Client Company News
SOURCE: NTELOS Inc.

NTELOS ANNOUNCES THE SALE OF CABLE TELEVISION SYSTEM

WAYNESBORO, VA-March 24, 2003-NTELOS Inc. (OTCBB: NTLOQ) today announced the sale of its NTELOS Cable of Virginia subsidiary assets to Rapid Communications LLC ("Rapid Cable"). NTELOS acquired the cable television system that serves Covington, Clifton Forge, Iron Gate and portions of Alleghany County from Sammons Communications in 1995. Closing of this transaction is contingent upon approval of the transfer or, in some cases, renegotiation of franchises by the local authorities. Also, as a result of NTELOS' Chapter 11 bankruptcy filing, NTELOS will be seeking approval of the transaction from the bankruptcy court. The closing is expected to occur within approximately 120 days.

"Rapid Cable is extremely excited to be acquiring the local cable television systems. We are looking forward to serving customers in Alleghany County," said Belinda Murphy, Rapid Cable's General Manager. Rapid is a provider of cable television and related services to small markets. Its management team has over 50 years of experience in the cable television business.

"Rapid is an experienced cable system operator and we are turning the system over to them in great shape from a service standpoint," said Dave Maccarelli, Senior Vice President NTELOS. "This is a continuation of NTELOS' plan to focus on its strategic core businesses of wireless PCS, local telephone, Internet and high speed data services."

DH Capital, LLC, an investment banking firm specializing in media and communications, served as exclusive financial advisor to NTELOS on the sale of the cable television system. For information on DH Capital, visit their website at www.dhcapitalllc.com.

NTELOS Inc. (OTCBB: NTLOQ) is an integrated communications provider with headquarters in Waynesboro, Virginia. NTELOS provides products and services to customers in Virginia, West Virginia, Kentucky, Tennessee and North Carolina, including wireless digital PCS, dial-up Internet access, high-speed DSL (high-speed Internet access), and local and long distance telephone services. Detailed information about NTELOS is available online at www.ntelos.com.

This press release and oral statements made from time to time by representatives of the company may contain "forward-looking statements" concerning the company's future expectations, financial and operating projections, plans, strategies and the trading market for its securities, including the company's ability to finalize the terms of a plan of reorganization acceptable to the company's senior noteholders and bank group. Forward-looking statements made by the company are based on a number of assumptions, estimates and projections. These statements are not guarantees of future performance and involve risks and uncertainties, including those relating to the impact of the bankruptcy filing on the company's business, the interest of market makers and others in maintaining an active market for the company's securities and those set forth in documents filed by the company with the Securities and Exchange Commission, and any significant deviations from these assumptions could cause actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to revise or update such forward-looking statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated.