“We are pleased with the subscriber and financial results for the quarter,” remarked Timothy M. Yager, President and CEO of iPCS. “Our Adjusted EBITDA for the quarter met our expectations and was up 24% from the year ago period as a result of lower gross additions and the continued leveraging of our sales and network infrastructure. Additionally, we were able to exceed our expectations on net additions by maintaining churn at first quarter 2008 levels which continue to be below levels experienced at year end 2007. During June, we also exceeded 6.0 million EVDO Rev A covered pops, one of the milestones in our amended affiliation agreements with Sprint entitling us to a $0.15 reduction in our CCPU fee beginning July 1, 2008.”

“We are accelerating a portion of our 2009 planned network build into the fourth quarter of 2008 to take advantage of discounts on network equipment and to maintain build out momentum into 2009. As such, we are revising our capital expenditure range for 2008 to $70 million to $75 million from $60 million to $65 million. We are reaffirming our 2008 Adjusted EBITDA guidance and still expect to be towards the high end of our previously issued range of $95 million to $105 million, We continue to anticipate our 2009 Adjusted EBITDA growth rate to be at or above 20%,” concluded Yager.

iPCS reaffirms and revises the following full year 2008 guidance:

· Reaffirms Gross Additions of 250,000 to 280,000

· Reaffirms Adjusted EBITDA of $95 million to $105 million, excluding expenses related to the Sprint litigation

· Revises capital expenditures of $70 million to $75 million, from $60 million to 65 million

Conference Call to be held tomorrow, August 1^st , at 9:00am ET (8:00am CT)

iPCS has scheduled a conference call for tomorrow, August 1^st, at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss its financial and subscriber results for the quarter ended June 30, 2008. To listen to the call, dial 1-800-632-2975 at least five minutes before the conference call begins and reference the “iPCS Earnings Conference Call.” Those calling in from international locations should dial 1-973-935-8755. A replay of the call will be available beginning at 2 p.m. Eastern Time on August 1, 2008. To access the replay, dial (800) 642-1687 using a pass code of 44170142. To access the replay from international locations, dial (706) 645-9291 and use the same pass code. The call will also be webcast and can be accessed at the Investor Relations page of the iPCS website at www.ipcswirelessinc.com. Replay of the webcast and the call will be available through midnight on August 8, 2008.

About iPCS, Inc.

iPCS, through is operating subsidiaries, is a Sprint PCS Affiliate of Sprint Nextel with the exclusive right to sell wireless mobility communications network products and services

under the Sprint brand in 81 markets including markets in Illinois, Michigan, Pennsylvania, Indiana, Iowa, Ohio and Tennessee. The territory includes key markets such as Grand Rapids (MI), Fort Wayne (IN), Tri-Cities (TN), Scranton (PA), Saginaw-Bay City (MI) and Quad Cities (IA/IL). As of June 30, 2008, iPCS’s licensed territory had a total population of approximately 15.1 million residents, of which its wireless network covered approximately 12.2 million residents, and iPCS had approximately 654,000 subscribers. iPCS is headquartered in Schaumburg, Illinois. For more information, please visit iPCS’s website at www.ipcswirelessinc.com.

Definitions of Operating and Non-GAAP Financial Measures

iPCS provides readers financial measures calculated using generally accepted accounting principles (“GAAP”) and other measures which are derived from GAAP (“Non-GAAP Financial Measures”). These financial measures reflect conventions or standard measures of liquidity, profitability or performance commonly used by the investment community in the telecommunications industry for comparability purposes. These financial measures are a supplement to GAAP financial measures and should not be considered as an alternative to, or more meaningful than, GAAP financial measures.

The Non-GAAP Financial Measures used in this release include the following:

· Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization as adjusted for gain or loss on the disposal of property and equipment, stock-based compensation expense and debt extinguishment costs. Adjusted EBITDA is a measure used by the investment community in the telecommunications industry for comparability and is not intended to represent the results of our operations in accordance with GAAP.

· ARPU, or average revenue per user, is a measure of the average monthly subscriber revenue earned for subscribers based in our territory. This measure is calculated by dividing subscriber revenues (ARPU) or subscriber revenues plus roaming revenues (ARPU including roaming) in our consolidated statement of operations by the number of our average monthly subscribers during the period divided by the number of months in the period.

· CCPU, or cash cost per user, is a measure of the monthly costs to operate our business on a per subscriber basis consisting of costs of service and operations, and general and administrative expenses in our consolidated statement of operations, plus handset subsidies on equipment sold to existing subscribers, less stock-based compensation expense. These costs are divided by average monthly subscribers in our territory during the period divided by the number of months in the period to calculate CCPU.

