     maximum number of shares, as applicable, the "MAXIMUM NUMBER OF SHARES"),
     then the Company shall include in such registration: (i) first, the
     Registrable Securities as to which Demand Registration has been requested
     by the Demanding Holders that want to participate in such underwritten
     offering (pro rata in accordance with the number of shares that each such
     Person has requested be included in such registration, regardless of the
     number of shares held by each such Person (such proportion is referred to
     herein as "PRO RATA")) that can be sold without exceeding the Maximum
     Number of Shares; (ii) second, to the extent that the Maximum Number of
     Shares has not been reached under the foregoing clause (i), the shares of
     Common Stock or other securities that the Company desires to sell that can
     be sold without exceeding the Maximum Number of Shares; (iii) third, to the
     extent that the Maximum Number of Shares has not been reached under the
     foregoing clauses (i) and (ii), the shares of Common Stock or other
     securities registrable pursuant to the terms of the Registration Rights
     Agreement between the Company and the initial investors in the Company,
     dated as of _________, 2006 (the "REGISTRATION RIGHTS AGREEMENT" and such
     registrable securities, the "INVESTOR SECURITIES") as to which "piggy-back"
     registration has been requested by the holders thereof, Pro Rata, that can
     be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to
     the extent that the Maximum Number of Shares have not been reached under
     the foregoing clauses

                                        7

<Page>

     (i), (ii), and (iii), the shares of Common Stock or other securities for
     the account of other persons that the Company is obligated to register
     pursuant to written contractual arrangements with such persons and that can
     be sold without exceeding the Maximum Number of Shares.

          5.1.5. WITHDRAWAL. If a majority-in-interest of the Demanding Holders
     disapprove of the terms of any underwriting or are not entitled to include
     all of their Registrable Securities in any offering, such
     majority-in-interest of the Demanding Holders may elect to withdraw from
     such offering by giving written notice to the Company and the underwriter
     or underwriters of their request to withdraw prior to the effectiveness of
     the registration statement filed with the Commission with respect to such
     Demand Registration. If the majority-in-interest of the Demanding Holders
     withdraws from a proposed offering relating to a Demand Registration, then
     such registration shall not count as a Demand Registration provided for in
     Section 5.1, provided that the majority-in-interest of the Demanding
     Holders electing to so withdraw from the offering pays all costs and
     expenses incurred by the Company in connection with such withdrawn Demand
     Registration.

          5.1.6. TERMS. The Company shall bear all fees and expenses attendant
     to registering the Registrable Securities, including the expenses of any
     legal counsel selected by the Holders to represent them in connection with
     the sale of the Registrable Securities, but the Holders shall pay any and
     all underwriting commissions. The Company agrees to use its reasonable best
     efforts to qualify or register the Registrable Securities in such states as
     are reasonably requested by the Majority Holder(s); provided, however, that
     in no event shall the Company be required to register the Registrable
     Securities in a state in which such registration would cause (i) the
     Company to be obligated to qualify to do business in such state, or would
     subject the Company to taxation as a foreign corporation doing business in
     such jurisdiction or (ii) the principal stockholders of the Company to be
     obligated to escrow their shares of capital stock of the Company. The
     Company shall use its reasonable best efforts to cause any registration
     statement or post-effective amendment filed pursuant to the demand rights
     granted under Section 5.1.1 to remain effective until the expiration of the
     Warrants in accordance with the terms and conditions of that certain
     Warrant Agreement, dated as of ___________, 2006, between the Company and
     Continental Stock Transfer & Trust Company.

          5.1.7. PERMITTED DELAYS. The Company shall be entitled to postpone,
     for up to 60 days, the filing of any registration statement under this
     Section 5.1, if (a) at any time prior to the filing of such registration
     statement the Company's Board of Directors determines, in its good faith
     business judgment, that such registration and offering would materially and
     adversely affect any financing, acquisition,

                                        8

<Page>

     corporate reorganization, or other material transaction involving the
     Company, and (b) the Company delivers to the Demanding Holders written
     notice thereof within five (5) business days of the date of receipt of a
     request for Demand Registration.

     5.2. PIGGY-BACK REGISTRATION.

          5.2.1. PIGGY-BACK RIGHTS. If at any time during the seven year period
     commencing on the Effective Date the Company proposes to file a
     registration statement under the Securities Act with respect to an offering
     of equity securities, or securities or other obligations exercisable or
     exchangeable for, or convertible into, equity securities, by the Company
     for its own account or for stockholders of the Company for their account
     (or by the Company and by stockholders of the Company including, without
     limitation, pursuant to Section 5.1), other than a registration statement
     (i) filed in connection with any employee stock option or other benefit
     plan, (ii) for an exchange offer or offering of securities solely to the
     Company's existing stockholders, (iii) for an offering of debt that is
     convertible into equity securities of the Company or (iv) for a dividend
     reinvestment plan, then the Company shall (x) give written notice of such
     proposed filing to the holders of Registrable Securities as soon as
     practicable but in no event less than ten days before the anticipated
     filing date, which notice shall describe the amount and type of securities
     to be included in such offering, the intended method(s) of distribution,
     and the name of the proposed managing underwriter or underwriters, if any,
     of the offering, and (y) offer to the holders of Registrable Securities in
     such notice the opportunity to register the sale of such number of shares
     of Registrable Securities as such holders may request in writing within
     five days following receipt of such notice (a "PIGGY-BACK REGISTRATION").
     The Company shall cause such Registrable Securities to be included in such
     registration and shall use its best efforts to cause the managing
     underwriter or underwriters of a proposed underwritten offering to permit
     the Registrable Securities requested to be included in a Piggy-Back
     Registration on the same terms and conditions as any similar securities of
     the Company and to permit the sale or other disposition of such Registrable
     Securities in accordance with the intended method(s) of distribution
     thereof. All holders of Registrable Securities proposing to distribute
     their securities through a Piggy-Back Registration that involves an
     underwriter or underwriters shall enter into an underwriting agreement in
     customary form with the underwriter or underwriters selected for such
     Piggy-Back Registration.

