Jay Wright, Chairman and CEO of MobilePro, will maintain his current position; terms of the acquistion of the webhosting company were not disclosed.

MobilePro Corp., a broadband service provider, yesterday announced that it has signed a letter of intent to acquire 100% of the stock of Kite Networks, Inc., and the remaining 49% of Kite Broadband, LLC., a provider of Internet solutions and web hosting services.

At closing, Sullivan will assume the role as CEO of NeoReach, Inc. and will be also appointed to the Board of Directors of MobilePro. Sullivan will also continue his current duties as CEO of Kite Broadband. Jay Wright, Chairman and CEO of MobilePro, will maintain his current position. The transaction is expected to close within 30 days while the terms of the transaction were not disclosed.

"Jerry Sullivan and his team have a spectacular track record as wireless networks operators and of generating compelling investment returns for their financial sponsors," said Jay Wright, Chairman and CEO of MobilePro. "I am thrilled with the prospect of Jerry and his entire wireless team joining us full time. Jerry's last major deal, Tritel, Inc., one of the PCS affiliates of AT&T Wireless, was enormously successful, both operationally and financially, with a multi-billion-dollar exit price for his shareholders. I look forward to moving expeditiously to close this transaction."

Jerry Sullivan, CEO of Kite Networks and Kite Broadband, said, "I and the rest of our management team are extremely excited to be working with Jay and MobilePro as we continue to build significant shareholder value over the next few years. Combining the wireless deployment and operational experience of our management team with MobilePro's platform and strong position in the muni-wireless arena should position the combined companies for tremendous success in the future."