· CPGA, or cost per gross addition, is a measure of the average cost we incur to add a new subscriber in our territory. These costs include handset subsidies on

new subscriber activations, commissions, rebates and other selling and marketing costs. We calculate CPGA by dividing (a) the sum of cost of products sold less product sales revenues associated with transactions with new subscribers and selling and marketing expenses, net of stock-based compensation expense, during the measurement period, by (b) the total number of subscribers activated in our territory during the period.

· Average monthly churn is used to measure the rate at which subscribers based in our territory deactivate service on a voluntary or involuntary basis. We calculate average monthly churn based on the number of subscribers deactivated during the period (net of transfers out of our territory and those who deactivated within 30 days of activation) as a percentage of our average monthly subscriber based during the period divided by the number of months during the period.

· Licensed Pops represents the number of residents in our territory in which we have an exclusive right to provide wireless mobility communications services under the Sprint brand name. The number of residents located in our territory does not represent the number of wireless subscribers that we serve or expect to serve in our territory.

· Covered Pops represents the number of residents covered by our portion of the wireless network of Sprint in our territory. The number of residents covered by our network does not represent the number of wireless subscribers that we serve or expect to serve in our territory.

“Safe Harbor” Statement under Private Securities Litigation Reform Act of 1995

Statements in this press release regarding iPCS’s business which are not historical facts are “forward-looking statements.” Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. A variety of factors could cause actual results to differ materially from those anticipated in iPCS’s forward-looking statements, including the following factors: (1) iPCS’s dependence on its affiliation with Sprint; (2) the final outcome of iPCS’s litigation against Sprint concerning the Sprint/Nextel merger and the scope of iPCS’s exclusivity, including with respect to Sprint’s proposed WiMAX transaction with Clearwire; (3) changes in Sprint’s affiliation strategy as a result of the Sprint/Nextel merger and Sprint’s acquisition of all but three Sprint Affiliates of Sprint Nextel; (4) changes in Sprint’s ability to devote as much of its personnel and resources to the remaining three Sprint Affiliates of Sprint Nextel; (5) changes in iPCS’s customer default rates and increases in bad debt expense; (6) changes or advances in technology; (7) changes in Sprint’s national service plans, products and services or its fee structure with iPCS; (8) declines in the relationship between roaming revenue iPCS receives and roaming expense iPCS pays; (9) the impact on iPCS’s business of the recent amendments

iPCS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(Dollars in thousands, except share and per share amounts)

	June 30,			December 31,
	2008			2007

Assets
Current Assets:
Cash and cash equivalents	$	65,554		$	77,599
Accounts receivable, net of allowance for doubtful accounts of $8,334 and $9,635, respectively	34,569			29,774
Receivable from Sprint	39,484			41,509
Inventories, net	5,597			5,277
Assets held for sale	1,996			2,680
Prepaid expenses	6,062			6,792
Other current assets	221			81
Total current assets	153,483			163,712
Property and equipment, net	150,961			128,677
Financing costs, net	7,106			7,794
Deferred customer activation costs	4,468			4,728
Intangible assets, net	95,190			99,777
Goodwill	141,783			141,783
Other assets	345			353
Total assets	$	553,336		$	546,824

Liabilities and Stockholders’ Deficiency
Current Liabilities:
Accounts payable	$	5,874		$	6,136
Accrued expenses	19,301			14,791
Payable to Sprint	50,015			49,205
Deferred revenue	12,154			11,176
Accrued interest	5,612			6,216
Current maturities of long-term debt and capital lease obligations	33			30
Total current liabilities	92,989			87,554
Deferred customer activation fee revenue	4,468			4,728
Interest rate swap	11,101			11,607
Other long-term liabilities	6,859			7,331
Long-term debt and capital lease obligations, excluding current maturities	475,420			475,438
Total liabilities	590,837			586,658

Stockholders’ Deficiency:
Preferred stock, par value $.01 per share; 25,000,000 shares authorized; none issued	—			—
Common stock, par value $.01 per share; 75,000,000 shares authorized, 17,155,085 and 17,112,244 shares issued and outstanding, respectively	171			171
Additional paid-in-capital	165,151			161,072
Accumulated deficiency	(191,722		)	(189,470		)
Accumulated other comprehensive loss	(11,101		)	(11,607		)
Total stockholders’ deficiency	(37,501		)	(39,834		)
Total liabilities and stockholders’ deficiency	$	553,336		$	546,824

iPCS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(In thousands except share and per share data)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2008			June 30, 2007			June 30, 2008			June 30, 2007