          5.2.2. REDUCTION OF OFFERING. If the managing underwriter or
     underwriters for a Piggy-Back Registration that is to be an underwritten
     offering advises the Company and the holders of Registrable Securities in
     writing that the dollar amount or number of shares of Common Stock which
     the Company desires to sell, taken together with shares of Common Stock, if
     any, as to which

                                        9

<Page>

     registration has been demanded pursuant to written contractual arrangements
     with persons other than the holders of Registrable Securities hereunder,
     the Registrable Securities as to which registration has been requested
     under this Section 5.2, and the shares of Common Stock, if any, as to which
     registration has been requested pursuant to the written contractual
     piggy-back registration rights of other stockholders of the Company,
     exceeds the Maximum Number of Shares, then the Company shall include in any
     such registration:

               (a) If the registration is undertaken for the Company's account:
          (A) first, the shares of Common Stock or other securities that the
          Company desires to sell that can be sold without exceeding the Maximum
          Number of Shares; (B) second, to the extent that the Maximum Number of
          Shares has not been reached under the foregoing clause (A), the shares
          of Common Stock or other securities, if any, comprised of Registrable
          Securities and Investor Securities, as to which registration has been
          requested pursuant to the applicable written contractual piggy-back
          registration rights of such security holders, Pro Rata, that can be
          sold without exceeding the Maximum Number of Shares; and (C) third, to
          the extent that the Maximum Number of shares has not been reached
          under the foregoing clauses (A) and (B), the shares of Common Stock or
          other securities for the account of other persons that the Company is
          obligated to register pursuant to written contractual piggy-back
          registration rights with such persons and that can be sold without
          exceeding the Maximum Number of Shares;

               (b) If the registration is a "DEMAND" registration undertaken at
          the demand of holders of Investor Securities, (A) first, the shares of
          Common Stock or other securities for the account of the demanding
          persons, Pro Rata, that can be sold without exceeding the Maximum
          Number of Shares; (B) second, to the extent that the Maximum Number of
          Shares has not been reached under the foregoing clause (A), the shares
          of Common Stock or other securities that the Company desires to sell
          that can be sold without exceeding the Maximum Number of Shares; (C)
          third, to the extent that the Maximum Number of Shares has not been
          reached under the foregoing clauses (A) and (B), the shares of
          Registrable Securities, Pro Rata, as to which registration has been
          requested pursuant to the terms hereof, that can be sold without
          exceeding the Maximum Number of Shares; and (D) fourth, to the extent
          that the Maximum Number of Shares has not been reached under the
          foregoing clauses (A), (B) and (C), the shares of Common Stock or
          other securities for the account of other persons that the Company is
          obligated to register pursuant to written contractual arrangements
          with such persons, that can be sold without exceeding the Maximum
          Number of Shares; and

                                       10

<Page>

               (c) If the registration is a "DEMAND" registration undertaken at
          the demand of persons other than either the holders of Registrable
          Securities or of Investor Securities, (A) first, the shares of Common
          Stock or other securities for the account of the demanding persons
          that can be sold without exceeding the Maximum Number of Shares; (B)
          second, to the extent that the Maximum Number of Shares has not been
          reached under the foregoing clause (A), the shares of Common Stock or
          other securities that the Company desires to sell that can be sold
          without exceeding the Maximum Number of Shares; (C) third, to the
          extent that the Maximum Number of Shares has not been reached under
          the foregoing clauses (A) and (B), collectively the shares of Common
          Stock or other securities comprised of Registrable Securities and
          Investor Securities, Pro Rata, as to which registration has been
          requested pursuant to the terms hereof and of the Registration Rights
          Agreement, as applicable, that can be sold without exceeding the
          Maximum Number of Shares; and (D) fourth, to the extent that the
          Maximum Number of Shares has not been reached under the foregoing
          clauses (A), (B) and (C), the shares of Common Stock or other
          securities for the account of other persons that the Company is
          obligated to register pursuant to written contractual arrangements
          with such persons, that can be sold without exceeding the Maximum
          Number of Shares.

          5.2.3. WITHDRAWAL. Any holder of Registrable Securities may elect to
     withdraw such holder's request for inclusion of Registrable Securities in
     any Piggy-Back Registration by giving written notice to the Company of such
     request to withdraw prior to the effectiveness of the registration
     statement. The Company (whether on its own determination or as the result
     of a withdrawal by persons making a demand pursuant to written contractual
     obligations) may withdraw a registration statement at any time prior to the
     effectiveness of the registration statement. Notwithstanding any such
     withdrawal, the Company shall pay all expenses incurred by the holders of
     Registrable Securities in connection with such Piggy-Back Registration as
     provided in Section 5.2.4.

          5.2.4. TERMS. The Company shall bear all fees and expenses attendant
     to registering the Registrable Securities, including the expenses of any
     legal counsel selected by the Holders to represent them in connection with
     the sale of the Registrable Securities but the Holders shall pay any and
     all underwriting commissions related to the Registrable Securities. In the
     event of such a proposed registration, the Company shall furnish the then
     Holders of outstanding Registrable Securities with not less than fifteen
     days written notice prior to the proposed date of filing of such
     registration statement. Such notice to the Holders shall continue to be
     given for each applicable registration statement filed (during the period
     in which the Purchase Option is exercisable) by the Company until

                                       11

<Page>

     such time as all of the Registrable Securities have been registered and
     sold. The Holders of the Registrable Securities shall exercise the
     "piggy-back" rights provided for herein by giving written notice, within
     ten days of the receipt of the Company's notice of its intention to file a
     registration statement. The Company shall use its reasonable best efforts
     to cause any registration statement filed pursuant to the above
     "piggy-back" rights to remain effective for at least nine months from the
     date that the Holders of the Registrable Securities are first given the
     opportunity to sell all of such securities.

          5.2.5. PERMITTED DELAYS. The Company shall be entitled to postpone,
     for up to 60 days, the filing of any registration statement under this
     Section 5.2, if (a) at any time prior to the filing of such registration
     statement the Company's Board of Directors determines, in its good faith
     business judgment, that such registration and offering would materially and
     adversely affect any financing, acquisition, corporate reorganization, or
     other material transaction involving the Company, and (b) the Company
     delivers to the Holders of the Registrable Securities exercising their
     "piggy-back" rights written notice thereof within five (5) business days of
     the date of receipt by the Company of such requests for Piggy-Back
     Registration.

     5.3. GENERAL TERMS.

          5.3.1. INDEMNIFICATION. The Company shall indemnify the Holder(s) of
     the Registrable Securities to be sold pursuant to any registration
     statement hereunder and each person, if any, who controls such Holders
     within the meaning of Section 15 of the Securities Act or Section 20(a) of
     the Securities Exchange Act of 1934, as amended ("EXCHANGE ACT"), against
     all loss, claim, damage, expense or liability (including all reasonable
     attorneys' fees and other expenses reasonably incurred in investigating,
     preparing or defending against litigation, commenced or threatened, or any
     claim whatsoever whether arising out of any action between the underwriter
     and the Company or between the underwriter and any third party or
     otherwise) to which any of them may become subject under the Securities
     Act, the Exchange Act or otherwise, arising from such registration
     statement but only to the same extent and with the same effect as the
     provisions pursuant to which the Company has agreed to indemnify the
     underwriter contained in Section [8] of the Underwriting Agreement between
     the Company and Deutsche Bank dated the Effective Date. The Holder(s) of
     the Registrable Securities to be sold pursuant to such registration
     statement, and their successors and assigns, shall severally, and not
     jointly, indemnify the Company, its officers and directors and each person,
     if any, who controls the Company within the meaning of Section 15 of the
     Securities Act or Section 20(a) of the Exchange Act, against all loss,
     claim, damage, expense or liability (including all reasonable attorneys'
     fees and other expenses reasonably incurred in investigating, preparing

                                       12

<Page>

     or defending against any claim whatsoever) to which they may become subject
     under the Securities Act, the Exchange Act or otherwise, arising from
     information furnished by or on behalf of such Holders, or their successors
     or assigns, in writing, for specific inclusion in such registration
     statement to the same extent and with the same effect as the provisions
     contained in Section 5 of the Underwriting Agreement pursuant to which the
     underwriter has agreed to indemnify the Company.

