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    Virgin Mobile USA to Acquire Helio for Approximately $39 Million in Equity - Additional strategic investment totaling $50 million made by Virgin Group and SK Telecom at $8.50 per share - Improved capital structure through increased liquidity and $50 million paydown of senior secured credit facility - Incremental $60 million added to revolving credit facility - Maximum assumption of $10 million debt and $15 million net working capital liabilities - Net debt reduction of approximately $35 million upon closing - Approximately 170,000 Helio customers with approximately $80 ARPU - Entry into postpaid segment through acquisition of highly sophisticated customer platform supporting unique user applications - Improved network rates and ability to realize significant operational synergies - Adjusted EBITDA accretive in 2008, excluding non-recurring transition costs Note: Virgin Mobile USA will host a conference call today for investors and analysts to discuss the details of the transaction and its ongoing growth strategy. The call will be broadcast live on the Internet at 11:00 A.M. EDT on Friday, June 27, 2008. Det WARREN, N.J., June 27 /PRNewswire-FirstCall/ -- Virgin Mobile USA, Inc. (NYSE: VM), a leading national provider of wireless communications services, today announced that it has entered into an agreement to acquire Helio, a joint venture between SK Telecom and EarthLink, Inc. (NASDAQ: ELNK) providing highly advanced postpaid products and services with unique user applications. Under the terms of the agreement, Virgin Mobile USA will acquire Helio from SK Telecom and EarthLink for limited partnership units equivalent to 13 million shares of Virgin Mobile USA class A common stock, with a value of $39 million based on the closing price of Virgin Mobile USA's class A shares on June 26, 2008.
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