Revenues:
Service revenue	$	94,174		$	89,924		$	186,273		$	174,945
Roaming revenue	31,657			40,036			61,801			72,997
Equipment and other	3,540			3,273			6,955			6,144
Total revenues	129,371			133,233			255,029			254,086
Operating Expenses:
Cost of service and roaming (exclusive of depreciation and amortization, as shown separately below)	70,463			78,739			138,647			152,154
Cost of equipment	12,874			12,770			24,537			25,949
Selling and marketing	16,444			19,108			34,303			39,682
General and administrative	7,992			8,670			15,080			15,597
Depreciation	11,556			12,031			23,217			23,869
Amortization of intangible assets	2,293			7,594			4,587			15,188
Loss on disposal of property and equipment, net	248			6			258			65
Total operating expenses	121,870			138,918			240,629			272,504
Operating income (loss)	7,501			(5,685		)	14,400			(18,418		)
Interest income	384			1,555			1,104			3,098
Interest expense	(8,221		)	(9,128		)	(17,136		)	(17,098		)
Debt extinguishment costs	—			(30,501		)	—			(30,501		)
Other income, net	15			115			30			132
Loss before provision for income tax	(321		)	(43,644		)	(1,602		)	(62,787		)
Provision for income tax	325			—			650			—
Net loss	$	(646	)	$	(43,644	)	$	(2,252	)	$	(62,787	)

Basic and diluted loss per share of common stock	$	(0.04	)	$	(2.58	)	$	(0.13	)	$	(3.71	)

Weighted average common shares outstanding	17,154,237			16,938,265			17,145,140			16,906,242

iPCS, INC. AND SUBSIDIARIES

(UNAUDITED)

(In thousands)

Reconciliation of Non-GAAP Financial Measures

	For the Three Months Ended						For the Six Months Ended
	June 30, 2008			June 30, 2007			June 30, 2008			June 30, 2007

Net loss	$	(646	)	$	(43,644	)	$	(2,252	)	$	(62,787	)
Net interest expense	7,837			7,573			16,032			14,000
Provision for income taxes	325			—			650			—
Debt extinguishment costs	—			30,501			—			30,501
Depreciation and amortization	13,849			19,625			27,804			39,057
Stock-based compensation expense	1,819			4,817			3,660			6,730
Loss on disposal of property and equipment	248			6			258			65
Adjusted EBITDA	$	23,432		$	18,878		$	46,152		$	27,566

iPCS, INC. AND SUBSIDIARIES

(UNAUDITED)

Summary of Operating Statistics

	For the Three Months Ended
	June 30, 2008			March 31, 2008			June 30, 2007

Subscribers
Gross Additions	61,800			59,200			67,700
Net Additions	13,400			10,700			21,000
Total Subscribers	654,000			640,600			612,000
Churn, Net	2.3		%	2.3		%	2.2		%

Average Revenue Per User, Monthly
Including Roaming	$	65		$	64		$	72
Without Roaming	$	48		$	48		$	50

Cash Cost Per User , Monthly
Including Roaming	$	41		$	40		$	48
Without Roaming	$	32		$	31		$	34

Cost Per Gross Addition	$	358		$	399		$	364

Licensed Pops (Millions)	15.1			15.1			15.0
Covered Pops (Millions)	12.2			12.0			11.9
Cell Sites	1,763			1,696			1,656

iPCS, INC. AND SUBSIDIARIES

(UNAUDITED)

(Dollars in thousands, except per user and per add amounts)

Reconciliation of Non-GAAP Financial Measures

	For the Three Months Ended
	June 30, 2008			March 31, 2008			June 30, 2007

ARPU
Service revenue	$	94,174		$	92,099		$	89,924
Roaming revenue	31,657			30,144			40,036
Total service revenue	$	125,831		$	122,243		$	129,960
Average subscribers	648,030			633,800			601,868
Average revenue per user including roaming, monthly	$	65		$	64		$	72
Average revenue per user without roaming, monthly	$	48		$	48		$	50

CCPU
Cost of service and roaming	$	70,463		$	68,184		$	78,739
plus: General and administrative expenses	7,992			7,088			8,670
less: Stock-based compensation expense	(1,615		)	(1,628		)	(4,167		)
less: Retail equipment upgrade revenue	(912		)	(503		)	(449		)
plus: Retail equipment cost of upgrades	4,406			2,770			3,802
Total cash costs including roaming	$	80,333		$	75,911		$	86,595
less: Roaming expense	(18,304		)	(16,526		)	(25,731		)
Total cash costs without roaming	$	62,029		$	59,385		$	60,864
Average subscribers	648,030			633,800			601,868
Cash cost per user, monthly	$	41		$	40		$	48
Cash cost per user without roaming, monthly	$	32		$	31		$	34

CPGA
Selling and marketing	$	16,444		$	17,859		$	19,108
less: Stock-based compensation expense	(204		)	(213		)	(650		)
less: Equipment revenue, net of upgrade revenue	(2,608		)	(2,900		)	(2,809		)
plus: Cost of equipment, net of cost of upgrades	8,468			8,893			8,968
Total costs of acquisition	$	22,100		$	23,639		$	24,617
Gross adds	61,800			59,200			67,700
Cost per gross add	$	358		$	399		$	364