          5.3.2. EXERCISE OF PURCHASE OPTIONS. Nothing contained in this
     Purchase Option shall be construed as requiring the Holder(s) to exercise
     their Purchase Options or Warrants underlying such Purchase Options prior
     to or after the initial filing of any registration statement or the
     effectiveness thereof.

          5.3.3. DOCUMENTS DELIVERED TO HOLDERS. The Company shall furnish to
     the Holders participating in any of the foregoing offerings, a signed
     counterpart, addressed to the participating Holders, of (i) an opinion of
     counsel to the Company, dated the effective date of such registration
     statement (and, if such registration includes an underwritten public
     offering, an opinion dated the date of the closing under any underwriting
     agreement related thereto), and (ii) a "cold comfort" letter dated the
     effective date of such registration statement (and, if such registration
     includes an underwritten public offering, a letter dated the date of the
     closing under the underwriting agreement) signed by the independent public
     accountants who have issued a report on the Company's financial statements
     included in such registration statement, in each case covering
     substantially the same matters with respect to such registration statement
     (and the prospectus included therein) and, in the case of such accountants'
     letter, with respect to events subsequent to the date of such financial
     statements, as are customarily covered in opinions of issuer's counsel and
     in accountants' letters delivered to underwriters in underwritten public
     offerings of securities. The Company shall also deliver promptly to the
     Holders participating in the offering, the correspondence and memoranda
     described below and copies of all correspondence between the Commission and
     the Company, its counsel or auditors and all memoranda relating to
     discussions with the Commission or its staff with respect to the
     registration statement and permit the Holders, to do such investigation,
     upon reasonable advance notice, with respect to information contained in or
     omitted from the registration statement as it deems reasonably necessary to
     comply with applicable securities laws or rules of the National Association
     of Securities Dealers, Inc. ("NASD"). Such investigation shall include
     access to books, records and properties and opportunities to discuss the
     business of the Company with its officers and independent auditors, all to
     such reasonable extent and at such reasonable times and as often as the
     Holders shall reasonably request. The Company shall not be required to
     disclose any confidential information or other records to the Holders, or
     to any other person,

                                       13

<Page>

     until and unless such persons shall have entered into reasonable
     confidentiality agreements (in form and substance reasonably satisfactory
     to the Company), with the Company with respect thereto.

     5.4. UNDERWRITING AGREEMENT. The Company shall enter into an underwriting
agreement with the managing underwriter(s), if any, selected by any Holders
whose Registrable Securities are being registered pursuant to this Section 5,
which managing underwriter shall be reasonably acceptable to the Company. Such
agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such
representations, warranties and covenants by the Company and such other terms as
are customarily contained in agreements of that type used by the managing
underwriter. The Holders shall be parties to any underwriting agreement relating
to an underwritten sale of their Registrable Securities and may, at their
option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and
for the benefit of such Holders. Such Holders shall not be required to make any
representations or warranties to or agreements with the Company or the
underwriters except as they may relate to such Holders and their intended
methods of distribution. Such Holders, however, shall agree to such covenants
and indemnification and contribution obligations for selling stockholders as are
customarily contained in agreements of that type used by the managing
underwriter. Further, such Holders shall execute appropriate custody agreements
and otherwise cooperate fully in the preparation of the registration statement
and other documents relating to any offering in which they include securities
pursuant to this Section 5. Each Holder shall also furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the
intended method of disposition of such securities as shall be reasonably
required to effect the registration of the Registrable Securities.

          5.4.1. RULE 144 SALE. Notwithstanding anything contained in this
     Section 5 to the contrary, the Company shall have no obligation pursuant to
     Sections 5.1 or 5.2 for the registration of Registrable Securities held by
     any Holder (i) where such Holder would then be entitled to sell under Rule
     144 within any three-month period (or such other period prescribed under
     Rule 144 as may be provided by amendment thereof) all of the Registrable
     Securities then held by such Holder, and (ii) where the number of
     Registrable Securities held by such Holder is within the volume limitations
     under paragraph (e) of Rule 144 (calculated as if such Holder were an
     affiliate within the meaning of Rule 144).

          5.4.2. SUPPLEMENTAL PROSPECTUS. Each Holder agrees, that upon receipt
     of any notice from the Company of the happening of any event as a result of
     which the prospectus included in the registration statement, as then in
     effect, includes an untrue statement of a material fact or omits to state a
     material fact required to be stated therein or necessary to make the
     statements therein not misleading in light

                                       14

<Page>

     of the circumstances then existing, such Holder will immediately
     discontinue disposition of Registrable Securities pursuant to the
     registration statement covering such Registrable Securities until such
     Holder's receipt of the copies of a supplemental or amended prospectus,
     and, if so desired by the Company, such Holder shall deliver to the Company
     (at the expense of the Company) or destroy (and deliver to the Company a
     certificate of such destruction) all copies, other than permanent file
     copies then in such Holder's possession, of the prospectus covering such
     Registrable Securities current at the time of receipt of such notice.

     6. ADJUSTMENTS.

     6.1. ADJUSTMENTS TO EXERCISE PRICE AND NUMBER OF SECURITIES. The Exercise
Price and the number of Units underlying the Purchase Option shall be subject to
adjustment from time to time as hereinafter set forth:

          6.1.1. STOCK DIVIDENDS--SPLIT-UPS. If after the date hereof, and
     subject to the provisions of Section 6.3 below, the number of outstanding
     shares of Common Stock is increased by a stock dividend payable in shares
     of Common Stock, or by a split-up of shares of Common Stock or other
     similar event, then, on the effective date thereof, the number of shares of
     Common Stock underlying each of the Units purchasable hereunder shall be
     increased in proportion to such increase in outstanding shares. In such
     case, the number of shares of Common Stock, and the exercise price
     applicable thereto, underlying the Warrants underlying each of the Units
     purchasable hereunder shall be adjusted in accordance with the terms of the
     Warrants. For example, if the Company declares a two-for-one stock dividend
     and at the time of such dividend this Purchase Option is for the purchase
     of one Unit at $10.00 per whole Unit (each Warrant underlying the Units is
     exercisable for $7.50 per share), upon effectiveness of the dividend, this
     Purchase Option will be adjusted to allow for the purchase of one Unit at
     $10.00 per Unit, each Unit entitling the holder to receive two shares of
     Common Stock and two Warrants (each Warrant exercisable for $3.75 per
     share).

          6.1.2. EXTRAORDINARY DIVIDEND.  If the Company, at any time while
     this Purchase Option is outstanding and unexpired, shall pay a dividend or
     make a distribution in cash, securities or other assets to the holders of
     Common Stock (or other shares of the Company's capital stock receivable
     upon exercise of the Purchase Option), other than (i) as described in
     Sections 6.1.1, 6.1.3 or 6.1.4, (ii) regular quarterly or other periodic
     dividends, (iii) in connection with the conversion rights of the holders
     of Common Stock upon consummation of the Company's initial Business
     Combination or (iv) in connection with the Company's liquidation and the
     distribution of its assets upon its failure to consummate a Business
     Combination (any such non-excluded event being referred to herein as an
     "Extraordinary Dividend"), then the Exercise Price shall be decreased,

                                       15

<Page>

     effective immediately after the effective date of such Extraordinary
     Dividend, by the amount of cash and/or the fair market value (as
     determined by the Company's Board of Directors, in good faith) of any
     securities or other assets paid on each share of Common Stock in respect
     of such Extraordinary Dividend.

          6.1.3. AGGREGATION OF SHARES. If after the date hereof, and subject to
     the provisions of Section 6.3, the number of outstanding shares of Common
     Stock is decreased by a consolidation, combination or reclassification of
     shares of Common Stock or other similar event, then, on the effective date
     thereof, the number of shares of Common Stock underlying each of the Units
     purchasable hereunder shall be decreased in proportion to such decrease in
     outstanding shares. In such case, the number of shares of Common Stock, and
     the exercise price applicable thereto, underlying the Warrants underlying
     each of the Units purchasable hereunder shall be adjusted in accordance
     with the terms of the Warrants.

          6.1.4. REPLACEMENT OF SECURITIES UPON REORGANIZATION, ETC. In case of
     any reclassification or reorganization of the outstanding shares of Common
     Stock other than a change covered by Section 6.1.1 or 6.1.3 hereof or that
     solely affects the par value of such shares of Common Stock, or in the case
     of any merger or consolidation of the Company with or into another
     corporation (other than a consolidation or merger in which the Company is
     the continuing corporation and that does not result in any reclassification
     or reorganization of the outstanding shares of Common Stock), or in the
     case of any sale or conveyance to another corporation or entity of the
     property of the Company as an entirety or substantially as an entirety in
     connection with which the Company is dissolved, the Holder of this Purchase
     Option shall have the right thereafter (until the expiration of the right
     of exercise of this Purchase Option) to receive upon the exercise hereof,
     for the same aggregate Exercise Price payable hereunder immediately prior
     to such event, the kind and amount of shares of stock or other securities
     or property (including cash) receivable upon such reclassification,
     reorganization, merger or consolidation, or upon a dissolution following
     any such sale or transfer, by a Holder of the number of shares of Common
     Stock of the Company obtainable upon exercise of this Purchase Option and
     the underlying Warrants immediately prior to such event; and if any
     reclassification also results in a change in shares of Common Stock covered
     by Section 6.1.1 or 6.1.3, then such adjustment shall be made pursuant to
     Sections 6.1.1, 6.1.3 and this Section 6.1.4. The provisions of this
     Section 6.1.4 shall similarly apply to successive reclassifications,
     reorganizations, mergers or consolidations, sales or other transfers.

                                       16

<Page>

          6.1.5. CHANGES IN FORM OF PURCHASE OPTION. This form of Purchase
     Option need not be changed because of any change pursuant to this Section,
     and Purchase Options issued after such change may state the same Exercise
     Price and the same number of Units as are stated in the Purchase Options
     initially issued pursuant to this Agreement. The acceptance by any Holder
     of the issuance of new Purchase Options reflecting a required or permissive
     change shall not be deemed to waive any rights to an adjustment occurring
     after the Commencement Date or the computation thereof.

          6.1.6. ADJUSTMENTS OF WARRANTS. To the extent the price of the
     Warrants is lowered pursuant to Section 3.1 of the Warrant Agreement, dated
     ______________, 2006, between the Company and Continental Stock Transfer &
     Trust Company (the "WARRANT AGREEMENT") the price of the Warrants
     underlying the Purchase Option shall be reduced equally (except that the
     Warrant Price (as defined in the Warrant Agreement) for the Warrants shall
     always remain equal to 125% of the Warrant Price for the Public Warrants),
     subject to any limitations and conditions that may be imposed by NASD
     Corporate Financing Rule 2710 and any such reduction must remain in effect
     for at least twenty (20) business days. To the extent the duration of the
     Warrants is extended pursuant to Section 3.2 of the Warrant Agreement, the
     duration of the Warrants underlying the Purchase Option shall be extended
     on identical terms, subject to any limitations that may be imposed by NASD
     Corporate Financing Rule 2710.

     6.2. SUBSTITUTE PURCHASE OPTION. In case of any consolidation of the
Company with, or merger of the Company with, or merger of the Company into,
another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Common Stock), the
corporation formed by such consolidation or merger shall execute and deliver to
the Holder a supplemental Purchase Option providing that the holder of each
Purchase Option then outstanding or to be outstanding shall have the right
thereafter (until the stated expiration of such Purchase Option) to receive,
upon exercise of such Purchase Option, the kind and amount of shares of stock
and other securities and property receivable upon such consolidation or merger,
by a holder of the number of shares of Common Stock of the Company for which
such Purchase Option might have been exercised immediately prior to such
consolidation, merger, sale or transfer. Such supplemental Purchase Option shall
provide for adjustments which shall be identical to the adjustments provided in
Section 6. The above provision of this Section shall similarly apply to
successive consolidations or mergers.

     6.3. ELIMINATION OF FRACTIONAL INTERESTS. The Company shall not be required
to issue certificates representing fractions of shares of Common Stock or
Warrants upon the exercise of the Purchase Option, nor shall it be required to
issue scrip or pay cash in lieu of any fractional interests, it being the intent
of the parties that all fractional interests shall

                                       17

<Page>

be eliminated by rounding any fraction up to the nearest whole number of
Warrants, shares of Common Stock or other securities, properties or rights.

     7. RESERVATION AND LISTING. The Company shall at all times reserve and keep
available out of its authorized shares of Common Stock, solely for the purpose
of issuance upon exercise of the Purchase Options or the Warrants underlying the
Purchase Option, such number of shares of Common Stock or other securities,
properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Purchase Options and payment of
the Exercise Price therefor, all shares of Common Stock and other securities
issuable upon such exercise shall be duly and validly issued, fully paid and
non-assessable and not subject to preemptive rights of any stockholder. The
Company further covenants and agrees that upon exercise of the Warrants
underlying the Purchase Options and payment of the respective Warrant exercise
price therefor, all shares of Common Stock and other securities issuable upon
such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any stockholder. As long as the Purchase
Options shall be outstanding, the Company shall use its best efforts to cause
all (i) Units and shares of Common Stock issuable upon exercise of the Purchase
Options, (iii) Warrants issuable upon exercise of the Purchase Options and (iv)
shares of Common Stock issuable upon exercise of the Warrants included in the
Units issuable upon exercise of the Purchase Option to be listed (subject to
official notice of issuance) on all securities exchanges (or, if applicable on
the Nasdaq National Market, SmallCap Market, OTC Bulletin Board or any successor
trading market) on which the Units, the Common Stock or the Public Warrants
issued to the public in connection herewith may then be listed and/or quoted.

     8. CERTAIN NOTICE REQUIREMENTS.

     8.1. HOLDER'S RIGHT TO RECEIVE NOTICE. Nothing herein shall be construed as
conferring upon the Holders the right to vote or consent as a stockholder for
the election of directors or any other matter, or as having any rights
whatsoever as a stockholder of the Company. If, however, at any time prior to
the expiration of the Purchase Options and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the
Company shall give written notice of such event at least fifteen days prior to
the date fixed as a record date or the date of closing the transfer books for
the determination of the stockholders entitled to such dividend, distribution,
conversion or exchange of securities or subscription rights, or entitled to vote
on such proposed dissolution, liquidation, winding up or sale. Such notice shall
specify such record date or the date of the closing of the transfer books, as
the case may be. Notwithstanding the foregoing, the Company shall deliver to
each Holder a copy of each notice given to the other stockholders of the Company
at the same time and in the same manner that such notice is given to the
stockholders.

     8.2. EVENTS REQUIRING NOTICE. The Company shall be required to give the
notice described in this Section 8 upon one or more of the following events: (i)
if the

                                       18

<Page>

Company shall take a record of the holders of its shares of Common Stock for the
purpose of entitling them to receive a dividend or distribution payable
otherwise than in cash, or a cash dividend or distribution payable otherwise
than out of retained earnings, as indicated by the accounting treatment of such
dividend or distribution on the books of the Company, or (ii) the Company shall
offer to all the holders of its Common Stock any additional shares of capital
stock of the Company or securities convertible into or exchangeable for shares
of capital stock of the Company, or any option, right or warrant to subscribe
therefor, or (iii) a dissolution, liquidation or winding up of the Company
(other than in connection with a consolidation or merger) or a sale of all or
substantially all of its property, assets and business shall be proposed.

     8.3. NOTICE OF CHANGE IN EXERCISE PRICE. The Company shall, promptly after
an event requiring a change in the Exercise Price pursuant to Section 6 hereof,
send notice to the Holders of such event and change ("PRICE NOTICE"). The Price
Notice shall describe the event causing the change and the method of calculating
same and shall be certified as being true and accurate by the Company's
President and Chief Financial Officer.

     8.4. TRANSMITTAL OF NOTICES. All notices, requests, consents and other
communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or
private courier service: (i) if to the registered Holder of the Purchase Option,
to the address of such Holder as shown on the books of the Company, or (ii) if
to the Company, to the following address or to such other address as the Company
may designate by notice to the Holders:

          Granahan McCourt Acquisition Corporation
          179 Stony Brook Road
          Hopewell, New Jersey 08525
          Attn: Chief Executive Officer

     9. MISCELLANEOUS.

     9.1. AMENDMENTS. The Company may from time to time supplement or amend this
Purchase Option without the approval of any of the Holders in order to cure any
ambiguity, to correct or supplement any provision contained herein that may be
defective or inconsistent with any other provisions herein, or to make any other
provisions in regard to matters or questions arising hereunder that the Company
may deem necessary or desirable and that the Company, in the exercise of
reasonable judgment, determines that it shall not adversely affect the interest
of the Holders. All other modifications or amendments shall require the written
consent of and be signed by the party against whom enforcement of the
modification or amendment is sought.

                                       19

<Page>

     9.2. HEADINGS. The headings contained herein are for the sole purpose of
convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

     9.3. ENTIRE AGREEMENT. This Purchase Option (together with the other
agreements and documents being delivered pursuant to or in connection with this
Purchase Option) constitutes the entire agreement of the parties hereto with
respect to the subject matter hereof, and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject
matter hereof.

     9.4. BINDING EFFECT. This Purchase Option shall inure solely to the benefit
of and shall be binding upon, the Holder and the Company and their permitted
assignees, respective successors, legal representative and assigns, and no other
person shall have or be construed to have any legal or equitable right, remedy
or claim under or in respect of or by virtue of this Purchase Option or any
provisions herein contained.

     9.5. GOVERNING LAW; SUBMISSION TO JURISDICTION. This Purchase Option shall
be governed by and construed and enforced in accordance with the laws of the
State of New York, without giving effect to conflict of laws. The Company hereby
agrees that any action, proceeding or claim against it arising out of, or
relating in any way to this Purchase Option shall be brought and enforced in the
courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim. The Company and the
Holder agree that the prevailing party(ies) in any such action shall be entitled
to recover from the other party(ies) all of its reasonable attorneys' fees and
expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor.

     9.6. WAIVER, ETC. The failure of the Company or the Holder to at any time
enforce any of the provisions of this Purchase Option shall not be deemed or
construed to be a waiver of any such provision, nor to in any way affect the
validity of this Purchase Option or any provision hereof or the right of the
Company or any Holder to thereafter enforce each and every provision of this
Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of
any of the provisions of this Purchase Option shall be effective unless set
forth in a written instrument executed by the party or parties against whom or
which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non- fulfillment shall be construed or deemed to be a waiver
of any other or subsequent breach or non-compliance.

                                       20

<Page>

     9.7. EXECUTION IN COUNTERPARTS. This Purchase Option may be executed in one
or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

     9.8. UNDERLYING WARRANTS. At any time after exercise by the Holder of this
Purchase Option, the Holder may exchange his Warrants (with an initial exercise
price of $7.50) for Public Warrants (with an initial exercise price of $6.00)
upon payment to the Company of the difference between the exercise price of his
Warrant and the exercise price of the Public Warrants. Any such Public Warrants
and the Common Stock underlying such Public Warrants shall constitute
Registrable Securities.

     IN WITNESS WHEREOF, the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the _________day of _________, 2006.

                                       GRANAHAN MCCOURT ACQUISITION
                                       CORPORATION

                                       By: _____________________________________
                                           David C. McCourt
                                           President and Chief Executive Officer

                                       21

<Page>

                  Form to be used to exercise Purchase Option:

Granahan McCourt Acquisition Corporation
179 Stony Brook Road
Hopewell, New Jersey 08525

                                                  Date: ________________, 200___

     The undersigned hereby elects irrevocably to exercise all or a portion of
the within Purchase Option and to purchase Units of Granahan McCourt Acquisition
Corporation and hereby makes payment of $_____ (at the rate of $_____ per Unit)
in payment of the Exercise Price pursuant thereto. Please issue the Common Stock
and Warrants as to which this Purchase Option is exercised in accordance with
the instructions given below.

     or

     The undersigned hereby elects irrevocably to convert its right to purchase
_____ Units purchasable under the within Purchase Option by surrender of the
unexercised portion of the attached Purchase Option (with a "VALUE" of $_____
based on a "CURRENT MARKET PRICE" of $_____). Please issue the securities
comprising the Units as to which this Purchase Option is exercised in accordance
with the instructions given below.

     NOTICE: The signature to this exercise notice must correspond with the name
as written upon the face of the Purchase Option in every particular, without
alteration or any change whatever.

                                        ________________________________________

                                        Signature(s) Guaranteed:

     THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
S.E.C. RULE 17Ad-15).

                                       22

<Page>

     INSTRUCTIONS FOR REGISTRATION OF SECURITIES

________________________________
Name

________________________________
(Print in Block Letters)

________________________________

________________________________
Address

                                       23

<Page>

                   Form to be used to assign Purchase Option:

                                   ASSIGNMENT

                    (To be executed by the registered Holder
              to effect a transfer of the within Purchase Option):

     FOR VALUE RECEIVED, _______________________________ does hereby sell,
assign and transfer unto _______________________________ the right to purchase
____________ Units of Granahan McCourt Acquisition Corporation ("COMPANY")
evidenced by the within Purchase Option and does hereby authorize the Company to
transfer such right on the books of the Company.

Dated: __________________, 200___

                                        ________________________________________
                                        Signature

     NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the Purchase Option in every particular, without
alteration or any change whatever.

                                        ________________________________________
                                        Signature(s) Guaranteed:

     THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
S.E.C. RULE 17Ad-15).

                                       24<Page>

                                                                    EXHIBIT 10.8

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

     This Agreement is made as of [______] [__], 2006 by and between Granahan
McCourt Acquisition Corporation (the "Company") and Continental Stock Transfer &
Trust Company (the "Trustee").

     WHEREAS, the Company's Registration Statement on Form S-1, as amended, No.
333-136048 (together with any registration statement filed pursuant to Rule
462(b), the "Registration Statement"), for its initial public offering of
securities (the "IPO") has been declared effective as of the date hereof by the
Securities and Exchange Commission (the "Effective Date"); and

     WHEREAS, Deutsche Bank Securities Inc. is acting as the underwriter (the
"Underwriter") in the IPO; and

     WHEREAS, the Company has agreed to sell certain of its securities to David
C. McCourt in a placement to be effected concurrently with the IPO; and

     WHEREAS, as described in the Registration Statement, and in accordance with
the Company's Certificate of Incorporation, $118,750,000 of the proceeds of the
IPO and the sale of securities in a private placement simultaneously with the
IPO ($136,562,500 if the Underwriter's over-allotment option is exercised in
full) will be delivered to the Trustee to be deposited and held in a trust
account for the benefit of the Company and the holders of the Company's common
stock, par value $.0001 per share, issued in the IPO (the amount to be delivered
to the Trustee will be referred to herein as the "Property"; the stockholders
for whose benefit the Trustee shall hold the Property will be referred to as the
"Public Stockholders," and the Public Stockholders and the Company will be
referred to together as the "Beneficiaries"); and

     WHEREAS, a portion of the Property consists of $2,500,000 (or $2,875,000 if
the Underwriter's over-allotment option is exercised in full) attributable to
the Underwriter's discount ("Deferred Discount") which the Underwriter has
agreed to deposit in the Trust Account (defined below); and

     WHEREAS, the Company and the Trustee desire to enter into this Agreement to
set forth the terms and conditions pursuant to which the Trustee shall hold the
Property;

     IT IS AGREED:

1.   Agreements and Covenants of Trustee. The Trustee hereby agrees and
     covenants to:

     (a) Hold the Property in trust for the Beneficiaries in accordance with the
terms of this Agreement, in a segregated trust account ("Trust Account")
established by the Trustee at a branch of JPMorgan Chase NY Bank selected by the
Trustee;

     (b) Manage, supervise and administer the Trust Account subject to the terms
and conditions set forth herein;

<Page>

     (c) In a timely manner, upon the written instruction of the Company, to
invest and reinvest the Property in any "Government Security" within the meaning
of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a
maturity of 180 days or less, or in money market funds selected by the Company
meeting the conditions specified in Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended, as determined by the Company;

     (d) Collect and receive, when due, all principal and income arising from
the Property, which income, net of taxes, shall become part of the "Property,"
as such term is used herein;

     (e) Notify the Company of all communications received by it with respect to
any Property requiring action by the Company;

     (f) Supply any necessary information or documents as may be requested by
the Company in connection with the Company's preparation of the tax returns
relating to income from the Property in the Trust Account or otherwise;

     (g) Participate in any plan or proceeding for protecting or enforcing any
right or interest arising from the Property if, as and when instructed by the
Company in writing to do so;

     (h) Render to the Company and to the Underwriter, and to such other person
as the Company may instruct, monthly written statements of the activities of and
amounts in the Trust Account reflecting all receipts and disbursements of the
Trust Account;

     (i) If there is any income or other tax obligation relating to the income
from the Property in the Trust Account as determined by the Company, then, from
time to time, at the written instruction of the Company, the Trustee shall
promptly to the extent there is not sufficient cash in the Trust Account to pay
such tax obligation, liquidate such assets held in the Trust Account as shall be
designated by the Company in writing, and disburse to the Company by wire
transfer, out of the Property in the Trust Account, the amount indicated by the
Company as owing in respect of such income tax obligation; and

     (j) Commence liquidation of the Trust Account only upon receipt of and only
in accordance with the terms of a letter (the "Termination Letter"), in a form
substantially similar to that attached hereto as either Exhibit A or Exhibit B,
signed on behalf of the Company by its President or Chairman of the Board, and
complete the liquidation of the Trust Account and distribute the Property in the
Trust Account only as directed in the Termination Letter and the other documents
referred to therein. The Trustee shall provide the Underwriter with a copy of
any Termination Letter and/or any other correspondence that it receives with
respect to any proposed withdrawal from the Trust Account promptly after it
receives the same.

2.   Limited Distributions Of Income From Trust Account.

No distributions from the Trust Account shall be permitted except in accordance
with Sections 1(i) and 1(j) hereof.

<Page>

3.   Agreements and Covenants of the Company. The Company hereby agrees and
     covenants to:

     (a) Give all instructions to the Trustee hereunder in writing, signed by
the Company's President or Chairman of the Board. In addition, except with
respect to its duties under Sections 1(i) and 1(j) above, the Trustee shall be
entitled to rely on, and shall be protected in relying on, any verbal or
telephonic advice or instruction which it in good faith believes to be given by
any one of the persons authorized above to give written instructions, provided
that the Company shall promptly confirm such instructions in writing;

     (b) Hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or
loss suffered by the Trustee in connection with any action, suit or other
proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any income
earned from investment of the Property, except for expenses and losses resulting
from the Trustee's gross negligence or willful misconduct. Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of
such claim (hereinafter referred to as the "Indemnified Claim"). The Trustee
shall have the right to conduct and manage the defense against such Indemnified
Claim, provided, that the Trustee shall obtain the consent of the Company with
respect to the selection of counsel, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel; and

     (c) Pay the Trustee an initial acceptance fee, an annual fee and a
transaction processing fee for each disbursement made pursuant to Section 1(i)
as set forth on Schedule A hereto, which fees shall be subject to modification
by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees and further agreed that said transaction
processing fees shall be deducted by the Trustee from the disbursements made to
the Company pursuant to Section 1(i). The Company shall pay the Trustee the
initial acceptance fee and first year's fee at the consummation of the IPO and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the annual fee (on a pro rata basis) with respect to any period
after the liquidation of the Trust Fund. The Company shall not be responsible
for any other fees or charges of the Trustee except as set forth in this Section
3(c) and as may be provided in Section 3(b) hereof (it being expressly
understood that the Property shall not be used to make any payments to the
Trustee under such Sections).

     (d) Provide to the Trustee any letter of intent, agreement in principle or
definitive agreement that is executed prior to __, 2007 in connection with a
Business Combination; and

     (e) In connection with any vote of the Company's stockholders regarding a
Business Combination, provide to the Trustee an affidavit or certificate of a
firm regularly engaged in the business of soliciting proxies and tabulating
stockholder votes (which firm may be the Trustee) verifying the vote of the
Company's stockholders regarding such Business Combination.

<Page>

4.   Limitations of Liability. The Trustee shall have no responsibility or
     liability to:

     (a) Take any action with respect to the Property, other than as directed in
Section 1 hereof and the Trustee shall have no liability to any party except for
liability arising out of its own gross negligence or willful misconduct;

     (b) Institute any proceeding for the collection of any principal and income
arising from, or institute, appear in or defend any proceeding of any kind with
respect to, any of the Property unless and until it shall have received written
instructions from the Company given as provided herein to do so and the Company
shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto;

     (c) Change the investment of any Property, other than in compliance with
Section 1(c);

     (d) Refund any depreciation in principal of any Property;

     (e) Assume that the authority of any person designated by the Company to
give instructions hereunder shall not be continuing unless provided otherwise in
such designation, or unless the Company shall have delivered a written
revocation of such authority to the Trustee;

     (f) The other parties hereto or to anyone else for any action taken or
omitted by it, or any action suffered by it to be taken or omitted, in good
faith and in the exercise of its own best judgment, except for its gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected in acting upon any order, judgment, instruction, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the
Trustee), statement, instrument, report or other paper or document (not only as
to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by
any notice or demand, or any waiver, modification, termination or rescission of
this agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee signed by the proper party or parties and,
if the duties or rights of the Trustee are affected, unless it shall give its
prior written consent thereto;

     (g) Verify the correctness of the information set forth in the Registration
Statement or to confirm or assure that any acquisition made by the Company or
any other action taken by it is as contemplated by the Registration Statement;

     (h) As and to the extent requested from time to time by the Company,
prepare, execute and file such tax reports, income or other tax returns and pay
any taxes with respect to income and activities relating to the Trust Account,
regardless of whether such tax is payable by the Trust Account or the Company
(including but not limited to income tax obligations), it being expressly
understood that as set forth in Section 1(i), if there is any income or other
tax obligation relating to the Trust Account or the Property in the Trust
Account, as determined from time to time by the Company and regardless of
whether such tax is payable by the Company or the Trust, at the written
instruction of the Company, the Trustee shall make funds available in cash from
the Property in the Trust Account an amount specified by the Company as owing to

<Page>

the applicable taxing authority, which amount shall be paid directly to the
Company by electronic funds transfer, account debit or other method of payment,
and the Company shall forward such payment to the taxing authority

     (i) Verify calculations, qualify or otherwise approve Company requests for
distributions pursuant to Section 1(i) above.

5.   Termination. This Agreement shall terminate as follows:

     (a) If the Trustee gives written notice to the Company that it desires to
resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company and has agreed to
become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not
limited to the transfer of copies of the reports and statements relating to the
Trust Account, whereupon this Agreement shall terminate; provided, however,
that, in the event that the Company does not locate a successor trustee within
ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with the United States
District Court for the Southern District of New York and upon such deposit, the
Trustee shall be immune from any liability whatsoever that arises due to any
actions or omissions to act by any party after such deposit;

     (b) At such time that the Trustee has completed the liquidation of the
Trust Account in accordance with the provisions of Section 1(j) hereof, and
distributed the Property in accordance with the provisions of the Termination
Letter, this Agreement shall terminate except with respect to Section 3(b).

6.   Miscellaneous.

     (a) The Company and the Trustee each acknowledge that the Trustee will
follow the security procedures set forth below with respect to funds transferred
from the Trust Account. Upon receipt of written instructions, the Trustee will
confirm such instructions with an Authorized Individual at an Authorized
Telephone Number listed on the attached Exhibit C. The Company and the Trustee
will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained
access to such information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee will rely upon account numbers or other
identifying numbers of a beneficiary, beneficiary's bank or intermediary bank,
rather than names. The Trustee shall not be liable for any loss, liability or
expense resulting from any error in an account number or other identifying
number, provided it has accurately transmitted the numbers provided.

     (b) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving effect to
conflict of laws. It may be executed in several counterparts, each one of which
shall constitute an original, and together shall constitute but one instrument.

<Page>

     (c) This Agreement contains the entire agreement and understanding of the
parties hereto with respect to the subject matter hereof. The parties hereto may
change, waive, amend or modify any provision contained herein that may be
defective or inconsistent with any other provision contained herein only upon
the written consent of each of the parties hereto; provided that such action
shall not materially adversely affect the interests of the Public Stockholders.
Any other change, waiver, amendment or modification to this Agreement shall be
subject to approval by a majority of the Public Stockholders. As to any claim,
cross-claim or counterclaim in any way relating to this Agreement, each party
waives the right to trial by jury.

     (d) The parties hereto consent to the jurisdiction and venue of any state
or federal court located in the City of New York for purposes of resolving any
disputes hereunder.

     (e) Any notice, consent or request to be given in connection with any of
the terms or provisions of this Agreement shall be in writing and shall be sent
by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery or by facsimile transmission:

          if to the Trustee, to:

          Continental Stock Transfer & Trust Company
          17 Battery Place
          8th Floor
          New York, New York 10004
          Attn: Mr. Frank Di Paolo, CFO
          Fax: (212) 616-7620

          if to the Company, to:

          Granahan McCourt Acquisition Corporation
          179 Stony Brook Road
          Hopewell, NJ 08525
          Attn: Barak Bar-Cohen, Chief Financial Officer
          Fax: (609) 333-1210

          with a copy to:

          Bingham McCutchen LLP
          399 Park Avenue
          New York, NY 10022
          Attn: Floyd I. Wittlin, Esq.
          Fax: (212) 752-5378

          in either case with a copy on behalf of the Underwriter to:

          Deutsche Bank Securities Inc.
          60 Wall Street NYC 60-1001
          New York, NY 10005
          Attn: Syndicate Manager

<Page>

          Fax: (212) 797-9344

          with a copy to:

          Debevoise & Plimpton LLP
          919 Third Avenue
          New York, NY 10022
          Attn: Peter Loughran, Esq.
          Fax: (212) 909-6836

     (f) This Agreement may not be assigned by the Trustee without the prior
consent of the Company.

     (g) Each of the Trustee and the Company hereby represents that it has the
full right and power and has been duly authorized to enter into this Agreement
and to perform its respective obligations as contemplated hereunder. The Trustee
acknowledges and agrees that it shall not make any claims or proceed against the
Trust Account, including by way of set-off, and shall not be entitled to any
part of the Property under any circumstance.

     (h) The Trustee hereby waives any and all right, title, interest or claim
of any kind ("Claim") in or to any distribution of the Trust Account, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the Trust Account for any reason whatsoever.

     (i) The Trustee hereby consents to the inclusion of Continental Stock
Transfer & Trust Company in the Registration Statement and other materials
relating to the IPO.

     (j) Deutsche Bank shall be a third party beneficiary of this Agreement.

                            [Signature page follows]

<Page>

     IN WITNESS WHEREOF, the parties have duly executed this Investment
Management Trust Agreement as of the date first written above.

                                        CONTINENTAL STOCK TRANSFER & TRUST
                                        COMPANY, as Trustee

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        GRANAHAN MCCOURT ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------
                                        Name: David C. McCourt
                                        Title: President and Chief Executive
                                               Officer

<Page>

                                    EXHIBIT A

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

Continental Stock Transfer & Trust Company
17 Battery Place
8th Floor
New York, New York 10004
Attn: Steven Nelson, President

Re: Trust Account No. [___________]
    Termination Letter

Gentlemen:

     Pursuant to Section 1(j) of the Investment Management Trust Agreement
between Granahan McCourt Acquisition Corporation (the "Company") and Continental
Stock Transfer & Trust Company (the "Trustee"), dated as of _____________, 2006
(the "Trust Agreement"), this is to advise you that the Company has entered into
an agreement ("Business Agreement") with __________________ (the "Target
Business") to consummate a business combination with Target Business (a
"Business Combination") on or about [INSERT DATE]. The Company shall notify you
at least 48 hours in advance of the actual date of the consummation of the
Business Combination (the "Consummation Date"). Defined terms used but not
otherwise defined herein shall have the meaning ascribed to such terms in the
Trust Agreement.

     Pursuant to Section 3(e) of the Trust Agreement, we are providing you with
[an affidavit] [a certificate] of __________________, which verifies the vote of
the Company's stockholders in connection with the Business Combination. In
accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of the funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct in writing on the Consummation Date.

     On the Consummation Date (i) counsel for the Company shall deliver to you
written notification that the Business Combination has been consummated and (ii)
the Company shall deliver to you written instructions with respect to the
transfer of the funds held in the Trust Account (the "Instruction Letter"). You
are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the counsel's letter and the
Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated
by the Consummation Date without penalty, you will notify the Company of the
same and the Company shall direct you as to whether such funds should remain in
the Trust Account and be distributed after the Consummation Date to the Company
or, with respect to the Deferred Discount, to the Underwriter. Upon the
distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

<Page>

     In the event that the Business Combination is not consummated on the
Consummation Date described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust Account shall be reinvested as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

                                        Very truly yours,

                                        GRANAHAN MCCOURT ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------
                                        Name: David C. McCourt
                                        Title: President and Chief Executive
                                               Officer

<Page>

                                    EXHIBIT B

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

Continental Stock Transfer & Trust Company
17 Battery Place
8th Floor
New York, New York 10004
Attn: Frank Di Paolo, CFO

Re: Trust Account No. [_________] Termination Letter

Gentlemen:

     Pursuant to paragraph 1(j) of the Investment Management Trust Agreement
between Granahan McCourt Acquisition Corporation (the "Company") and Continental
Stock Transfer & Trust Company (the "Trustee"), dated as of _____________, 2006
(the "Trust Agreement"), this is to advise you that the Company has been
dissolved due to the Company's inability to effect a Business Combination within
the time frame specified in the Company's prospectus relating to its IPO.
Attached hereto is a certified copy of the Certificate of Dissolution as filed
with the Delaware Secretary of State. Defined terms used but not otherwise
defined herein shall have the meaning ascribed to such terms in the Trust
Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account. You will notify the Company
and JPMorgan Chase NY Bank (the "Designated Paying Agent") in writing as to when
all of the funds in the Trust Account will be available for immediate transfer
(the "Transfer Date"). The Designated Paying Agent shall thereafter notify you
as to the account or accounts of the Designated Paying Agent that the funds in
the Trust Account should be transferred to on the Transfer Date so that the
Designated Paying Agent may commence distribution of such funds in accordance
with the Company's instructions. You shall have no obligation to oversee the
Designated Paying Agent's distribution of the funds. Upon the payment to the
Designated Paying Agent of all the funds in the Trust Account, the Trust
Agreement shall terminate in accordance with the terms thereof.

                                        Very truly yours,

                                        GRANAHAN MCCOURT ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------
                                        Name: David C. McCourt
                                        Title: President and Chief Executive
                                               Officer

<Page>

                                    EXHIBIT C

                 AUTHORIZED INDIVIDUAL(S) AND TELEPHONE NUMBERS

                       AUTHORIZED FOR TELEPHONE CALL BACK

COMPANY: Granahan McCourt Acquisition Corporation
         179 Stony Brook Avenue
         Hopewell, NJ 08525
         Attn: Barak Bar-Cohen, Chief Financial Officer
         Telephone: (609) 333-1200

TRUSTEE: Continental Stock Transfer & Trust Company
         17 Battery Place
         8th Floor
         New York, New York 10004
         Attn: Steven Nelson, President
         Telephone: (212) 845-3202

<Page>

                                   SCHEDULE A

    Schedule of fees pursuant to Section 3(c) of Investment Management Trust
Agreement between Granahan McCourt Acquisition Corporation and Continental Stock
                            Transfer & Trust Company

FEE ITEM                            TIME AND METHOD OF PAYMENT      AMOUNT
--------------------------------------------------------------------------
Initial acceptance fee           Initial closing of IPO by wire     $1,000
                                 transfer

Annual fee                       First year, initial closing of     $3,000
                                 IPO by wire transfer;
                                 thereafter on the anniversary
                                 of the effective date of the IPO
                                 by wire transfer or check

Transaction processing fee for   Deduction by Trustee from          $  250
disbursements to Company         disbursement made to
under Section 1(i)               Company under Section 1(i)

                                        Agreed:

Dated: [__] ___, 2006

                                        ----------------------------------------

                                        By:
                                            ------------------------------------
                                                     Authorized Officer

                                        Continental Stock Transfer & Trust Co.

                                        By:
                                            ------------------------------------
                                                     Authorized Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]